Revolut, a London-based fintech company that allows cryptocurrency trading, saw a 33% spike in its revenue in 2022, despite the crypto market decline and unfavorable macroeconomic conditions. This was revealed by the firm’s CFO, Mikko Salovaara, who said that the number of new subscriptions and business accounts has risen. The company’s crypto operations accounted for 5-10% of the overall income in 2022, and Revolut is expected to become profitable in 2021 after registering a nearly $270 million loss in 2020.
Since its launch in 2015, Revolut has raised $1.7 billion, and Salovaara said the company does not intend to secure any fundraisers soon. The firm is also striving to become a publicly listed entity, although it’s not a priority. It was among the few crypto-related organizations to announce expansion plans last year, increasing its team size to 6,000 members. Revolut is expected to expand to India, Mexico, Brazil, and New Zealand in the near future.
Last year, the company secured important registrations to expand the scope of its cryptocurrency offerings. It was awarded a crypto-asset service provider license (CASP) by the Cyprus Securities and Exchange Commission (CYSEC) in August, and approval from the Spanish Central Bank and the Monetary Authority of Singapore (MAS). In September, the UK’s Financial Conduct Authority (FCA) also enabled Revolut to offer cryptocurrency services to locals.
