The tripling in revenue signals a strong rebound for the digital banking provider, which registered £26.3m in net profit for 2021. According to the report, Revolut recorded 39.79m in pre-tax profit, changing course from a loss of £220.7m in 2020.

Revolut’s gross margin improved from 33% in 2020 to nearly 70% in 2021.

In addition, the company raised $800m in Series E funding, bringing the total value of the business to $33bn.

“The Series E funding demonstrates investors’ confidence that we can deliver a best-in-class digital banking experience for customers around the world. The investment strengthens our ability to continue to build products that exceed customers’ everyday financial needs and expectations, continuing to drive fast growth, particularly in the US and international markets”, the report states.

As of November 2022, Revolut provided services to over 25m retail customers in over 35 countries.

The company, set up in 2015 by Nikolay Storonsky and Vlad Yatsenko, added 5m new retail customers in 2021. The number of weekly active users increased by 50%, with 75% more users paying subscriptions as of 31 December 2021.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

On 27 February, the UK was yet to grant the fintech company a banking licence.