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.

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