According to the financial accounts released on Wednesday, the British-Lithuanian neo-bank and financial technology company Revolut issued its first-ever annual profit for 2021, reportedly acquiring a net profit of 26 million pounds. The previous year the company had a huge loss of almost 223 million pounds.
Notably, despite the severe crypto winter that plagued the whole fintech industry, Revolut exhibited a remarkable performance with the company’s revenues tripled almost to 636 million pounds. It is noteworthy that one-third of its revenues has its root in its cryptocurrency trading business.
Nik Storonsky, the Chief Executive at Revolut traced back their journey from the losses during the pandemic to the present victory, stating:
Significantly, there had been innumerable hazards that Revolut confronted during its venture to overpower the traditional financial institutions, amidst the downturns in crypto.
Interestingly, the Chief Financial Officer Mikko Salovaara, said that the company had “built a strong momentum”. He added that the accounting systems were replaced, quoting:
Elaborating on the point, he added that the United Kingdom’s organization responsible for regulating auditing, the Financial Reporting Council (FRC), once found Revolut’s audit as “inadequate,” which later forced the company to reform the system.
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Source: Cryptocurrency - investing.com
