Europe's largest challenger bank Revolut announced positive net income in a long-awaited report of 2021 financial results. The neobank, which offers a wide range of financial services, disclosed a net profit of £26 million (€29,4 million) for the year ending December 31st, 2021. This result is a significant improvement from the company's performance in 2020, when the company reported a net loss of ground-breaking £220 million (€248.6 million).
Revolut's success can be attributed to multiple factors. Firstly, it's Revolut's continued growth in customer numbers, with the company adding over 6 million new users in 2021, bringing the total number of clients to 20 million. Secondly, the neobank reported an increase of 75% in the amount of users on a paid monthly subscription. Lastly, Revolut also expanded the range of services they offer, launching new features such as cryptocurrency trading and a commission-free stock trading platform.
Despite facing challenges such as increased competition and regulatory scrutiny, Revolut has remained resilient and focused on innovation. The company has continued to invest in new technologies and partnerships, such as its recent collaboration with Amazon Web Services to improve its cloud infrastructure.
Revolut's CEO, Nikolay Storonsky, expressed his satisfaction with the company's performance, stating that "2021 has been a year of tremendous growth and progress for Revolut. We have achieved profitability, launched new features, and expanded our services to millions of new customers around the world. We are excited to continue building on this success in the years ahead."
With its profitable year and continued growth, Revolut is expected to be a major player in the fintech industry for years to come. Want to learn more about Revolut? Read our in-depth reviews of Revolut bank accounts for individualsand our assessment of Revolut's business banking plans.
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