UK FinTech giant Revolut has recorded its first full year of profitability, after it generated £100.3m adjusted EBITDA and £26.3m in profit for 2021.
The firm also saw growth in its active retail customers and increased revenue across all major product lines.
It stated that revenue tripled to £636m in 2021 from such products as Payments, Subscriptions, Revolut Business and Foreign Exchange and Wealth.
Due to the increased share of revenue from higher margin products, Recolut’s Gross Margin increased from 33% in 2020 to 70% for 2021. Elsewhere, its operating expenses only increased by 37%.
Revolut also attributes its strong financial performance in 2021 to an increase of over 50% in weekly active retail customers. This is combined with an increase in average spend per user, which grew by 10%.
Its annual report also indicates there was a 75% increase in the number of customers on paid plans, signalling customers’ eagerness to access more of Revolut’s features and contributing significantly to growth.
Finally, customer deposit balances grew year-on-year, totalling £7.4bn as of December 2021, an increase of 58% on 2020.
Revolut chief financial officer Mikko Salovaara said, “We are pleased with the strong performance we have seen since the end of 2021. Revenue has grown considerably compared to FY2021, with particularly strong growth in payments, as we welcomed millions of new customers and more people chose to travel again. Revenues in 2022 increased over 30% to more than £850m and our strong overall financial performance last year is a testament to our diversified business model.
“During 2022 we continued to focus on growth and really ramped up marketing and sales efforts for the Retail and Business ecosystems respectively. Our investment has seen a real return, with customer growth accelerating in 2022 as we added more than 9m new customers last year, an increase of 54%. Today, Revolut has more than 27m retail customers, more than doubling the number of customers since the beginning of 2021, as well as surpassing 6m customers in the UK.”
The FinTech company also offered a look into its 2022 activity. It stated that the number of employees has doubled to over 6,000 during 2022.
As for 2023, the FinTech company plans to launch several new products, as well as launch in New Zealand, Brazil, Mexico and India.
Last year, research from CMC Markets found that Revolut was the most searched online banking service in Europe.
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
