UK fintech giant Revolut is projected to generate $1.9 billion in revenue this year, nearly doubling the $1 billion reported in the previous year, according to Bloomberg.
The company’s monthly revenue averaged $158 million in the first half of the year, as noted in an investor presentation by Bloomberg. This growth is fueled by strong customer acquisition, with an impressive addition of 300,000 users each week, bringing Revolut’s total customer base close to 40 million.
This surge in revenue is particularly encouraging for Revolut, which is estimated to be valued at £26 billion, especially following a challenging period. Earlier this year, it was revealed that the company would delay filing its annual accounts for the second consecutive year. The 2021 accounts were finally submitted this March, but the auditor BDO raised concerns about the ability to verify £477 million of revenue, citing issues related to the design of Revolut’s internal IT systems.
Additionally, Revolut is still in the process of securing a UK banking license, a lengthy endeavor that has extended for nearly three years. This delay has been attributed to concerns from the Financial Conduct Authority (FCA) regarding auditing, compliance, and corporate culture issues.