Revolut faces issues with 2021 annual report
Zach Anderson Mar 31, 2023 08:39
UK-based fintech Revolut, known for its crypto-friendly services, experienced issues with its annual report for 2021, despite reporting its first-ever full year of profit. Independent auditors confirmed the report’s accuracy, but noted certain qualifications related to the report.
Revolut, a British-Lithuanian fintech company known for its crypto-friendly services, recently released its annual report for the year ending December 2021. The report revealed that Revolut generated a revenue of £636 million ($769 million) in 2021, a significant increase from the previous year's £220 million ($266 million). This marks the company's first-ever full year of profit since its launch in 2015.
Despite the positive financial news, the company's annual report has faced issues. Independent auditors from the global accounting network BDO have reviewed the report and confirmed that it accurately reflects the state of the company's affairs as of Dec. 31, 2021. However, the auditors also noted certain qualifications related to the report, which could impact its accuracy.
According to BDO's qualified opinion section, the report was correct "except for the possible effects of the matters described in the basis for the qualified opinion section." This suggests that there are certain factors that may affect the accuracy of the report, which the auditors have identified and highlighted.
Despite this, Revolut's leadership remains optimistic about the company's future prospects. The neobank has rapidly expanded its user base and range of services, including allowing customers to buy and sell cryptocurrencies like Bitcoin and Ethereum. The company has also expanded its operations globally, with offices in over 30 countries and plans to launch in new markets.
Revolut's CEO, Nikolay Storonsky, expressed his satisfaction with the company's performance in the 2021 fiscal year, stating, "We are delighted to report our first-ever full year of profitability, which is a testament to the hard work and dedication of our team." He also emphasized the importance of innovation and growth in the company's ongoing success, stating, "We are continuing to push boundaries and innovate in order to provide our customers with the best possible experience, and we look forward to even more growth and success in the years ahead."
Revolut's recent financial success and ongoing expansion efforts have cemented its position as a leading player in the fintech industry. Despite the issues with its annual report, the company's strong financial performance and focus on innovation bode well for its future prospects.
Image source: Shutterstock