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Revolut expects another year of profits for 2022

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Illustration: Sarah Grillo/Axios

Neobank Revolut remains profitable, CEO Nik Storonsky told Axios on the sidelines of the Web Summit conference in Rio de Janeiro last week.

Driving the news: Privately run Revolut released its 2021 results in March, which showed the buy-now-pay-later enterprise had posted a profit.

  • "For 2022, we are also profitable," said Storonsky.
  • His comments come as U.K.-based fintech Starling posted profits last year. U.S.-based Varo has also been inching toward black ink.

Context: Storonsky says the company is on track to double its 2022 revenue this year. Revolut is also benefiting in part from higher interest rates, boosting its interest income.

Of note: Revolut's U.S. expansion — considered a major potential boost — still remains a small part of the company's overall growth.

  • The company's U.S. user base is now about 1 million, up from about half a million last year, he says. (Revolut has over 28 million users overall.) Storonsky acknowledges that the U.S. market has been a different beast compared with its European base.
  • Revolut gathered millions of users in the European market thanks to its cross-border chops. In the U.S., where fewer travel abroad, it's looking to focus more on credit, though Revolut is still seeking to get its U.S. banking license first.
  • The process of getting that license, Storonsky says, has slowed as recent regional bank failures have pushed U.S. regulators toward a more conservative approach.
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