Digital bank Revolut’s 2022 revenue to rise 33% to over $1.03 billion

Mikko Salovaara, chief financial officer at digital bank Revolut, said the company will be profitable for the first time in 2021 and that revenue rose 33% last year.

While cryptocurrencies are a key part of the company’s business, Salovaara said its revenue could grow to more than 850 million pounds ($1.03 billion) in 2022, backed by payments, subscriptions and business accounts.

Its crypto business revenue will shrink in 2022 as the crypto market downturn hits the company. Salovaara said the crypto business accounted for 5% to 10% of total revenue last year.

The company’s accounts show it will post a profit of £26m in 2021, thanks to a boom in cryptocurrency trading.