Neobank Revolut Reports Profitable 2021 After Audit Criticism by emilymason00
While some neobanks struggle to diversify their revenue outside of collecting interchange fees from card swipes, Revolut has launched a slate of offerings for retail and commercial customers. Its services range from currency exchange, budgeting tools and commission-free trading for everyday consumers to treasury management, corporate cards and payment processing for business clients. In 2022, the company launched in Brazil, Mexico and India.
A significant portion of Revolut’s ballooning deposits are from business clients that typically bring in larger balances than retail consumers, according to Salovaara. Revolut Business has processed 125 billion pounds of transactions for its clients since launching in 2017 and processes 6.5 billion a month, Revolut’s sales manager for Spain and Portugal Elisabet Girvent told CE Noticias Financieras in December.
Loans and advances to customers as of December 2021 stood at 17.8 billion pounds. “We expect to be able to generate a steady income based on the low-cost funding provided by our customer liabilities,” the report reads. Revolut holds a full banking license from the European Central Bank. Two years ago, the company applied for a banking license in the U.K which is currently pending. Revolut holds a broker-dealer license in the United States under which it offers commission-free stock trading. The licenses allow Revolut to avoid costs that come from working with banking partners but may raise expenses in other areas like compliance.
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