Revolut’s results delayed until early 2023

27 decembrie 2022

Revolut’s long-awaited 2021 accounts have been finalised, however, the fintech will miss its 31 December deadline to publish them. Instead the company will now publish its overdue accounts “in the new year”, AltFi can exclusively reveal.

HMRC requires company accounts to be filed on Companies House nine months after the financial year ends, however Revolut missed its original September 2022 deadline and had this extended to 31 December, a date that it will also now miss.

A company spokesperson told AltFi: “Our accounts are finalised and we expect to confirm the previously reported news that we are profitable. We are very proud of this and intend to file the accounts in the new year.”

Revolut wants banking licenses in Australia, Canada, Hong Kong, USA and UK – how can regulators access this start-up that has never made a profit and misses deadlines? Makes you wonder when they will lodge 2022 accounts.” – writes on a linkedin post Grant Halverson, former Managing Director of Diners Club Australia and former EVP of Citibank Asian Consumer Bank – Singapore.

Grant Halverson continues:


“We’re cash-generating,” Nov Web Summit in Lisbon. “We are profitable now…..” Firstly, cash generation, or cash flow positive is NOT making profits. Secondly – How would anyone know what Revolut is doing?

‘UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement” FT Sept 22.


Revolut’s 2020 accounts were shockers – so what’s changed? Not much – losses £367 million to 2020.

Founded 2015, Revolut raised US$1.7 billion in 20 funding rounds. Major leads were Softbank and Tiger, both in $800 million cash with valuation of $33 billion in July 2021. Since then, the world has changed – SoftBank and Tiger would not likely lead or even participate in a Revolut funding round now.

Revolut raised two lots of cash (loans) in the secondary markets – August 2021 and March 2022 lead by Credit Suisse a clear sign they are avoiding VC funding rounds, this increase costs as Revolut pays interest on these loans.


The idea that Revolut is worth US$33 billion is nonsense. Brazil’s NuBank is 3x bigger with customers, 4x in revenue than Revolut, its pre-IPO valuation US$45 billion. NuBank’s US market cap low of $14 billion ($18 billion today) despite Warren Buffet owning shares.

Consider Kakao Bank, the successful Korean neo bank that makes a profit, its shares are down 78% from 2021 peak.

Revolut doesn’t want to reduce its valuation as the knock-on impact across the business would see a collapse in its ESPO shares. Staff are encouraged to take shares for % of cash wages – this lowers Revolts cash burn. However a drop in share value would cause great angst among staff.


Revolut excesses clear, no profits, high cash burn and low customer spend.

Revenues per customer are pathetic at £14.80 per customer, a corner store does better.

Revenue is heavily UK market focused with 88% of revenue in 2020 accounts.

Major revenue is still heavily dependent on card interchange built on travel fees from pre-paid cards.

Revolut has no banking licences in develop markets – only has a Lithuanian licence!

Revolut decided to continue to expand aggressively during Covid-19 which has dramatically increased cash burn, then rushed into totally unregulated Crypto space.

Plenty to ponder and when the 2021 accounts are finally released. However 2022 will be much worse given rises in interest rates, crypto drop and the UK recession which is biting hard.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?