Revolut will release delayed 2021 financial statement in 2023 – FF News

Revolut, a UK challenger bank, will release its delayed financial statement for the fiscal year 2021 in 2023.

Michael Bodansky, the Head of Corporate Communications at Revolut, confirmed the news, which was first reported by Alt Fi, to Finance Magnates.

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“Yes, that’s correct – we intend to announce our account in the new year,” Bodansky said.

The bank, which was supposed to release the accounts earlier in September, had deferred the release of the statement to December 31, 2022.

Since September CEO Nikolay Storonsky has been describing Revolut as “profitable”, based on its yet-to-be-filed 2021 accounts, however, the exact figures that Storonsky is referring to are still not released.

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 generated £261 million revenue in 2020, an 57% increase year-on-year.

At that same time period, Revolut’s losses increased from £106 million to £167 million.

Just recently, it became apparent that Revolut user’s scam complaints more than doubled since 2020.

Complaints made to the Financial Ombudsman of “authorised” scams on the platform have gone from 242 to 516 in just two years, The Telegraph reported.

Monzo had 274 new complaints to the ombudsman so far in this financial year and Starling had 193 in the same period.

However, the user count nearly doubled as well.