Why Revolut Can’t Seem to Publish Its Financials

Why Revolut Can’t Seem to Publish Its Financials

Time Stamp: September 20, 2023 8:39 AM
Source Node: 2282024

Will the
third time be the charm? Revolut has obtained another extension to its 2022
financial report. For the British fintech company, delaying the release of its
revenue and cost data is almost becoming a tradition. The company only
published its 2021 results in March 2023.

According
to information from British Companies House, Revolut Ltd was initially
supposed to publish its results on August 30, but this date was moved to September 13. The neobank also failed to meet this deadline. Reuters learned that
the company has been granted another extension to delay the publication.

“We
have received an extension for the filing of our 2022 accounts. We look forward
to announcing our 2022 audit and annual report in due course,” commented a
spokesperson for Revolut to Reuters.

Valued at
$33 billion, Revolut and its finances have stirred considerable controversy.
Although the company achieved profitability for the first time in 2021, the
report took two years to be released. The document indicated that for 2022, the
company is projecting revenue of $1.05 billion, representing an increase of 30% compared to the year before.

Furthermore,
BDO LLP, the auditors, stated that they could not objectively verify as much as
75% of the company’s revenue, estimated at $765 million. All of this has led to
increasing skepticism from regulators, and the company is struggling to obtain
a banking license in the United Kingdom. In the meantime, it has been
accomplished by some of its competitors, including the fintech

firm Adyen.

If Not the UK, Then
Australia or the US?

While the
company operates as a payment institution in the UK, it holds a banking license
acquired in Lithuania for its operations in most of Europe. Facing obstacles in
securing authorization in the UK, Revolut announced plans in May to obtain a
license in Australia, where it had also launched accounts for businesses.

Several
months later, it was revealed that Revolut was pursuing a banking license
in the United States. Finance Magnates this week investigated whether
Revolut will officially enter the US market. Despite various challenges,
Revolut has some advantages that could aid its US market entry, such as its
reputation as a disruptor in the financial industry.

This could
attract Americans seeking alternatives to traditional banks. Revolut’s history
of introducing innovative features like Bitcoin

trading and budgeting tools may
appeal to a tech-savvy clientele.

Will the
third time be the charm? Revolut has obtained another extension to its 2022
financial report. For the British fintech company, delaying the release of its
revenue and cost data is almost becoming a tradition. The company only
published its 2021 results in March 2023.

According
to information from British Companies House, Revolut Ltd was initially
supposed to publish its results on August 30, but this date was moved to September 13. The neobank also failed to meet this deadline. Reuters learned that
the company has been granted another extension to delay the publication.

“We
have received an extension for the filing of our 2022 accounts. We look forward
to announcing our 2022 audit and annual report in due course,” commented a
spokesperson for Revolut to Reuters.

Valued at
$33 billion, Revolut and its finances have stirred considerable controversy.
Although the company achieved profitability for the first time in 2021, the
report took two years to be released. The document indicated that for 2022, the
company is projecting revenue of $1.05 billion, representing an increase of 30% compared to the year before.

Furthermore,
BDO LLP, the auditors, stated that they could not objectively verify as much as
75% of the company’s revenue, estimated at $765 million. All of this has led to
increasing skepticism from regulators, and the company is struggling to obtain
a banking license in the United Kingdom. In the meantime, it has been
accomplished by some of its competitors, including the fintech

firm Adyen.

If Not the UK, Then
Australia or the US?

While the
company operates as a payment institution in the UK, it holds a banking license
acquired in Lithuania for its operations in most of Europe. Facing obstacles in
securing authorization in the UK, Revolut announced plans in May to obtain a
license in Australia, where it had also launched accounts for businesses.

Several
months later, it was revealed that Revolut was pursuing a banking license
in the United States. Finance Magnates this week investigated whether
Revolut will officially enter the US market. Despite various challenges,
Revolut has some advantages that could aid its US market entry, such as its
reputation as a disruptor in the financial industry.

This could
attract Americans seeking alternatives to traditional banks. Revolut’s history
of introducing innovative features like Bitcoin

trading and budgeting tools may
appeal to a tech-savvy clientele.

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