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.
Revolut Still Hasn't Published Last Year's Results
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.
