Audit doubts
However, the Financial Times quoted the company’s auditor BDO as saying some of the numbers may have been misreported. That is why he issues a qualified opinion on the financial report. BDO previously demanded that Revolut change its internal controls after the UK accounting regulator found there was an unacceptably high risk of material misstatement in its 2020 accounts, the FT said. Auditors are now questioning IT systems and their handling of £477m of revenue, including forex trading and wealth management, which includes the crypto segment. Before the publication, Revolut’s CFO Miko Salovaara commented that the systems were unable to cope with the growth.
And data shows that in 2021, people using the company’s paid plans increased by as much as 75%, which significantly contributes to revenue growth and testifies to the willingness of users to use more than one of Revolut’s services and preferential prices. For example, the Metal plan provides an increased ATM withdrawal limit (BGN 1,800 for Bulgaria), lower fees when exchanging cryptocurrencies (0.99%) and precious metals (0.5%).
The company also revealed that in 2021 the savings in deposits of its users increased and from 4.6 billion pounds in 2020 they reached 7.4 billion pounds.
We achieved our first full year of profitability and demonstrated that we can accelerate customer growth at scale and increase revenue across all of our product lines.
