Revolut, the UK challenger bank, digital app, and fintech giant, has clocked its first ever annual profit.

Revolut has reported revenues of £636.2 million ($766.9 million) in 2021, three times what it made the previous year, and swung to a net profit of £59.1 million. The main drivers of its profitability were higher subscriptions to its paid packages and growing use of its app.

The company’s success has also been attributed to its diversified business and diligent cost control. (CNBC)

Nik Storonsky, Chief Executive Officer, commented: “We have achieved our first full year of profit and shown that we can accelerate customer growth, at scale, and grow revenue across all of our product lines. In 2021 we were granted a full banking licence from the European Central Bank and welcomed millions of new customers. We also launched several new products and saw more activity from our customer base.”

Revolut offers digital banking, money transfers, and cryptocurrency and stock trading through a single app, has quickly grown to become one of Europe’s largest fintech unicorns, and was last valued at $33 billion.

For 2022, Revolut expects revenues to have grown more than 30% to £850 million.

It has been pushing hard into overseas markets, particularly the US, where it currently has over 500,000 clients, and has also opened operations in Brazil, Mexico, and India.

However, the company has faced setbacks in pursuing a banking license in the UK for the past two years, in an effort to source more of its income from lending activity. However, it hopes to obtain its UK banking license “very soon.”

The company has also faced criticisms over an aggressive working culture, which has reportedly led to departures of key regulatory and compliance executives.

Revolut’s full-year 2022 results are yet to be disclosed, but the firm’s crypto business deteriorated sharply, accounting for between 5% to 10% of sales.

Related Story: Revolut May Report A Profit In Audited 2021 Accounts