Revolut has revealed its first full year of profitability as it releases its delayed 2021 financial results.

The much-anticipated accounts for the 12-months ended 31 December 2021 demonstrate that the company made £26.3 million in profit over the period.

During the same time, revenues at the UK FinTech tripled from £220 million in 2020 to £636 million – largely driven by products including payments, subscriptions, Revolut Business, foreign exchange, and wealth.

“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," said Nik Storonsky, chief executive, Revolut.

The figures comes days after reports suggested that the challenger is very close to obtaining its UK banking licence.

The company was granted an EU banking licence through Lithuania in 2018 and a full banking licence from the European Central Bank in 2021.

Securing a UK licence would allow the company to hold its British customers’ deposits, instead of relying on a licensed partner.

The news – unearthed by the Mail on Sunday – follows over two years of board members trying to convince the Financial Conduct Authority to approve its banking licence application.

The report said that it is expected that Revolut will get the green-light now that its overdue accounts have been published.

Revolut also revealed that revenues increased by over 30 per cent to more than £850 million in 2022.

The company's chief financial officer Mikko Salovaara said that the company continued to focus on growth last year and "ramped up" marketing and sales for the retail and business arms respectively.

"Our investment has seen a real return, with customer growth accelerating in 2022 as we added more than 9 million new customers last year, an increase of 54 per cent," he said. "Today, Revolut has more than 27 million retail customers, more than doubling the number of customers since the beginning of 2021, as well as surpassing 6 million customers in the UK.”

It was recently revealed that the firm was creating a new team to monitor staff behaviour in an attempt to address criticism over an “aggressive corporate culture”.

The new department will include psychologists and behavioural science experts as part plans to drive a more “human” approach in the workplace.

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