AI, crypto could hurt Revolut's reputation, says fintech's latest report
Revolut, the UK fintech giant, just put out a heads-up: supporting energy-hungry sectors like AI and crypto could hurt its reputation, especially with energy costs rising due to global tensions.
The company's latest annual report warns that AI and cryptocurrency activities are energy-intensive and could pose reputational risks, a growing concern as energy competition heats up worldwide.
Despite challenges, profits surged by 57% last year
Even with these challenges, Revolut's profits jumped 57% to £1.7 billion last year, and revenues hit £4.5 billion.
The bank added 16 million new customers, bringing its total to more than 68 million users, including 13 million in the UK
With plans to reach 100 million customers by next year and new services like mortgage refinancing in Lithuania, CEO Nik Storonsky says his tech-driven approach is still key to keeping growth strong.