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Revolut hits $1.1bn in revenue but expenses slash profit

Revolut revenue
Image credit: Revolut

Revolut hit $1.1bn (£923m) in revenue in 2022, a 45% increase from the £638m the year prior, according to the company’s belated accounts.

Revolut’s revenue may have surged significantly but net profits for the year were down 78% from £26.3m in 2021 to £5.8m.

The drop in profits was caused by a sharp increase in administrative expenses, which rose 75% over the two years.

Furthermore, the fintech was only able to reach profitability this year after tax credits were applied, as pre-tax losses at the company for 2022 were at £25.4m.

The London fintech giant posted its results for the year ending 31 December 2022 on Friday after receiving a three-month extension on its original deadline of 30 September.

The delay was in part due to a knock-on effect from the delay of the release of its 2021 accounts, which were later called into question by auditors. The company has denied all claims that any of its revenue for the year was not verifiable.

The revenue boost in 2022 was in part credited to the onboarding of almost 10 million new customers over the year. The company said it currently serves more than 35 million users worldwide.

“These are great achievements, but we’re not slowing down, we aim to ’10x’ this, pushing towards 350m customers and beyond,” said CEO Nikolay Storonsky.

The Revolut chief executive said the company’s focus was now on “our ongoing UK banking licence application”, as well as growth in other markets.

Revolut has been fighting to secure a banking licence since 2021, however, regulatory scrutiny has delayed the firm’s efforts.

Francesca Carlesi, a banking veteran from the likes of Barclays and Deutsche Bank, was recently brought on as head of Revolut NewCo, an arm of the company established to operate banking services in the UK.