UK based fintech Revolut disclosed in its delayed annual accounts that its revenue marked an impressive 45% surge, reaching a record £923 million ($1.1 billion) in 2022. However, this financial success was tempered by a notable downturn in net profit, plummeting to £6 million from the previous year’s £26 million.
Despite the profit dip, Revolut experienced robust customer growth, boasting 26.2 million customers, a substantial increase of nearly 10 million from 2021. The company attributed this growth to intensified efforts in new product launches and global expansion, which also led to a doubling of its workforce.
In the annual report, CEO Nikolay Storonsky reiterated the company’s unwavering commitment to its ongoing UK banking license application. Revolut, once valued at approximately $33 billion in 2021 and crowned the UK’s most valuable start-up, initiated the application process in early 2021 but continues to await approval.
Acknowledging the delay, the company, in September, secured permission to defer filing its annual accounts for the second consecutive year, indicating a complex financial landscape for the fintech powerhouse.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
