Revolut’s 2022 Financial Rollercoaster Sees Record Revenue, But Net Profit Takes a Dive

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.