Revolut Reports Record 2022 Revenue Amid Strategic Investments

Fintech firm Revolut reported a record revenue of £923 million in 2022, driven by growth in interest income. However, the net profit witnessed a significant decline to £6 million, attributed to increased investments in the business, including new product launches, global expansion, and a doubling of the workforce. Expenditure surged in areas like staff costs and advertising, with a notable increase in income from interest on assets.

The delayed annual accounts also revealed a change in the average monthly number of employees in 2021, revised from 4,655 to 2,365. Despite making its first full-year profit in 2021, Revolut faced a decline in retail investing in crypto and equity markets in 2022. The company emphasized ongoing efforts to secure a UK banking license, which is pending approval.

Chair of Finance at the University of Aberdeen, Gerhard Kling, noted that the revenue boost was influenced by the rise in net interest income, attributed to increased interest rates set by central banks in 2022. Revolut, with a valuation of around $33 billion in 2021, continues to focus on strategic investments despite the drop in net profit.