News

Revolut Reports Revenue of More Than $1 Billion in 2022

The British fintech company Revolut reported that its revenue for 2022 amounted to $1.1 billion.

Revolut Reports Revenue of More Than $1 Billion in 2022

Last year’s revenue of the mentioned firm was 45% higher than the same figure for 2021 when this indicator was fixed at $786 million. The relevant information is contained in the company’s press release, which was published on Friday, December 22.

Revolut expects its revenue for 2023 to be about $2 billion.

Nik Storonsky, CEO of the company, commenting on the results of the brand’s activities over the last year, said that the financial position of the firm had been strengthened. Among the achievements of 2022, he also noted the expansion of the customer base, the launch of many new products, entry into new markets, and improvement of the infrastructure for risk management and compliance.

Over the past year, Revolut’s revenue from the business related to cards and currency exchange showed an increase of 105% compared to the result of 2021. Subscription revenue increased by 48%. The company’s interest income on assets showed an increase of 5,000%. This result is due to a growth in deposits, a hike in interest rates, and an expansion of the treasury’s capabilities.

Over the past year, almost 10 million new customers have started interacting with the company. The volume of Revolut deposits increased by 71% in 2022. The company explains this result by the fact that customers began to use its app daily, and not occasionally, as it was in previous years.

The firm’s press release notes that in the first three quarters of this year, the number of Revolut users exceeded 35 million people.

Since the beginning of the current year, the company has launched several new products, including Joint Accounts, Tap To Pay, Experiences, Car Insurance, and others.

Nik Storonsky stated that Revolut is focused on growth in all markets where it is present. He also noted the desire to obtain a banking license in the United Kingdom.

The company published its financial statements for last year several months late. Revolut’s auditors also stated that they could not convince the completeness of some of the firm’s revenue data for 2021.

In a Friday press release, the BDO auditor said that the issue related to the qualification of reporting for 2021 had been resolved and noted that the reporting for last year gives a truthful and objective view of the state of affairs.

Serhii Mikhailov

2388 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.