Revolut Reports Revenue of $1.1 Billion in 2022

British FinTech Revolut expects its revenue to reach $2 billion this year after rising to $1.1 billion in 2022.

Last year’s revenue was up 45% from the $786 million the company recorded in 2021, Revolut said in a Friday (Dec. 22) press release announcing data from its annual report for the year ended Dec. 31, 2022.

“We strengthened our financial position, grew our customer base, launched multiple new products, expanded into new markets, and bolstered our risk, compliance and governance infrastructure,” Revolut CEO Nik Storonsky said in the release, speaking of the company’s 2022 results.

During 2022, Revolut saw a 105% increase in revenue from cards and interchange, a 48% rise in revenue from subscriptions and a 5,000% surge in interest income on its assets, which was driven by increased deposits, interest rate hikes and a build-out of the company’s treasury capabilities, according to the release.

The company added almost 10 million users during 2022 and recorded a 71% increase in deposits, which Revolut attributed to customers transitioning from using its app only occasionally to using it daily, the release said.

During the first three quarters of 2023, Revolut’s total number of customers surpassed 35 million, per the release. In addition, Revolut retail launched new products like Joint Accounts, Tap To Pay, Experience and Car Insurance.

The company is on track to reach $2 billion in revenue in 2023, according to the release.

“Looking ahead, our focus is on continued growth across all our markets,” Storonsky said in the release. “We remain committed to our ongoing U.K. banking license application in addition to bringing the Revolut app to new markets and customers around the world.”

The release of this audited version of last year’s accounts comes months late. It also follows reports that the company’s auditors warned that they were “unable to satisfy ourselves” about the completeness of some of Revolut’s revenue information for its 2021 accounts.

In the Friday press release, Revolut’s auditor, BDO, said that the matter relating to the 2021 accounts qualification has been resolved and that the financial statements for 2022 “give a true and fair view of the state of the Group’s and Parent Company’s affairs as at 31 December 2022 and of its profit for the year then ended.”