British fintech Revolut hits record revenue, profit tumbles

British fintech Revolut’s revenue rose 45% to a record 923 million pounds ($1.1 billion) in 2022, but net profit tumbled to 6 million pounds, down from 26 million pounds the year before, the company said in delayed annual accounts on Friday.

The company had said it had 26.2 million customers, up almost 10 million from 2021. It said it had increased spending on new product launches and global expansion, as well as doubling its headcount.

CEO Nikolay Storonsky said in the annual report that the company remains “committed to our ongoing UK banking licence application.”

Revolut, which ranked as the UK’s most valuable start-up when it was valued at around $33 billion in 2021, applied for a UK banking licence early that year but is still awaiting approval.

The company said in September it had received permission to delay filing its annual accounts for a second year running.