Revolut, the London-based fintech giant, has officially disclosed its impressive financial figures, just days after media reports sparked curiosity.
The company’s 2022 revenue has surged past $1.1 billion, marking a substantial 45% increase compared to the preceding year.
As we look ahead to 2023, Revolut anticipates its revenue to reach a remarkable $2 billion, accompanied by a double-digit net profit margin.
Breaking down the numbers, Revolut’s revenue from cards and interchange skyrocketed by a staggering 105% in 2022, culminating in a total of $377 million.
Subscription revenue also witnessed substantial growth, surging by 48% to reach $195 million.
In addition to these remarkable figures, interest income experienced a colossal leap from $2.1 million in 2021 to an astounding $102 million in 2022.
In terms of customer acquisition, Revolut achieved an impressive milestone by adding approximately 10 million customers during the past year, translating to a remarkable 71% year-over-year growth.
Consequently, the platform now boasts a global customer base exceeding 35 million, while also observing a substantial 55% uptick in customers opting for paid plans.
Revolut’s CEO, Nik Storonsky, expressed his satisfaction with the company’s performance, stating, “2022 was another great year for Revolut, one where we broke away from the pack of our competitors.”
He highlighted several key achievements, including strengthening the company’s financial position, expanding the customer base, launching multiple new products, venturing into new markets, and reinforcing risk, compliance, and governance infrastructure.
Remaining steadfast in its commitment to growth, Revolut invested $265 million from its excess gross profits after covering operating expenses.
Of this amount, over $148 million was allocated to sales and marketing efforts, with more than $80 million earmarked for the development of new products and global expansion.
To accommodate its ambitious growth plans, Revolut doubled its workforce by the end of the year, now boasting around 6,000 employees.
Additionally, the company is actively pursuing a banking license in the UK and appointed a UK CEO earlier this year.
Interestingly, Revolut is set to curtail its crypto services for businesses in the UK next month while simultaneously expanding these services in overseas markets.
In summary, Revolut’s impressive financial performance in 2022, coupled with its strategic investments and focus on growth, positions the company as a dominant player in the fintech industry.
With plans to further expand its presence in both existing and new markets, Revolut continues to chart an upward trajectory in the global financial landscape.