A couple of days after media reports, Revolut released its official numbers. The fintech’s revenue for 2022 crossed $1.1 billion, 45 percent higher than the previous year. For 2023, the company's revenue is expected to hit $2 billion with a double-digit net profit margin.

Revenue Jumped across Divisions

According to the numbers published today (Friday), The London-headquartered company’s revenue from cards and interchange increased 105 percent last year to $377 million. Subscription revenue jumped 48 percent to $195 million, while the interest income increased from $2.1 million in 2021 to $102 million in 2022.

The fintech further confirmed that it added about 10 million customers last year, a year-over-year improvement of 71 percent. With this addition, the platform now has more than 35 million customers globally. It also witnessed a 55 percent uptick in customers on paid plans.

“2022 was another great year for Revolut, one where we broke away from the pack of our competitors,” said Nik Storonsky, Revolut’s CEO. “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 achieved revenue of £923M ($1,171B) in the year 2022 up by 45% from 2021. Retail customers up by %60 for the same period. Deposits, up by 71% to £12.6B, employees + 112% "capital and liquidity well over our regulatory requirements".#BDO, re 2021 accounts- "matter has…

— Max Karpis (@maxkarpis) December 22, 2023

Aiming for Growth

Growth remains the focus of the company. It directed $265, which came from its excess gross profits after operating expenses, towards investment on the platform. Out of the total, over $148 million went towards sales and marketing and more than $80 towards new products and global expansion.

It additionally doubled its headcount at the end of the year to about 6,000 employees.

Meanwhile, the fintech is in the process of obtaining a banking license in the UK and appointed a UK CEO earlier this year. Interestingly, it will limit crypto services for businesses in the UK next month while expanding the same in overseas markets.

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