Revolut posts €1bn revenue as customer deposits surge

Last year saw Revolut post a 71% increase in deposits and a 55% increase in customers on paid plans

Last year also saw the global financial app double employee headcount from around 3,000 to 6,000 as it moved to expand into new regions including Brazil and New Zealand.

Fintech firm Revolut said it is on track to record a double-digit net profit margin by the end of this year following "continued momentum" in the first three quarters of 2023.

Now boasting 35 million users, the neobank posted revenue of $1.1bn (€1bn) in 2022, adding that it expected to hit $2bn (€1.82bn) in 2023.

Last year also saw the global financial app double employee headcount from around 3,000 to 6,000 as it moved to expand into new regions including Brazil and New Zealand.

"2022 was another great year for Revolut, one where we broke away from the pack of our competitors," said Revolut chief executive, Nik Storonsky.

"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."

Looking forward, the CEO said the firm is focused on "continued growth," detailing plans to increase its customer base ten-fold "towards 350m and beyond.”

Last year also saw Revolut post a 71% increase in deposits and a 55% increase in customers on paid plans, with revenue from cards and interchange increasing by 105% to $377m (€343m) compared to the previous year.

"In spite of the challenging macroeconomic and geopolitical landscape, 2022 was an excellent year for Revolut," said Chairman, Martin Gilbert.

"We have a huge opportunity in front of us to become a primary financial services provider for customers globally, and our ambition, adaptability and innovation equips us for success in reaching this goal.”

Interest income on the firm's assets grew to $102m (€92.7m), from $2.1m (€1.9m) in 2021, driven by increased deposits. The fintech firm posted an adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $28m (€25.4m) for 2022 as well as $7m (€6.37m) in Net Profit.