Revolut Nears UK Banking License After Resolving Audit Concerns

Despite a £25.4m Loss in 2022, the Fintech Firm's Revenue Rose by 45% Amid Rising Costs and Staff Expansion

Revolut, the British fintech firm, has moved closer to securing a UK banking license after resolving audit concerns related to revenues and internal controls.
The company reported a loss of £25.4m for 2022, down from a £39.8m profit in 2021, due to rising costs offsetting a windfall from higher interest rates.
Revolut's headcount doubled to 6,000 employees last year, contributing to the increase in administrative costs.
The company's revenue rose by 45% to £922.5m in 2022, driven by interest income growth.
Despite the progress, there are still potential issues regarding the comparability of revenue figures between 2021 and 2022.