British fintech company Revolut has reported a jump in revenue to a record £923 million ($1.1 billion) in 2022, helped by growth in interest income. However, net profit fell sharply to £6 million. Revolut has applied for a UK banking license but is still awaiting approval. The company said the fall in net profit was due to reinvesting back into the business, with increased spending on new product launches, global expansion, and doubling its headcount. The report also highlighted that income from interest on assets grew to £83 million in 2022, up from just £1.7 million in 2021. Analysts suggested that the revenue increase was driven by the rise in net interest income, as central banks raised interest rates in 2022.
Related Posts
Allied Banking Corporation embraces the cloud for core operations with Finastra.
- Richard Skip
- January 17, 2024
- 0
Allied Banking Corporation has completed the migration of its core banking operations to the cloud. The bank has upgraded its core banking solution from Finastra’s […]
Tamara’s BNPL FinTech secures $340m in Series C at $1bn!
- Richard Skip
- December 19, 2023
- 0
Tamara, a Saudi Arabia-based FinTech platform, has raised $340 million in a Series C funding round, valuing the company at $1 billion. The funding round […]
Unsecured loans crackdown rattles Paytm and fintech in India
- Richard Skip
- December 18, 2023
- 0
India’s renewed focus on curbing unsecured loans has hit fintech providers such as Paytm. The Reserve Bank of India’s (RBI) crackdown on unsecured loans is […]