Revolut rocks: revenue skyrockets, profits stumble in 2022!

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.