Revolut loses $32.2 million in 2022 despite higher revenues

abdelaziz Fathi

British fintech firm Revolut has published its delayed accounts for 2022, nearly three months after missing the original deadline for filing its financial results on September 13.


The London-based fintech startup reported a 45% increase in revenue, reaching £922.5 million ($1.2 billion), though it recorded a pretax loss of £25.4 million ($32.2 million). That compares to the previous year’s restated profit of £39.8 million. The company also projects that its 2023 revenue will hit $2 billion, with a higher net profit margin.

The release of the 2022 accounts marks the second year Revolut needed extra time for this process. However, the auditors at BDO have now signed off on the statements, resolving an earlier issue related to revenue data completeness for 2021.

Revolut faced delays in securing a UK banking license, partly due to concerns raised during the publication of its long-delayed 2021 accounts in March 2023. At that time, BDO LLP, the UK’s fifth largest accounting firm, said it had been unable to fully verify nearly £500 million of revenues, adding that “the risk of an undetected material misstatement was unacceptably high” due to the configuration of Revolut’s internal IT systems.

The challenger bank responded to the auditors’ concerns, stating that they relate to revenues rather than the company’s balance sheet. However, it appears that the PRA remains unconvinced and is likely to proceed with rejecting the application based on its assessment of Revolut’s financial position.

Per a Standard report, this development led to dissatisfaction among Revolut executives, who were frustrated with the audit qualification and the subsequent media coverage. As a result, they reportedly sought legal advice from Schillings to influence how the Financial Times reported the issue.

While Revolut has been exploring alternatives to BDO, the company is expected to retain their services until the end of the 2023 financial year. Despite the audit report’s remarks, Revolut stated that it confirmed their financial statements as giving a “true and fair view,” but the company has not commented on the potential change in auditors.

Revolut has been grappling with longstanding issues related to its reporting procedures, which have marred its reputation. Notably, the UK’s Financial Reporting Council, responsible for overseeing auditors, deemed Revolut’s 2020 audit as “inadequate” and highlighted the unacceptably high risk of undetected material misstatements.

Revolut also fell victim to organized criminal gangs who exploited a flaw in its US and European payment systems, resulting in the theft of over $20 million. The incident, which stemmed from differences between the app’s US and European subsidiaries, allowed some declined transactions to be erroneously refunded. This allowed the criminals to withdraw the refunded amount from receiving accounts via ATMs for several months last year.

  • Read this next

    Institutional FX

    Cboe to launch MSCI-based options and volatility indices

    “We are excited to expand our Cboe-MSCI toolkit with additional index options and volatility indices – an enhancement that will not only broaden our customers’ product choice, but also enrich the ways they interact with and analyze the global markets.”


    Traxys taps Quantifi for risk management in commodities trading

    “We wanted to take a more sophisticated approach to risk management and have a consolidated view of risk exposures across our global operating model. Quantifi was our preferred choice as it has a track record of success in the commodities markets.”

    Digital Assets

    Startale Labs Secures Funding for Web3 Expansion

    Startale Labs, a leader in Japan’s Web3 development, including Astar Network and Startale Web3 Cloud, has raised an additional $3.5m from UOB Venture Management and Samsung Next. This seed extension round boosts their total seed funding to $7m, following a $3.5m investment from Sony Network Communications in June 2023.

    Retail FX acquires South African broker Ubutyebi Financial Services, the multi-regulated financial services provider, has made a strategic move to expand its presence in Africa by acquiring Ubutyebi Financial Services, a licensed Financial Service Provider (FSP) in South Africa regulated by the Financial Sector Conduct Authority (FSCA).

    Digital Assets

    Hong Kong advances legislation on stablecoins and crypto trading

    Hong Kong is moving forward with legislation to regulate stablecoins and crypto over-the-counter (OTC) trading in the latest effort to develop a legal framework to service the city’s digital-asset industry.

    Digital Assets

    Do Kwon to be extradited to US as South Korea request overturned

    Terraform Labs co-founder Do Kwon is set to be extradited to the United States to face fraud charges related to massive losses suffered by U.S. investors due to its algorithmic stablecoin collapse.

    Retail FX

    Prop firm Instant Funding pauses US accounts, citing ThinkMarkets ban

    Proprietary trading firm Instant Funding has become the latest retail platform to halt onboarding new US clients, citing a recent decision by their partner broker, ThinkMarkets.

    Retail FX

    Funded Trader and Alpha Capital switch to cTrader, Lark Funding to DXTrade

    Proprietary trading firms Lark Funding and Alpha Capital have both announced changes to their operations that mainly affect their business with US clients.


    Top 5 Most Reliable KYC Technology Providers

    The financial sector’s trade evolution has led to the emergence of several financial markets that provide excellent opportunities for wealth creation. However, it has also given rise to many fraudulent organisations that attempt to steal money from traders. KYC providers developed and offered KYC technology to combat criminal activity in the field of trading and investing.