Banking

Revolut swings to £25 million loss for 2022 as operating costs soar

Administrative costs for the British fintech surged more than 60 per cent last year resulting in a multimillion-pound loss for the company

Revolut said its user base grew to 25 million customers during 2022

Revolut, the British fintech company, has posted a multimillion-pound loss for its 2022 financial year after a surge in operating costs dragged the company back into the red.

Releasing full year results on Friday in a set of accounts that were delayed once again, Revolut posted a 45 per cent increase in revenues for 2022 to £922.5 million, which was driven by a surge in interest income and continued growth in customer fee revenues.

However, ...