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Revolut Revenue Tops $1bn But Higher Costs Wipe Out Profit Margin
Revolut has published its delayed for FY2022, revealing a significant growth in revenue but a flat-lining in gross profits.
In 2022, total revenue increased to $1.1bn (拢923m), up 45 percent from $786m (拢638m) in 2021.
The neobank also gained more than 10m new customers, increased its deposit base by 71 percent and increased the number of customers on paid plans by 55 percent.
However, these gains were cancelled out by large investments in staff, whose total headcount doubled from 3,000 to 6,000.
Revenue from cards and interchange also doubled from 拢149m to 拢306m, but overall, gross profit came in at about 拢6m for the year, down from 拢26.3m in FY2021.
The big question mark still looming over Revolut鈥檚 future growth is its UK banking licence application, which this month enters its third year without an answer.
UK Post Office Breaks Record For Highest Cash Withdrawals In Single Day
The UK Post Office has that December 22, 2023 was a recording-breaking day for personal cash withdrawals, with 拢62.4m taken out over the counter.
The figure beats the previous record of 拢51.5m, which was set on December 23, 2023, by more than 拢10m.
Ross Borkett, head of banking at Post Office, also noted that 拢3m was deposited and withdrawn at Post Office branches on Christmas Day itself, which was an increase of almost 拢1m over the previous year.
About 1,500 of the Post Office鈥檚 11,500 branches opened on Christmas Day 鈥 a service that Borkett said is 鈥渧ital鈥 for pub and restaurant owners who need to park their cash earnings ahead of a quieter January.
Affirm Expands BNPL Offering To Self-Checkouts At 4,500 Walmart Stores
Affirm has that its buy now, pay later (BNPL) solution can now be accessed at self-checkout kiosks at more than 4,500 Walmart stores in the US.
Previously, under a partnership in 2019, Affirm was available at staffed checkouts, online and via the Walmart app.
In Q3 2023, Affirm鈥檚 net loss to $171m, down from $250m in the same period in 2022.
The Nasdaq-listed BNPL has been on a cost-cutting drive for the past year. In February 2023, Affirm plans to cut one in five staff, and later that month, it also from the Australian market.
