Annual Report 2022

SIMPLIFY
ALL THINGS
MONEY
2022 Annual Report and
Consolidated Financial Statements
Contents
03 Strategic Report
STRATEGIC
04 Our 2022 Highlights
06 Chair's Statement
08 Chief Executive Officer’s Review
12 Chief Financial Officer’s Review
16 General Overview
REPORT
24 Business Performance
28 Our Business Model & Strategy
32 Engaging with Stakeholders
33 Environmental, Social and Governance (ESG)
37 Our People
43 Chief Risk and Compliance Officer’s Review
Revolut’s revenue steeply increased 45% year-on-year to £923m and saw balanced
growth across our different business units, yet another validation of our diversified
and robust revenue model.
58 Board Of Directors
61 Directors’ Report
76 Independent Auditor’s Report
82 Financial Statements
83 Consolidated Statement of Comprehensive Income
84 Consolidated Statement of Financial Position
86 Consolidated Statement of Changes in Equity
88 Consolidated Statement of Cash Flows
90 Notes To The Consolidated

Financial Statements
#1 FINANCE APP REVOLUT BANK 35M CUSTOMERS

IN 9 EUROPEAN IN 30 COUNTRIES IN 38 COUNTRIES
COUNTRIES
By downloads October 2023

2023 Q1-Q3
Revolut Annual Report 2022 2 Revolut Annual Report 2022 3

Strategic Report 2022 Highlights Chair's Statement Chief Executive Officer’s Review Chief Financial Officer’s Review Strategic Report 2022 Highlights Chair's Statement Chief Executive Officer’s Review Chief Financial Officer’s Review
2022: Another REVENUE DEPOSITS EMPLOYEES

Year of Growth ↑ +45%
2022
£923M
RETAIL CUSTOMERS
↑ +71% ↑ +112%
↑ +60% 2021
£638M
2022
£12.6B 2022
2022
5,913
26.2M
2021
2021 £7.4B
16.4M 2021
2,795
MONTHLY OUR AWARDS

TRANSACTIONS ↑ +71% AND RECOGNITION
2022
341M
LinkedIn Top Startup award in the UK
for the fifth consecutive year
2021
International Customer Experience
199M Award 2022 (iCXA)

Chair's These guilds serve as a crucial platform for our colleagues, fostering connection,
collaboration, and the advancement of positive change initiatives. Our dedication to
advancing diversity and inclusion across our organisation remains unwavering, and
Statement we eagerly anticipate the continuation of this important work.
Our Revolut Partnership Programme entered its second year in 2022. The partnership
recognises senior leaders in the company who champion our values and whose
In spite of the challenging macroeconomic and geopolitical
contributions are critical to propelling Revolut forward. During 2022, the partnership
landscape, 2022 was an excellent year for Revolut.
grew to 26 (from 17 in 2021). I am delighted for the 2022 partner class, all of whom
We generated record revenue, earning £923 million, which
have demonstrated an ongoing commitment to our success. In addition to serving our
represents a 45% increase year-over-year, validating our
customers and delivering for our stakeholders, our partners have focused on taking
diversified and robust revenue model. We grew, adding over
care of our people. We have a long-standing commitment to recruiting, developing
9.8 million customers, the highest yearly increase in our
and promoting the best talent available with the widest range of backgrounds,
history. In 2022 customers used our products more than ever
experiences and perspectives. In addition to expanding our global partnership, we
before, with a 71% increase in deposits and a 55% increase
expanded our Executive Committee to 20, to ensure a healthy representation of
in customers on paid subscription plans. We are proud of the
product, business and control functions and to empower even more of our team to be
financial strength of Revolut, with capital and liquidity well in
key decision-makers for the company.
excess of our regulatory requirements.
The safety and well-being of our employees is always our top priority, and more so
Across 2022, we made significant investments in our
than ever before in 2022 for our Ukrainian colleagues and their families, where we
products, technology, risk, compliance and governance,
immediately arranged evacuations and, where possible, facilitated relocations to our
while exercising strict cost discipline. We made prudent
other locations around the world. Recognising the immense strain on our staff, we
growth investments in strategic markets with the launch
introduced mental health support and an emergency fund to support the families of
Martin Gilbert of our biggest ever brand campaign, 'Your Way In'. We also
made significant investments in our people, particularly in
colleagues who had to flee their homes. As of today, we have 45 Revoluters in Ukraine
and as a firm remain committed to their ongoing support and wellbeing.
Chair customer support and financial crime. I remain proud of
Revolut’s resilience and of what our colleagues around the
A huge thanks to all the Revoluters for championing our values, and for their relentless
world have achieved, collectively and individually.
focus on making Revolut a truly global financial product that helps customers simplify
all things money.
Our relentless focus on risk management and comprehensive controls over all our
Board Governance and activities helped us guide and support our product and business teams throughout
Risk Management the year — especially during these challenging macroeconomic times of double- Outlook Our path ahead is never certain, and there will be plenty of challenges along the way,
digit inflation. During 2022, we embedded a proportion of our risk and compliance but as we continue through 2023 and into 2024, I am excited and determined to build
employees within first-line product teams, to ensure that risk and compliance are built on our solid foundations and deliver for our stakeholders. We have a huge opportunity
into our products by design, while maintaining oversight with an emboldened second in front of us to become a primary financial services provider for customers globally,
line. We also kickstarted a major project to prepare for the new Consumer Duty and our ambition, adaptability and innovation equips us for success in reaching
regime in July 2023. The focus on Consumer Duty throughout our product lifecycle this goal.
highly complements our Deliver Wow company value, which puts customer outcomes
at the forefront of our work.
Our success rests with our people. They are the frontline, both individually and as
Our People teams, serving our customers, building our technology, making strategic decisions,
Martin Gilbert
Chair
managing risks and driving innovation. We are extremely proud of the diverse and
inclusive environment we have built at Revolut, with employees from almost 100 19 December 2023
nationalities working together. Our thriving inclusive guilds programme remained
steadfast in its commitment to diversity and inclusion. Our initial five guilds, dedicated
to Women, Pride, Parents and Carers, REACH (Race, Ethnicity and Cultural Heritage),
and Wellbeing, continued to thrive. Building upon this success, we introduced two
additional guilds, with a specific focus on disability, and religion and belief.

Chief Executive Our customers are highly engaged and are increasingly trusting Revolut for their
everyday financial needs. Over the course of the year, our transaction volume grew by
more than 70%, with more customers using Revolut for their daily spend. Our customers
Officer’s Review also rely on Revolut for more of their financial needs, with many using multiple Revolut
products. In 2022, increased customer activity contributed to a 71% increase in customer
balances. We also saw encouraging adoption of our paid subscription products,
with 55% growth in retail customers using a paid plan in 2022. Our monthly active
Revolut exists to make managing, spending, saving, investing
customers increased by nearly 50% in 2022, a reflection of the strength of our products.
and borrowing money cheaper, simpler and more transparent.
Traditional banking across the world is antiquated, expensive
and falls short of customer expectations. We are committed
As we deepen our presence in each market, we are building the foundation to become
to giving people the financial services they deserve, and our
mission is to simplify all things money. Looking back at 2022,
Product Innovation the primary financial services provider for our customers. We have launched Revolut
I’m proud that we’ve made huge progress towards achieving Bank in 30 countries in the EEA, meaning that we are now a bank for the majority
that mission. of our customers. We offer Deposit Protection insurance in Europe up to €100,000,
giving customers peace of mind that their deposits are safe. We have now rolled out
2022 was another great year in terms of financial performance, local branches for retail customers in France, Ireland and Spain, giving customers local
customer growth, new product launches, expansion into new IBANs and allowing them to bank like a local with Revolut.
markets, and for the continued strengthening of our risk,
compliance and governance infrastructure. Revolut also aims to be the first-choice provider for our customers when their credit
needs arise, by offering a best-in-class product experience and competitive pricing.
As always, I thank our Dream Team, our colleagues here at We are now offering credit (Unsecured Personal Loans, Credit Cards and Pay Later) in
Revolut, who drive unceasingly towards our mounting goals nine countries, with revenue from credit products growing more than 10 times year-
Nik Storonsky and ambitions. The strength of our position today is the result
of their work, and they continue to meet the challenges and
over-year. Our credit portfolio continues to grow as we expand both the countries in
which we offer credit and the products we offer in those markets.
Chief Executive Officer & Co-founder opportunities brought by our skyward trajectory. I thank them
for their contribution. With growing concerns about the rising cost of living, we have improved our money
health tools to help customers better understand their financial situation and build
good habits to save more and spend better. Our product portfolio includes various
money health-related products, including Savings and Spare Change, with Money
Over the past year, our retail customer base has grown by more than 9.8 million - more
Customer Growth than in any year in our history. In just seven short years since we first set out, we've had
Market Funds also launched in 2023. In 2022, 4.3 million customers saved with
and Engagement the privilege of becoming a leading financial services provider across the UK and Europe.
Pockets, up 56% from the previous year, and over 2.6 million customers saved a total
of £550 million rounded up through Spare Change.
In 2023 so far, Revolut is the most downloaded app in the Finance category in nine
countries and in the top three in 15 countries in Europe. What makes this achievement
We are constantly enhancing our features and capabilities to better support and
even more valuable is the trust our customers have placed in us to help them manage and
protect our customers. Our team of fraud experts and data scientists take a data-driven
grow their finances.
approach to fraud management, deploying a sophisticated fraud detection platform to
protect Revolut customers from falling victim to fraud and scams. We estimate that in
Our relentless focus on the customer and on building great products is a major driver of
2022 we prevented over £200 million in fraud against our customers.
our growth. Four in five customers who joined Revolut in 2022 joined organically or were
referred by someone they knew. On average, our customers know 87 people who also use
It was another great year for Revolut Business, which celebrated five years of operations
Revolut. Building on that, and to make our customers’ experience even more seamless,
in 2022. Hundreds of thousands of businesses across the UK, Europe and the US
we launched Revolut Chat, a secure messaging feature within the app in Q4 of 2022.
rely on Revolut Business to manage payments, sales, FX and employee spending.
To supplement our organic growth, we deployed a £100+ million marketing budget across
Monthly active businesses grew 49% year-over-year and business revenue growth
various channels and markets where we operate, and we also launched our first-ever
accelerated, exceeding 83%. In 2022, we hit £100 billion in total processed business
brand marketing campaign in the UK.
transactions. While in the past most of our customers were single-person businesses
or micro-enterprises, we have been building our product to serve larger and more
Our scale and the strong growth of our customer base puts even more emphasis on
complex companies. Our typical Business customer now has 5-50 employees, while
the quality of service that we provide to customers. Delivering a great experience and
some have thousands.
providing good outcomes to our customers remains our top priority, and we are working
hard to make sure our customers can always rely on us. In 2022, we invested heavily in our
To appropriately serve our customers we have expanded our product areas
customer support team by doubling the headcount and providing deeper knowledge and
considerably. For example, when making payments, businesses can now send money
assistance across 14 specialisations. As a result, 90% of tickets in our in-app Chat Support
via many payment routes, schedule and track payments, make payments through our
were picked up by our support agents in two minutes across business and retail in 2022.
API, add expense details and control spend through our spend management software.
Customers appreciated this effort by giving a 'WOW' rating to even more of their support
Business users can also accept payments via invoices, payment links, QR codes, local
interactions, from 30% in 2021, up to 60% in 2022.
account details and our API.

In 2022, we launched Revolut Reader, our first-ever hardware device for in-person In addition to focussing on our customers, we strive to create a positive impact within
payments. With Revolut Reader, payments are processed seemingly instantly and
Commitment to our wider communities too. In March 2022, we launched a free payments service
funds appear in the customer's account within 24 hours of a transaction. For online the Community for Ukrainian refugees. More than 250,000 refugees used the service to gain quick
payments we rolled out Revolut Pay, a one-click payment feature for merchants. In a and easy access to their money. Thanks to the generosity of our customers, and in
matter of seconds, existing Revolut users can securely pay online with just one click. partnership with the British Red Cross, we were also able to raise £9 million for the
And with Revolut Pro, our income, payment and expense management account for British Red Cross’s Ukraine Crisis Appeal.
freelancers within our retail app, self-employed people and contractors can now easily
manage their business funds.
Looking ahead, our focus is on continued growth across all our markets. We remain
We believe that financial services across the world are in need of an overhaul, and our Looking Ahead committed to our ongoing UK banking licence application in addition to bringing
ambition has always been to take our products global. As part of our global expansion,
the Revolut app to new markets and customers around the world. We will continue
in 2022, we laid the foundations for our launches in Brazil and New Zealand in May and
building a global financial services platform, one which feels personal to everyone and
July 2023, respectively. We also launched Revolut Business in Australia in May 2023.
which is increasingly becoming a primary choice to simplify all things money. In 2023,
we surpassed 35 million retail customers. We aim to '10x' this in the future, pushing
towards 350 million and beyond.
2022 was a year of exceptional financial performance. We grew our revenue from £638
Financial Performance million in 2021 to £923 million in 2022, a significant increase of 45%. We saw robust
growth across our different business units, proving the strength of our diversified
business model. This was driven by our rapid roll-out of products and many millions
of new customers. You can read more about our financial performance in the Chief
Financial Officer's Review in the next section. Nikolay (Nik) Storonsky
Chief Executive Officer & Co-founder
19 December 2023
All of these successes would have been impossible without our Dream Team, our
Dream Team Revoluters who together drive the company forward. Attracting, retaining and
nurturing talented people while fostering an inclusive and diverse work environment
is of paramount importance to us.
In a year when many companies scaled down headcount or

reduced their hiring, we proudly added over 3,000 Revoluters
Proudly added over to our Dream Team and continued investing in making Revolut
3,000 Revoluters to an even better place to work.
our Dream Team We improved our employee engagement: introducing new

value-based behaviours (a clear and transparent set of
values enabling a consistent understanding of our culture
across the company), enhancing our employee feedback
tool, and launching a new team called CultureLab to create
an immersive corporate culture and improve our employee
experience.
These initiatives were also recognised externally, with Revolut

receiving a 'LinkedIn Top Startup' award in the UK for the fifth
consecutive year in 2022.

Chief Financial Doubled Down on

Investing in Revolut's
Amid a market environment dominated by uncertainty and hesitancy, we continued
to see large, attractive opportunities to invest in the future growth of Revolut.
We directed our excess gross profits after operating expenses towards investments
Officer’s Review Future Growth in sales and marketing, new products and global expansion and improving customer
experience.
Sales and Marketing: In 2022, we supplemented our organic growth with sustained
2022 was another strong financial year for Revolut - we
sales and marketing investments. We deployed a £100+ million marketing budget
achieved accelerated customer growth, as well as significant
across markets to boost peer-to-peer referrals, increase our presence on digital
increases in revenues and gross profits. We executed our
channels as well as to launch our first-ever brand marketing campaign in the UK.
strategy and investments with precision, and were fortunate
We also decided to pursue larger opportunities in the enterprise segment of
to have navigated a difficult year for the industry, avoiding any
the business banking market by scaling our Revolut Business sales team to more
redundancy programmes and continuing to hire actively.
than 700 representatives and onboarding our largest client to date with more than
60,000 employees. We closely monitor the performance of our Marketing and Sales
Throughout 2022, our financial results mirrored our ever
investments against strict Return On Investment (ROI) constraints at country and
stronger product-market fit across both consumer and
channel level.
business segments, as well as the robustness of our business
model. Our customer growth accelerated, with more than
New Products and Global Expansion: In 2022, we continued to make long-term bets
9.8 million customers opening Revolut accounts - more than
on building and launching new products as well as expanding our geographic reach
in any other year in our history. Deposits grew 71% year-over-
beyond our core markets to become the first truly global consumer fintech. We have
year as customers trusted Revolut with more of their funds
deployed over £65 million into these initiatives with the new product and expansion
and transitioned from occasional to day-to-day users.
teams reaching more than 700 employees by the end of 2022.
Victor Stinga Customer Experience: Building customer trust is one of the key priorities for us as a
financial institution and this starts with the level of customer support we are able to
Chief Financial Officer (Interim)
provide to customers when they need us. We invested heavily in scaling our customer
operations functions, spanning both customer support and financial crime operations,
as well as optimising our data models and in-app journeys, while further automating
many processes. As a result, we have recorded that:
We continued to prove the strength of our diversified revenue model. While 2021 had
Accelerated Growth been a year when our Wealth unit benefited from exceptional tailwinds, which were 1. 90% of customer service queries in 2022 were picked up by our support team in
through Revenue driven by a surge of retail investing activity in crypto and equity markets, we saw this two minutes.
Diversification activity drop significantly in 2022 in line with general market sentiment. Despite these 2. The percentage of customers who rate their experience with our customer
trends, we continued to significantly scale our revenues to £923 million driven by support team as 'WOW' increased from 30% in 2021 to 60% in 2022.
growth of 106% year-over-year across all our other business units which contributed
£836 million in 2022 (up from £406 million in 2021). Notably, interest income on our
assets contributed £83 million to revenue in 2022, driven by increased deposits, Investing in Growth
interest rate hikes and the build-out of treasury capabilities. £750M
Administrative Expenses
£642M £404M
Customer Operations
Sales & Marketing

Revenue Composition £500M
New Products &
Global Expansion
Customer Experience
£0M £250M £500M £750M £1000M
£215M
£250M
Payments
Subscriptions FY21 £638M £23M
FX
£0M
Interest Income
Gross Profit Operating Investments Adjusted
Other Income FY22 £923M Costs EBITDA1
Wealth
1
Adjusted EBITDA refers to Earnings before Interest, Tax, Depreciation, Amortisation and Share-based Payments, a measure
of core profitability

Overall, 2022’s financial results demonstrate our commitment to building a In line with the overall business, our balance sheet continued to grow considerably
Balancing Fast sustainable business that balances fast growth and profitability. Throughout the year,
Prudent Balance - reaching a total of £14 billion in total assets by December 2022. This was primarily
Growth and we continued to build momentum - ramping up quarterly revenue at ~20% quarter- Sheet Management driven by a growth of 71% in customer funds - a reflection of increased customer
Profitability over-quarter and displaying discipline in optimising our gross profit margin to surpass activity, such as transitioning to primary account usage and trust in our platform.
>75% in Q4. We continue to focus on gross profit margin as a primary KPI for the We continued to exercise conservative management of our balance sheet, choosing
company as it demonstrates the strength of our business model and its operating to keep over 87% of our assets in cash with Central Banks and reputable financial
leverage. Improvements in gross profit margin followed a setback in Q1 caused by a institutions and in high-quality liquid assets. We enhanced our treasury capabilities
card payment fraud incident in the US that led to a loss of £17 million to Revolut but to ensure we are well positioned to manage our balance sheet and associated risks
not to our customers. While being an isolated incident that was remediated within effectively while also achieving positive yield on our assets.
days of it being identified, it served as a powerful reminder of the risks inherent in the
business we operate, and of the need to continually refine our controls to remain one Throughout 2022, we continued to maintain levels of capital and liquidity resources
step ahead of such actions. comfortably in excess of regulatory requirements across all entities. Looking forward,
we forecast to generate high levels of organic capital and liquidity. This puts us in
This trajectory of revenue growth and operating leverage puts us in a position of the fortunate position of not having to depend on external sources of funding to
sustainable profitability on an Adjusted EBITDA basis in the second half of 2022. execute our strategy at a time when the availability of capital in the industry has
Recording profitability in our UK entities in 2022, as well as sustaining profitability substantially decreased.
going forward, allowed us to recognise a deferred tax asset on carryforward losses
and share-based compensation for the first time in 2022.
We continued to focus on making improvements to our financial systems, processes

We observe this momentum continuing in the first quarters of 2023, putting us on Focussed on and controls. In the previous annual financial audit, we were issued a qualified opinion
track to double the scale of our business and record substantial profits by the end of Strengthening Our due to deficiencies identified in our IT control environment. We have since remediated
the 2023 financial period.
Financial Processes these gaps and have worked with BDO, our auditor, to conduct extensive testing
of both the design and effectiveness of our controls. While these historical events
and Controls have had a knock-on impact on the timing of publication of these financial statements,
we are now back in a position to return to a regular reporting schedule starting from
Quarterly Profitability next cycle.
We are grateful not only to our colleagues in the Finance department but throughout
£296M 80% the organisation for their contribution to building a culture of financial control and
£252M discipline, as well as to our entire Executive team and the Board for championing these
70% £236M initiatives. We have confidence that our commitment to this remediation process sets
68%
£210M
the foundations for building a robust finance function that can support the business
£177M in the long-term to achieve our mission of building innovative financial products that
£164M 53%
£143M simplify all things money.
£87M
£43M
£-20M £-1M £0.5M

Victor Stinga
Chief Financial Officer (Interim)
Q1-22 Q2-22 Q3-22 Q4-22
19 December 2023
Revenue Gross Profit Adjusted EBITDA1 Gross Profit Margin
1
Adjusted EBITDA refers to Earnings before Interest, Tax, Depreciation, Amortisation and Share-based Payments, a measure
of core profitability

Strategic Report General Overview Who We Are Our Values Our History and Progress Our Products and Services Strategic Report General Overview Who We Are Our Values Our History and Progress Our Products and Services
General Overview Our Values Revolut’s unique culture is built on five core values. By working to these values every
day, we create a fertile environment for success. Our values define ‘the Revolut way’,
and we put them into practice every day across our organisation. They keep us on the
right path, motivate us and ensure we hire and retain the best people. Our values are:
Revolut continues in our mission of simplifying all things money, offering people and
Who We Are businesses greater control over their finances and providing data-driven insights for
a customised user experience.
Established in the UK in 2015, Revolut began with transfer and foreign exchange
services that were faster and cheaper than those of legacy banks. Ever since, we
have maintained a relentless focus on answering customers’ needs and giving them
a best-in-class experience. As of October 2023, we have more than 35 million retail
customers in over 38 countries around the world using Revolut and our growing suite
We constantly push, rethink, and rework to get 10x further from where we are now.
of products to better manage their finances. Never Settle We aren’t afraid to be ambitious — and we’re always looking for the next big thing.
Shoot for the Moon

⚫ Relentlessly push to become number one in the world. Look for ways to disrupt, scale, reinvent.
OUR DREAM TEAM
GROWTH ⚫ Come up with ideas that are new, better and unique. Be creative — reiterate, simplify, move beyond the traditional way.
↑ +112% Connect the dots from different areas, industries, and products.
⚫ Vigorously set ambitious, bold, and rational goals to guide your way.
2022
5,913
2021 Push the Envelope
2,795
⚫ Constantly change your lens. Challenge solutions from all angles to deliver the best. Run toward critique to advance it
even further.
⚫ Recognise and celebrate those who challenge the status quo for the better.
⚫ Pull at every thread. Don’t just meet the ask, go above and beyond when solving a problem and never leave loose ends.
Jump in With Both Feet
⚫ Enjoy the challenge, celebrate achievements, and have fun.
⚫ Show initiative, inspire others. Enjoy taking on stretch assignments even if they’re outside of your core responsibilities.
⚫ Share optimism and confidence. Remain positive and energised when facing adversity.

We believe the key to winning is building diverse, lean teams of brilliant go-getters
Dream Team who break down barriers.
Never Lose ‘North’
⚫ Always think beyond the task at hand, keep the bigger picture in mind. Think several steps ahead. (e.g. Will our solution
create more problems? What will the next problem be once we solve this one?). Look for ways to create scalable
Never Compromise on Talent frameworks and tools to increase the impact.
⚫ Make hiring decisions thoughtfully. Take the time to find the perfect fit. The quality and diversity of our talent defines our ⚫ Avoid ‘analysis paralysis’ so that we move toward solutions.
successes. ⚫ Focus on the outcome and continue checking your compass along the way (i.e. Are we still going in the right direction?).
⚫ Provide mentoring, coaching, opportunities, and support to help your team thrive. Award the best. If not, take courage to start from scratch.
⚫ Act on underperformance promptly. Monitor it, sort it and remedy it.

Be Open Minded – Listen, Probe, Adjust
Ship, Shipmates, Self ⚫ Invite criticism and alternative views to tackle problems better. Constantly challenge assumptions in your thinking.
Do not follow any previously agreed-upon approach blindly.
⚫ Work together — it’s the only way the company can move forward. Forge a shared vision.
⚫ Take turns speaking and listening. Consider all feedback regardless of the person's title. There is no place for
⚫ Support each other individually and professionally, across teams and departments. Even if it’s not in your KPIs or goals. politics in Revolut.
⚫ Be inclusive, approachable and interested in your colleagues’ work, especially if they need your help or expertise. ⚫ Think through your recommendation, don’t say 'yes' or 'no' too quickly.
Be Radically Honest, Direct, and Respectful

⚫ Feedback should be necessary, clear, direct and professional. Always say what needs to be said. Build on the feedback
you receive.
⚫ Step up, speak up, encourage other Revoluters to do the same.
⚫ Be respectful at all times. Find the best tone of voice, time, and situation to provide feedback.
Lead By Doing
⚫ Roll up your sleeves and get into the weeds of the work. Get to know the nitty-gritty, ins-and-outs of your team to help
guide everyone to success.
⚫ Enable others to achieve their goals — celebrate when they’ve done well and give credit where credit is due.
⚫ Accept responsibility when things go wrong. Work quickly to make things right.
We believe logic, reason, and common sense prevail over everything else in decision-
Think Deeper making. We dive deep until we get to atoms. If we don't know something – we bet,
collect the data and reiterate.
Start With “WHY?”

⚫ Think before executing — articulate your problem, probe into it. Is it a real problem? Challenge others to do the
same. Seek data to support decision-making, if data is not available, be transparent that you’re making an instinctual
recommendation.
⚫ Dive deep into the root cause. Solve from the first principles. Question experience, data and assumptions. Always ask:
'Is that true?' and 'why?'.
⚫ Constantly challenge your analysis, sense check, look from every angle and be prepared to revisit the proposed solution
or initial problem.

We believe that ideas are great, but execution is everything. That’s why respect at
Get it Done Revolut comes from sweat and stretch.
Our History and Progress
Act Like an Owner
2015
⚫ Own your work and the tasks required end-to-end. Look for answers and solutions, not excuses.
⚫ Assume full responsibility and accountability beyond your role or over expectations. Don’t wait for guidance, self-direct.
⚫ It is never 'someone else’s job or problem'.

Revolut founded in the UK
Commit and Execute

⚫ Bring a can-do attitude at all times. Keep calm when facing challenging work. 2016
⚫ Unblock roadblocks. Break walls. Persevere until the project is finished. Completion is a must. And then iterate. Reached 300,000 retail customers
⚫ Deliver on commitments, instil trust in your go-getter attitude.
$15 million Series A fundraising
Deliver Wow We believe that everything we do should solve our customers’ needs. To create awe
and inspire, we pay attention to every single detail.
2017
Launched Revolut Business
Put Customer First Launched Crypto Trading across EEA
⚫ Put yourself in the shoes of the customer (external or internal) and understand how they are using the product or
Launched Revolut Premium
process, be curious.
⚫ Focus on, and think through every single detail.
⚫ Don’t ship anything unless it’s ready, fully-baked, tested and reviewed.
$66 million Series B fundraising
2018
First Banking licence granted by
Bank of Lithuania
Keep it Simple
Launched Revolut Metal
⚫ Simplify everything – minimise any friction for the customer. Save time for your customers, your manager and your
stakeholders.
⚫ Make decisions on what to build and what to kill.
⚫ Use language everyone can easily understand. Extract the essence. Lead with the most important information.
2019 $250 million Series C fundraising
First expansion to Australia and Singapore

Bottom line up front.
Launched Trading - offering millions of

customers access to fractional shares
Launched Donations - partnering with

international charities to support
global causes

Strategic Report General Overview Who We Are Our Values Our History and Progress Our Products and Services
2020 Our Products Revolut was founded in 2015 in the UK, offering faster and cheaper transfers and
Launched Revolut Insurance foreign exchange services than legacy banks. Eight years later, millions of customers
and Services around the world use Revolut to manage their finances across an ever-growing suite
Launched in US and Japan of simple-to-use, yet sophisticated products.
Launched Open Banking in UK and EEA

Revolut is a digital, app-based financial service. Territory-
Launched Revolut banking services in dependent, we offer retail customers e-money or bank
Lithuania and Poland Over £100 billion accounts, which they use for their daily spending and financial
2021
management. With four subscription plans (the fourth, Ultra,
transactions processed with having launched in 2023), on top of our free Standard plan,
Launched Merchant Acquiring for Revolut
Business customers
Revolut Business globally customers can choose the option which best suits their
financial lifestyle. Our retail services include:
Launched banking across 18 EEA countries $580 million Series D fundraising
⚫ Instant peer-to-peer payments
Launched Stays, a travel and
accommodation booking feature ⚫ Low-cost foreign exchange and multi-currency cards
⚫ Junior (<18) accounts

Launched On-Demand Pay early salary
⚫ Buying and selling shares in listed companies and
withdrawals
cryptocurrencies
Launched first out-of-app services with ⚫ Deposit protected savings

Web App and Google Chrome ‘Shopper’
⚫ Insurance intermediation services
extension
$800 million Series E funding

2022 ⚫ Rewards when shopping with Revolut’s partners
⚫ Cashback when booking travel accommodation
⚫ Consumer lending services in eligible countries, including

Reached 26 million retail customers
unsecured Personal Loans, Credit Cards, and BNPL (Buy
Now Pay Later)
Revolut Business reached £100 billion in
total processed transactions
Launched in 2017, Revolut Business provides similar electronic
Deposit Protection insurance for EEA Bank money and payments services, multi-currency exchange,
customers in 30 countries merchant acquiring, international and domestic bank
transfers for small and medium enterprises, with the speed
Local IBANs launched in France (as of and ease they have come to know and love from our retail
August 2023 also live in Spain and Ireland) product. As the retail and business ecosystems grow, we
continue to add value at the touchpoints between the two.
Launched Revolut Chat - instant customer We offer Revolut Pay and Revolut Reader to merchants to
to customer messaging feature facilitate online and in-person payments for retail customers,
as well as offer rewards and discounts. We also launched
Launched Personal Loans in Ireland, Revolut Pro, an income, payment and expense management
Romania, and the US solution within our retail app that enables self-employed
people and contractors to manage their business funds
Launched Pay Later instalments in Ireland with ease.
and Poland
Launched Revolut Reader - Revolut

Business’s first hardware device for
in-person payments
Launched Revolut Pay - online merchant

checkout feature with one-click payment

Strategic Report Business Performance Customers Customer Protection Product Improvements Global Expansion Strategic Report Business Performance Customers Customer Protection Product Improvements Global Expansion
Business Customer Protection Over USD $55 billion was lost to scams worldwide in 2021, according to a study done
by the non-profit organisation Global Anti-Scam Alliance (GASA) and data service
provider ScamAdviser.
Performance At Revolut, our fraud teams work tirelessly to prevent our customers from falling victim
to scams and fraud, many of which are perpetrated by increasingly organised and
global criminal actors. In 2022, we continued to invest in strengthening our set of
Revolut’s performance in 2022 defied the global fintech advanced, data-science based tools and techniques to prevent, detect and disrupt
Customers downturn, enjoying our strongest ever year of sustained fraudulent activity. In particular:
growth, both in customer numbers, which grew by 9.8 million
from 16.4 million to over 26.2 million, and monthly transactions, ⚫ Our in-house, proprietary fraud detection system uses advanced machine
which jumped from 199 million to 341 million by the end of the learning and artificial intelligence techniques to analyse up to 341 million customer
Total Retail Customers year. Revolut Business grew by more than 90,000 business transactions every month for signs of fraud. Our fraud detection and intervention
customers. approach enabled us to stop more than 90% of APP (Authorised Push Payment)
scam attempts. Our system learns quickly from newly identified fraud trends and
This record growth was achieved in a sustainable manner, modus operandi, ensuring our customers are protected from new types of attacks.
↑ +60%
with 78% of growth among European retail customers coming
from word of mouth or organically. The total number of users ⚫ We significantly matured our customer-facing scam warnings and interventions
on paid plans grew by 55%, while transaction volume grew with the goal of better 'breaking the spell' of fraud and helping our customers
by 71%. These numbers demonstrate how our customers to think twice before making a high-risk payment. In 2022, we introduced new,
continued to explore and use the full range of products and targeted and tailored in-app warnings as well as scam intervention advice
2022
services offered to Plus, Premium and Metal account holders. delivered via our expert team of fraud prevention chat agents. These interventions
26.2M align to the industry message of 'Stop, Challenge, Protect' and bring proportionate
Our fourth subscription plan, Ultra, launched in 2023.
and targeted controls into the payment journey.
This growth was also supported by the successful scale-up ⚫ Our scam awareness education programme continued in 2022 with blog posts,
of growth and marketing activities, including the acceleration emails and push notifications to educate and warn customers about emerging
of performance marketing, customer referrals, influencers fraud and scam trends.
and the launch of Revolut’s first ever 'Above The Line' brand
2021
marketing campaign.
16.4M We estimate that in 2022, we prevented over £200 million in fraud against our
customers. Future improvements will focus on providing our customers with additional
In line with our customer growth, we are also committed security-driven features to help keep their accounts and money even safer. In 2023,
to delivering the best possible customer outcomes while we are already taking scam education to the next level by launching scam awareness
minimising waiting times. Milestones we proudly achieved in campaigns with our in-app Learn programme to arm our users with everything they
2022 include: need to stay one step ahead of the bad actors.
⚫ Increasing our highly specialised customer support team

from nearly 1,200 at the beginning of 2022 to nearly 3,000
at the end of the year (including both employees and
outsourced resources).
⚫ Providing deeper knowledge and assistance across 14

Number of Monthly Transactions specialisations while doubling our customer satisfaction
scores.
⚫ Reducing customer waiting time to 2 minutes for 90% of

interactions with our support agents.
↑ +71% ⚫ Industry recognition for our incredible customer support

with a Gold prize at the International Customer Experience
Awards 2022 (iCXA).
2022
341M At the start of the year, we strengthened our Customer

Experience Managers team, who work to improve customer
2021
experience by actively listening to user feedback across all
support and social media channels, and actioning accordingly.
199M

Strategic Report Business Performance Customers Customer Protection Product Improvements Global Expansion Strategic Report Business Performance Customers Customer Protection Product Improvements Global Expansion
Our fast pace of new customer-centric product and feature launches continued
Product Improvements through 2022, as we further expanded our services to meet the growing needs of our
Business
customers. We launched Revolut Bank in 30 EEA countries, meaning that we are now Revolut Reader: We launched our first hardware device to help merchants accept in-
a bank for the majority of our customers. Revolut offers Deposit Protection insurance person payments anywhere. Revolut Reader accepts instant transactions made with
in Europe up to €100,000 giving customers peace of mind that their deposits are safe. debit and credit cards, as well as contactless payment methods. The tool is designed
to run transactions 24/7 and process payments in a matter of seconds, enabling
In 2022, we also rolled out local IBANs in France. In the past, our users in France customers to accept, settle and store funds all in one place, under either their Revolut
experienced IBAN discrimination by service providers because of their foreign account Business or Revolut Pro account. Revolut Reader can be adapted to other POS (Point
details, even though it is illegal to refuse European account details. Through French of Sale) systems in place within businesses, having a SDK/ API solution included.
IBANs we now enable local customers to seamlessly use their Revolut account for
salary deposits, direct debits payments with any kind of service providers and have a Revolut Pay: Revolut debuted a new feature that allows merchants to securely accept
truly seamless banking product in France. online payments from consumers with just a click, in a matter of seconds. Existing
Revolut users can use Revolut Pay and make payments directly through their Revolut
We also launched multiple products and features for both retail and business account balance or their preferred card. Non-Revolut customers can also use Revolut
customers: Pay to make payments by using saved Mastercard or Visa cards issued by other
providers. They will then be prompted to join the Revolut ecosystem by receiving a
cash reward for signing up to a Revolut retail account, allowing them to pay even
Retail faster the next time they check out.
Revolut Chat: We launched an instant messaging feature, where Revolut customers Revolut Pro: A dedicated income, payment and expense management account
in the UK and EEA can chat as well as share GIFs and stickers whilst sending and within the Revolut retail app, Revolut Pro caters to the growing number of freelancers,
requesting funds to and from other customers. Designed with a focus on security, sole traders and self-employed individuals looking to more easily, efficiently and
all chat messages have end-to-end encryption. Customers are able to opt out of the conveniently manage business funds. Revolut Pro is a free account with no monthly
chat function should they not want to use it, and they can either enable or disable it fees, and no deposit or balance requirements. The account can be created in under
completely in the ‘Security & Privacy’ section. Additionally, users can block other users two minutes within Revolut’s app, and it offers a debit card with cashback. It also
if necessary. enables users to quickly accept payments via a variety of payment means (including
Revolut Reader) and securely send transfers or instant payments to other banks
Revolut <18: The launch of the rebranding of Revolut Junior, a special account for as well as other Revolut accounts. With Revolut Pro, customers can manage their
children aged 6 - 17, Revolut <18 helps give kids hands-on experience so they can get business funds without needing a fully-fledged business account.
off to a good start with their finances. They can earn their allowance, build a budget
and save, and with <18’s end-to-end security, spending alerts, custom limits and in-
app card controls, they're in safe hands. They can also unleash their creativity by
Our mission is to simplify all things money across the globe. We continued to pursue
designing their own personalised Revolut <18 card. Global Expansion our global expansion in 2022 across a number of different markets:
Personal Loans: Our unsecured personal loans offering was expanded to multiple EEA
countries. The credit contract is signed with a qualified electronic signature and the
North America
funds are disbursed instantly into the customer account. Customers will be able to
change their monthly repayment date, make partial or full repayments directly from
the app and check their credit statement at any point in time. Continued growth across The United States remains a strategic market for Revolut and,
during 2022, we focused on both improving our core product
new and key markets set, as well as developing new products to boost our ever-
Pay Later: Revolut launched its first pay later product that uses an approved credit limit,
growing customer base.
designed to focus on affordability. Revolut puts the customer in control of when they
want to use Pay Later, rather than restricting them to certain merchant partnerships.
Asia-Pacific
The product also features built-in safeguards to check that users can afford their
Pay Later limit. Revolut is able to offer a robust assessment as it approves the credit
Our operations in Asia-Pacific in 2022 continued to expand,
limit before the transaction rather than offering an instalment payment method at the
and the region remains a high-growth, high-potential region for
point of sale.
Revolut’s global expansion. We operate in Australia, Singapore
and Japan. We also launched in New Zealand in July 2023.
Crypto Learn: We introduced interactive lessons with quizzes to test customers'
knowledge and understanding of different cryptocurrencies. Upon completion, users
Latin America
may receive a small amount of the target cryptocurrency as a reward.
We laid strong foundations for our Latin American expansion

in 2022 with a focus on Brazil and México (the former
launching in May 2023).

Strategic Report Our Business Model & Strategy Strategic Report Non-financial Information Statement
Our Business Model Non-financial

and Strategy Information Statement
At Revolut, our mission is to simplify all things money. We also ensure that our customer funds are safe with us. The table below cross references Non-financial Information and Key Performance Indicators provided in this report. This section
We want to make managing, spending, saving, investing and We offer Deposit Protection insurance for customers of is prepared to comply with Sections 414CA and 414CB of the Companies Act 2006.
borrowing money cheaper, simpler and more transparent. Revolut Bank UAB (EEA customers) and strictly ensure funds
We deliver on this mission by designing best-in-class safeguarding as an e-money institution (EMI) for customers
products to meet the global financial needs of our customers. of Revolut Ltd (UK and Swiss customers). Policies and Standards which
Reporting Requirements References
Equally importantly, we invest heavily in building customer Govern Revolut’s Approach
trust by ensuring the security and reliability of our platform, To ensure we are always sensitive to our customer needs, Environmental Matters ⚫ Environmental, Social and Governance ⚫ Environmental, Social and Governance
and are disciplined in chasing profitable growth. at the start of the year we also strengthened our Customer Policy (ESG), page 33
Experience team to capture customer feedback across all ⚫ Responsible Lending Policy
Best-in-class Products our support and social media channels. We leverage this Employees ⚫ Global Whistleblowing Policy ⚫ Our People, page 37
customer feedback to meet changing customer needs and ⚫ Health and Safety Policy
Revolut offers a wide range of products for both retail and resolve any outstanding issues to deliver the best customer ⚫ Equal Opportunities Policy
business customers. Retail customers can hold, send and experience possible. ⚫ Anti Harassment and Bullying Policy
receive, and spend money in different currencies with ⚫ Conduct Risk Management Policy
our competitive multi-currency accounts, cards, and P2P, Profitable Growth ⚫ Staff Remuneration and Governance
domestic, and international transfers. Revolut customers can Policy
⚫ Performance Management Policy
also save, invest, and borrow money all in the same, single Revolut continues to see tremendous growth year on year,
⚫ Global Grievance Policy
integrated Revolut App. In 2022, we further enhanced our both in our deepening presence in the UK/EEA as well as
⚫ Group Fitness and Propriety Policy
product suite, with key launches including Revolut Chat, in our global expansion. We continue to invest in growth,
⚫ Corporate Criminal Offence Policy
Personal Loans, Pay Later and Crypto Learn. supplementing our organic growth with sales and marketing
⚫ Communications Policy
investments. We ensure disciplined spending and monitor
Human Rights ⚫ Modern Slavery Policy ⚫ Environmental, Social and Governance
We also offer an all-in-one platform for our Revolut Business our return on investment using proprietary models and tools.
⚫ Third Party Risk Management Policy (ESG), page 33
customers, including multi-currency accounts, company
⚫ Data Governance Policy ⚫ Our Partners and Suppliers, page 32
cards, business payments, transfers, and many more. In 2022, Outside of Europe, we are seeing encouraging results in ⚫ Information Classification and Handling
we launched new products such as Revolut Reader, Revolut the US, Australia, Singapore, and Japan. As we continue Policy
Pay and Revolut Pro to support a broader range of use cases to strengthen our global capabilities, we will continue to ⚫ Global Privacy Notice
and customer profiles with our Revolut Business suite. selectively bring Revolut to more countries around the world Social Matters ⚫ Employee Handbook ⚫ Environmental, Social and Governance
with a highly efficient, repeatable model. ⚫ Code of Conduct (ESG), page 33
Customers love our products, rating us 4.3 out of 5 on ⚫ Environmental, Social and Governance
Trustpilot (as of October 2023) and 4 out of 5 joining through Policy
word of mouth. We are encouraged by our customer support ⚫ Vulnerable Customers Policy
and are excited to continue delivering a wider range of even ⚫ Customer Outcomes Policy
better products. ⚫ Consumer Duty Fair Value Policy
Anti-corruption and Anti-bribery ⚫ Anti-bribery and Corruption Policy ⚫ Our Partners and Suppliers, page 32
Customer Trust ⚫ Anti-money Laundering Policy
⚫ Conflict of Interest Policy
It is our top priority to ensure that Revolut is a safe and reliable ⚫ Global Sanctions Policy
platform for customers. ⚫ Market Abuse Policy
⚫ Anti-fraud Policy
In 2022, we doubled down on this, investing significantly Description of Principal Risks and Impact of ⚫ Chief Risk and Compliance Officer’s
in strengthening our teams, products, and technology to Business Activity Review, page 41
protect customers from falling victim to fraud and scams. ⚫ Principal Risks and Uncertainties, page 43
We take a data-driven approach to fraud management, Description of the Business Model ⚫ Our Business Model and Strategy, page 28
deploying a sophisticated fraud detection platform to protect Non-financial Key Performance Indicators ⚫ Strategic Report, page 3
our customers, and we will continue investing in this to ensure ⚫ Chair’s Statement, page 6
the safety of the platform. ⚫ Chief Executive Officer’s Review, page 8
⚫ Business Performance, page 24
Financial Key Performance Indicators ⚫ Chief Financial Officer’s Review, page 12

Strategic Report Engaging with Stakeholders Our Customers Our Employees Our Investors Our Regulators Our Partners and Suppliers Strategic Report Engaging with Stakeholders Our Customers Our Employees Our Investors Our Regulators Our Partners and Suppliers
Engaging with Our Employees For more on how we engage and manage our employees as strategic stakeholders,
refer to the 'Our People' section (page 37).
Stakeholders Our investors have played a key role in the success of Revolut, as their capital has
Our Investors allowed us to grow rapidly, as well as giving us the financial robustness to face
Building and upholding strong relationships with our potential oncoming economic challenges.
stakeholders is pivotal to Revolut’s success as we continue
to expand our global footprint, product suite, customer base We completed our most recent funding round, Series E, in July 2021, when we raised
and employee headcount. When making decisions, the Board $800 million on a valuation of $33 billion. Such an investment represents a backing
is mindful of its responsibilities under s172(1) of the Companies and an affirmation of our goal of simplifying all things money, and it continues to
Act 2006 to promote the long-term success of the company enable Revolut to grow further and develop new products to meet the needs of our
with regard to our range of stakeholders. In this section, we customers.
set out steps that we have taken as a Group to engage with
our key stakeholders. We value the opinions and the trust afforded to us by our investors, and we provide
them with regular updates on our performance.
Our Customers Revolut engages with multiple regulators in different

Our Regulators jurisdictions globally. Our two primary regulators are the
Revolut sets itself apart from its competitors through In parallel, we place a significant focus on customer education UK's Financial Conduct Authority (FCA) and the Bank of
its customer-centric approach, which gives our users a and industry collaboration, releasing a series of fraud Lithuania (BoL). All of our regulatory engagements adhere
superior experience. From everyday spending to savings and awareness communications related to current and emerging to our principles of cooperation, transparency, accuracy and
investments, Revolut helps people get more from their money. fraud threats whilst also developing and reinforcing our links timeliness.
As of October 2023, Revolut scores an industry-leading with industry, law enforcement, regulators, governments and
average user review of 4.3/5 on the consumer business consumer groups to combat fraud and scams. This includes Throughout the year, we met with our regulators, covering
review site Trustpilot. engagement with the UK Payment Services Regulator and UK a wide range of priorities and emerging themes. Revolut is
Finance as well as active campaigning for fraud to be included committed to providing not only the management information
One of our key company cultural values is Deliver Wow: our in the Online Safety Bill and for Big Tech to be held to account required to comply with our regulatory reporting obligations,
belief that everything we do should solve our customers’ for enabling fraud and scams. Our Head of Fraud also sits on but also to sharing insights on Revolut’s approach to solving
needs. We break this down into two components: putting the Advisory Board for Cifas, the UK fraud prevention agency. industry problems and proactively demonstrating what it
customers first and keeping things simple. Revolut is committed to responsible handling of customer really means when we say Revolut is data-driven. This enables
data, aligning our practices with GDPR and the evolving us to foster a collaborative and harmonious relationship,
In 2022, we introduced a long-term vision: to simplify all things global landscape of data protection legislation. We follow the which is vital in the rapidly evolving sector Revolut operates
money. Our mission is to provide a frictionless experience principles of privacy by design in our product development in. We keep our Board informed of ongoing engagements
for our customers by taking the traditional borders, barriers, cycle and ensure that personal data is processed fairly, with regulators globally through regular reporting and direct
intermediaries and bureaucracies of finance and rendering transparently and without bias. engagement with our dedicated Regulatory Affairs team.
them invisible.
Our philosophy on regulatory relationships extends across a
We are also committed to developing and maintaining strong range of organisations. In the UK, this includes the Financial
fraud controls in order to ensure the safety and security of Conduct Authority (FCA), Prudential Regulation Authority
our customers and our partner banks’ clients. To achieve this (PRA), Payments Services Regulator (PSR), Competition
objective, we have an established operating model for fraud and Markets Authority (CMA), Information Commissioner's
prevention within our Financial Crime department. Office (ICO), National Crime Agency (NCA), The Gambling
Commission, The Home Office and many more.
Revolut takes a data-driven approach to fraud management,
deploying sophisticated fraud modelling controls for both
inbound and outbound transactions to prevent and detect
fraudulent funds entering Revolut accounts, whilst also
protecting Revolut customers from falling victim to fraud
and scams.

Strategic Report Engaging with Stakeholders Our Customers Our Employees Our Investors Our Regulators Our Partners and Suppliers Strategic Report Environmental, Social and Governance (ESG) Making a Difference Impact of Operations on the Environment
Our Partners
and Suppliers
We continue to expand our strategic partnerships, which are an effective way to
increase our value proposition to customers, and our supplier relationships. These are
incredibly important as we grow our services and geographic reach. Trust is integral
Environmental,
to our relationships with our partners and suppliers, and we work to ensure that
these relationships remain mutually beneficial and adhere to our high standards of
Social and
Governance (ESG)
business conduct.
Revolut is committed to complying with all applicable anti-bribery and corruption laws
and regulations, and does not tolerate bribery or corruption in any form. We require
transparency and integrity in all our business dealings to avoid any improper advantage At Revolut, we are committed to making a positive impact on
or the appearance of questionable conduct by our employees or associated third the world. Since our founding in 2015, we have built a digital
parties. All material third parties with whom Revolut proposes to contract are subject, Customers donated platform designed to democratise financial services globally
prior to contracting, to stringent due diligence assessments by our third party risk and help our customers simplify all things money. Through
team and these assessments are refreshed at regular intervals.
£14.5 million via leveraging our core strengths, namely our talented people
Revolut in 2022 and innovative products, we aim to champion sustainable
Third parties associated with Revolut are prohibited from offering, promising, giving or initiatives, meet customer and regulatory needs and promote
authorising any form of solicitation, agreement to receive, or accepting anything that meaningful change.
constitutes or could be perceived as constituting bribery or corruption, and, as noted
above, all employees are provided with training on how to identify this behaviour. As a digital institution, our direct physical impact on the
environment is relatively low compared to traditional
Revolut has a zero-tolerance policy to modern slavery and is committed to ensuring institutions. Further reducing our carbon footprint and
that there is no modern slavery or human trafficking in its supply chains or in any enhancing our social impact across our markets remains an
part of its business. Revolut's policy reflects the commitment to act ethically and important goal for Revolut.
with integrity in all business relationships and to implement and enforce effective
systems and controls to ensure slavery and human trafficking is not taking place in
supply chains.

Strategic Report Environmental, Social and Governance (ESG) Making a Difference Impact of Operations on the Environment Strategic Report Environmental, Social and Governance (ESG) Making a Difference Impact of Operations on the Environment
Making a Difference Impact of Operations

on the Environment
As we reflect on 2022, we are proud to have continued our We also renewed our participation in the Movember
commitment to supporting charitable causes and helping campaign in support of men's health, raising awareness
Revolut is committed to reducing its environmental footprint We continued proactive waste management practices,
our customers make a difference. Our Donations product and funds for issues such as prostate cancer, testicular
and continued working on environmental initiatives in 2022. including waste sorting and recycling in the offices, reusing
achieved significant milestones and impactful partnerships, cancer and mental health. Through our partnership with
electronic equipment where possible, and donating or
allowing us to make a positive impact on a global scale. the Movember Foundation, we raised £45,000 in donations
Revolut took sustainability-driven office decisions at various refurbishing used equipment.
from our customers, contributing to the important work the
locations around the world during the year. For example, in
We supported several emergency appeals to provide aid Foundation does to improve men's health outcomes around
2022 we closed one of the three floors in our Krakow office, and Revolut remains proud of its partnerships with sustainability-
to those affected by natural disasters, conflict, or other the world.
the energy used at our London and Vilnius offices continued oriented charities on its Donations platform. During 2022,
unforeseen circumstances.
to come from 100% renewable sources. Our employees Revolut customers donated £45,000 to the WWF, and
Our partnership with the Royal British Legion Poppy Appeal
worldwide continued to have flexible work options, such as £20,000 in partnership with the Rainforest Alliance.
The outbreak of the war in Ukraine saw a surge in donations allowed customers to donate and receive a limited edition
the choice to work from home, and those going into the office
from our customers, resulting in our 2022 Ukraine War Appeal poppy card. Customers in the UK raised £24,000 for
in London could benefit from the Cycle-to-Work scheme.
raising £9 million for the Red Cross. On top of this, Revolut the appeal.
contributed £1.5 million directly to the cause.
To support LGBTQ+ communities, Revolut participated in
Revolut also started providing accounts for all refugees with a the New York City Pride Parade, as well as partnering with
Ukrainian passport or visa who were forced to flee, as well as ILGA (International Lesbian, Gay, Bisexual, Trans and Intersex
waiving any transfer fees to and from the country. More than Association) in a donations campaign.
250000 people used such accounts, which was a result of
the hard work across multiple departments and functions in We have continued our charitable support in 2023.
Revolut, including employees volunteering their extra time to In response to the earthquake in Syria and Turkey, Revolut
deliver the project as quickly as possible. Revolut employees supported multiple charities, including the Disasters
worldwide supported those affected by the conflict through Emergency Committee (member charities being the British
donating supplies and money from team event budgets, and Red Cross, Save the Children and Action Against Hunger), as
Revoluters in Poland received additional paid time-off so well as the Irish Red Cross and the UN Refugee Agency on the
they could have more time to volunteer. Moreover, Revolut Syria and Turkey Appeal, raising £1.5 million in just four days.
participated in the 'Devoxx for Ukraine' conference to support This is a testament to the generosity of our customers and
local entrepreneurs. the importance of our Donations product in times of crisis.
Our support for the Disaster Emergency Committee's Pakistan Looking ahead, we remain committed to supporting charitable
Floods Appeal raised £60,000 to support those affected by causes and making a positive impact in the world.
the devastating floods.
Our ongoing partnerships also continued to make a significant

impact in 2022.
£9 million raised for the
For the second year in a row, our partnership with the RTÉ Toy British Red Cross’s Ukraine
Show Appeal in Ireland proved successful, raising £2 million
to support children's charities across Ireland. This partnership Crisis appeal
has become a highlight of our Donations feature, and we
are grateful to our customers in Ireland for their continued
generosity and support.
In 2022, we launched the Revolut Ira Scholarship in India to

identify and reward female leaders of the future. Revolut
awarded the scholarship to five female students from the top
five management institutes in India.

Strategic Report Environmental, Social and Governance (ESG) Impact of Operations on the Environment Energy Usage and Greenhouse Gas Emissions Strategic Report Our People Code of Conduct Diversity and Inclusion (D&I) Engagement with Employees Equal Opportunities
Energy Usage and

Greenhouse Gas
We measure the Group's carbon footprint through the software platform, Watershed.
We also measure our Scope 1, 2, and 3 emissions, which covers the entirety of
our business operations, including our staff (e.g. commuting and business travel),
Our People
Emissions our offices, our product (including cards, marketing costs and servers), as well as
At Revolut, we are proud to have cultivated an environment
our partners and suppliers. The table below lists Revolut Group's greenhouse gas
emissions and global energy use in accordance with the UK's Streamlined Energy and where employees are both challenged and supported to
Carbon Reporting (SECR) framework. reach their full potential. In 2022, we created a unique career
progression model that includes three distinct levels across
most seniorities in the company, yet it is intentionally designed
Methodology
not to be restrictive or limiting. Our employees can move to
the next level of seniority in as little as one year. In the Q4 2022
Emissions were calculated following the GHG Reporting Protocol (Corporate Standard)
performance review, 331 employees earned promotions.
using the Watershed platform. Energy usage data was collected or estimated based
on building square-footage for all facilities, and was combined with emissions factors
Revolut maintained its position as a highly respected
from the US EPA, Ecoinvent, TCR and other data sources to calculate GHG emissions.
employer, including receiving a LinkedIn Top Startup award in
The emissions factors for electricity are chosen based on geography to reflect the
the UK for the fifth consecutive year.
emissions intensities of the facilities’ local grid.
We believe in entrusting our employees with significant
responsibility and ownership over their areas of expertise,
2022 2021 Attracting, retaining and nurturing talented people while which is reflective of our relatively flat organisational structure.
UK and Global (Excluding UK and Global (Excluding fostering an inclusive and diverse work environment is of
Offshore UK and Offshore) Offshore UK and Offshore) paramount importance to us. Our teams define our success, With 44% of our team members operating at the 'CEO -3'
Energy consumption used to calculate emissions 644,695 kWh 1,006,915 kWh 679,900 kWh 761,191 kWh and we are committed to enhancing their workplace level (just three steps from the CEO), and 81% at the 'CEO
(Scope 1 and 2) experience and developing their skills. -4' level, we ensure that decision-making responsibility and
Emissions from combustion of gas tCO2e (Scope 1) 11.9 tCO2e 11.8 tCO2e 0 tCO2e 0 tCO2e accountability are spread across all ranks.
Emissions from combustion of fuel for transport 0 tCO2e 0 tCO2e 0 tCO2e 0 tCO2e
In 2022, we continued to prioritise employee wellbeing,
purposes (Scope 1) recognition, strategic communication and promotions by We are also building on the successful real estate policy
building upon our commitments from 2021 and extending we launched in 2021. Our offices have been repurposed
Emissions from business travel in rental cars or 0 tCO2e 0 tCO2e 0 tCO2e 0 tCO2e
them. as flexible collaborative spaces, offering our employees a
employee-owned vehicles where company is
responsible for purchasing the fuel (Scope 3) range of working options. We are pleased to report that
We have a high-performance culture that has driven our we have received overwhelmingly positive feedback from
Emissions from purchased electricity, heat, steam and 112 tCO2e 387.3 tCO2e 144.4 tCO2e 337.9 tCO2e
success to date, and in 2022 we introduced value-based our employees regarding this policy. As a result, we have
cooling (scope 2, location-based)
behaviours - clear, transparent definitions to ensure the same continued to enable the vast majority of our team members
Total gross tCO2e based on above fields 123.8 tCO2e 399.1 tCO2e 144.4 tCO2e 337.9 tCO2e
understanding of our culture within our growing organisation. to choose when and how often they would like to work from
UK and Global (Including UK and Global (Including We also included them in our performance reviews to guide home or visit the workplace. In 2022, roughly 50% of new
Offshore UK and Offshore) Offshore UK and Offshore) unique and diverse talent at Revolut worldwide. We enhanced joiners were remote, compared to 36% in 2021. Our approach
Intensity ratio: tCO2e per £ million of revenue 0.13 0.57 0.23 0.76 our in-house feedback tool to enable our employees to has allowed us to maintain our commitment to employee
effectively share feedback and learn from it. To further build wellbeing and safety. To tackle the challenges arising from
on our commitments, we have launched CultureLab, a team remote work, we have allocated engagement budgets, so
to create an immersive corporate culture and improve our teams can create social experience initiatives. Overall, we are
employee experience. delighted with the success of our real estate policy and look
forward to further building on it in the future.
In 2022, we launched our Manager Essential Programme,
a six-week blended learning initiative involving e-learning,
hands-on work sessions and a certification process with
manager check-ins. As of the end of 2022, more than 90%
of our managers had been certified through this programme.
In addition, more than 70% of our managers had completed

our Manager Intermediate Programmes, focused on
feedback, coaching and performance management skills
in 2022.

Strategic Report Our People Code of Conduct Diversity and Inclusion (D&I) Engagement with Employees Equal Opportunities Strategic Report Our People Engagement with Employees Equal Opportunities Employing People with Disabilities
Revolut’s Group Code of Conduct emphasises the expectation that our employees Our in-house engagement product ‘Revolut Voices’ captures employee feedback
Code of Conduct act with integrity and in the best interests of our customers, colleagues and wider
Engagement with anonymously to assess employee engagement and satisfaction. The data is closely
stakeholders. Employees monitored within the talent department to ensure necessary action is taken to
continue to drive positive employee engagement within Revolut. Our dedicated HR
We believe that brilliant people, working together in an honest, high-achieving culture, people partners discuss the data with the Board, and also regularly with Heads of
are the key to delivering amazing products that delight our customers. We know that Departments and their teams.
our behaviour towards one another is critical to that success. Our Code of Conduct
sets out the principles that guide the ways we behave and the decisions we make Revolut ensures effective communication with its staff through various channels.
and ensure we act with integrity and in the best interests of our customers, people, The CEO conducts quarterly town halls, newsletters are regularly shared to update
communities and stakeholders, at all times. employees on company goals and KPIs and key company announcements are
promptly shared via dedicated Slack channels. Additionally, our weekly newsletter
provides a comprehensive update on company and product news for all Revoluters.
At Revolut, we want our Dream Team members to feel valued and accepted, and we
Diversity, Equity understand how important it is for everyone to have the opportunity to reach their
We've also introduced the Revolut Spires programme to support our Dream Team’s
and Inclusion (DE&I) full potential. That's why we place a high priority on creating an environment that is
big career leaps to different teams within the company. Launching globally, Revolut
Spires will be re-skilling employees who are interested in the roles of Data Analyst,
diverse and inclusive.
Data Scientist, Python Engineer, Java Engineer, and Web/Front-end Engineer,
with more roles to be added later in 2023. Successful candidates will be given a
We’re pleased to report progress on our Diversity, Equity and Despite the advancements made in support of D&I, we know personalised learning and development programme to build their new skills.
Inclusion (DE&I) initiatives. To demonstrate our commitment that we still have a lot of work to do. Our D&I framework is
to transparency and accountability, we conducted a diversity made up of eight strategic pillars, which include ‘Tone from
data survey, which achieved a 78% completion rate. The the Top’ and ‘Inclusive Workplace’. Our progress is reported At Revolut, we are committed to treating all employees and job applicants with fairness
voluntary and confidential survey is open to all Revolut to our Group Board and Group Executive Committee, as well Equal Opportunities and respect, and to providing equal opportunities to everyone, regardless of their
employees and asks them, among other questions, to share as on our website. Successes since we launched our D&I personal characteristics. We believe in creating a harmonious work environment,
their gender, race and sexuality to help us measure the Framework include the following: free from any form of discrimination, harassment, bullying or victimisation.
diversity of our workforce.
⚫ Implementing a company-wide female representation We understand that treating each other with mutual respect is essential for
We published our second UK Gender Pay Gap report, as part target of 30% of women in leadership roles by the end maintaining a positive work environment and achieving our shared goals. That's why
of our ongoing efforts towards achieving gender equality. of 2025. we have separate policies in place to address issues of harassment and bullying,
and we take all reports of such behaviour seriously.
⚫ Incorporating tracking and formal controls in our promotion
We recognise the importance of actively increasing our
process to ensure gender equity in nominations and
diversity, and are working to widen the diversity of our Our goal is to foster a work environment where everyone feels supported, and that
promotions.
candidates, which will allow us to further monitor and improve there is a celebration of individual differences. By promoting equality and respect,
diversity in our recruitment efforts. ⚫ Launching our new promotion philosophy to provide we know we can create a workplace culture that benefits everyone at Revolut.
greater transparency regarding career progression at
Our inclusive guilds programme continues to flourish, with Revolut. For example, we can state that in Q4 of 2022,
our five original guilds still active, focusing on Women, Pride, 20% of men and 19% of women at Revolut were nominated
We are committed to adhering to the Equality Act 2010 and our Equal Opportunities
Parents and Carers, REACH (Race, Ethnicity and Cultural for promotion, and of these, 67% of the women and 66% Employing People with policy to ensure that our colleagues are treated with respect and dignity.
Heritage) and Wellbeing. In light of the success of these
guilds, we have launched two more, focused on Disability,
of the men achieved promotion following nomination. Disabilities We recognise the importance of providing reasonable adjustments to support all
⚫ Attending our first ever in-person Pride event in New York job applicants and colleagues with disabilities, and we are fully committed to making
and Religion and Belief. Our guilds provide a valuable platform
City and held parties in offices across the world during sure that they feel valued and supported throughout their employment.
for our colleagues to connect, collaborate and drive positive
Pride Month.
change initiatives, supported by executive sponsorship to
In 2023, we started collecting information on disability to add to our diversity data,
ensure strong leadership and guidance. We remain committed ⚫ Working on continuous and ongoing review of our
with 4% of Revoluters identifying themselves as neurodiverse or living with a mental
to promoting D&I across our organisation and look forward to employee policies and ensuring all our policies support
illness and/or disability.
continuing this important work. under-represented groups.
⚫ Supporting the career development of diverse Revoluters

through successful Reverse Mentoring, Speed Mentoring
and 'Yes You Can' initiatives.

Strategic Report Our People Reward and Share ownership The Revolut Partner Programme Strategic Report Chief Risk and Compliance Officer’s Review
Reward and Employee

Share Ownership
At Revolut, we know that our employees are the driving force behind our success.
That's why we show our appreciation for our team members through our actions.
We offer our employees the opportunity to earn a portion of their total reward package
Chief Risk and Compliance
in the form of Revolut share-based awards. These share-based awards (in the form
of options) offer our team members a tangible stake in our company's future success
Officer’s Review
and growth, as well as the opportunity to benefit financially from that success.
The mission of the Risk and Compliance function at Revolut is
to develop and manage a robust framework and provide the
In 2022, we continued to build out the Revolut global Partnership programme,
The Revolut Partner designed to reward exceptionally high-performing employees with a track record of
necessary oversight to enable our global business to grow in a
balanced and sustainable way, and as a natural consequence
Programme contribution to the business, exceptional integrity and a consistent commitment to deliver good outcomes for customers.
Revolut's mission and values as a culture champion. Our partners are elected based
on their contribution to the entire organisation and ongoing commitment to our core We have taken this mission very seriously over the years
values. and 2022 was no exception. We have continued to manage
our principal risks within appetite, whilst accompanying the
In the second year, we expanded our Partner pool to a total of 26 (from 17 in 2021). business along its journey of growth, revenue diversification,
The nomination round consists of a re-evaluation of the competencies and skills of new product launches and global expansion. This achievement
existing partners, standardised over a set of contribution metrics, making this a highly is set against a backdrop of increasing geopolitical and
selective process. macro-economic complexity as well as industry-disturbing
events, which have led to a noticeable increase in regulatory
Partners have been acting as role models to all Revoluters and our star players scrutiny in all our key jurisdictions.
have been successfully pushing critical company initiatives. Similarly, we would
like to acknowledge the hard work of the many potential candidates who were not
selected this year. We look forward to more exceptional colleagues contributing to Pierre Decote Over the course of 2022, Revolut has strengthened its ‘Three
lines of defence’ (3LoD) and has made significant progress
the company's overall success by joining the Revolut Partnership programme in the Chief Risk and Compliance Officer in maturing its risk operating model. We have bolstered our
coming years. second line of defence in line with the size and complexity of
the business with 256 employees in the function at the end of
2022, compared to 206 in 2021.
Our Partner Program is designed Within the product and services part of the business, we have strengthened the first
to reward exceptional contributors line risk and compliance capability by deploying additional Business Risk Managers
and Business Compliance Managers in key commercial areas. In turn, this has enabled
us to enhance our ability to launch products more efficiently and in a controlled manner
by taking into account risk and compliance requirements from inception. We have
also launched the concept of Risk and Compliance Accreditations (RCA), an internal
certification process that gives certain parts of the business the ability to operate with
more autonomy and responsibility with regards to some of the daily management of
the risk and compliance profile in their areas.
Additionally, as Revolut Group continues to expand, and as regulated entities in

different markets and jurisdictions continue to mature, we have deepened our oversight
model to ensure all entities within the Group operate in line with our Enterprise Risk
Management Framework (ERMF) and that they have sufficient resources to handle the
operations of their respective permitted activities.

Strategic Report Chief Risk and Compliance Officer’s Review Strategic Report Risk Management and Compliance Our Approach to Enterprise Risk Management Three Lines of Defence Model
At Revolut all colleagues are responsible for managing risk. And our Risk culture is an
essential element of how we manage risk and our compliance obligations. We define
our Risk culture as the set of shared beliefs and values which underpin how we make
Risk Management
decisions that affect our risk-taking activities. To promote these values, we launched
the concept of ‘Karma’ in 2020. Karma is an industry-defining proprietary scheme to
and Compliance
track, measure and incentivise good risk and compliance behaviours and practice.
This occurs through a scoring mechanism, which assigns points to behaviours,
Revolut operates a comprehensive Enterprise Risk Management Framework (ERMF),
practices and outcomes related to risk. This, in turn, impacts performance awards
in accordance with our remuneration arrangements. Throughout 2022, we have
Our Approach to which establishes our approach to identifying, measuring, monitoring, mitigating
continued to expand the coverage of Karma, which has continued to act as a powerful Enterprise Risk and reporting risks of all types. It documents the methods, tools and governance
tool to drive adherence to our ERMF and embed a strong risk and compliance culture Management structures within our 3LoD operating model. The ERMF clearly articulates roles
at Revolut. and responsibilities across the Group, while setting the ground rules applied to
measuring, managing, reporting and escalating risk matters.
As a business, Revolut's ethos is about building beautiful and cutting-edge products,
and our risk and compliance tools fit into this vision. We have continued to invest This consistent approach provides management and the Board with confidence
significant time and effort in the development of our industry-leading, data-driven that the entire Group is operating within risk appetite while allowing appropriate
infrastructure. We have also continued to enhance the linkage and interconnectedness flexibility to meet the specific needs and regulations of each legal entity and region.
of various risk and control assets, allowing us to obtain a better picture of the risk
profile of the firm. We have also delivered key features in Aurora, our regulations and The ERMF document is aligned with Revolut’s strategy and Risk Appetite Statement
policy portal, the platform through which we manage all our policies and connect to ensure that risks are defined, that tolerances are formally set and agreed by
them to applicable regulations using our own in-house developed regulatory mapping the Board, and that there is a formal structure in place to help ensure execution is
processes. Finally, we have launched our new financial risk portal, a platform that is managed to align with the Board’s strategic intentions. Effective risk management
required as we have grown and diversified our investment activities. enables focus on the priorities of the business and delivers a high-quality
assessment of risks in the decision-making processes through open discussions
This body of work has enabled us to deliver strong risk and compliance results in and challenges about risks and opportunities.
2022. Key output measures show clear signs of the maturing of the organisation and a
positive evolution of our risk profile. Despite headwinds and turmoil, we have supported Our ERMF clearly defines meaningful risk categories, which are consistently used
the business in delivering a strong financial performance and its commercial goals. when identifying, assessing and managing risks. This ensures adequate risk
We remain aware of the challenges ahead and are keeping track of the evolution of coverage in terms of risk capture as well as reliable and useful risk aggregation and
our environment through a rigorous horizon scanning process. reporting. Aggregation of risks by risk categories allows for an analysis of any risk
concentrations to which Revolut may be exposed. Visibility of risk through our risk
I am proud of the way that we continue to manage risk and compliance at Revolut taxonomy also assists Internal Audit in annual planning and priority setting.
and the strong risk culture we have built. I continue to look forward to continued
investment and focus in these key areas of our business. Revolut has a two-level risk taxonomy. Level One (L1) is the principal risk category, of
which there are five: Financial Risk, Operational Risk, Compliance Risk, Conduct Risk
and Strategic Risk. Level Two (L2) is the specific risk areas within each Level One
category. We also maintain a standardised risk library, which ensures consistency
and completeness in the detailed risks within each of the L1 and L2 categories.
Pierre Decote
Group Chief Risk & Compliance Officer L1 Taxonomy Risk Description
Strategic (business) These are the risks that threaten the business as a whole and could prevent Revolut from achieving its key business
19 December 2023 and strategic goals.
Operational These are the risks arising from failures in internal processes, people or systems, or from external events that impact
the business. All businesses must bear a level of Operational Risk and this tends to increase with the business size
and complexity.
Financial These are the risks relating to our financial assets and liabilities, including credit risk, market risk, liquidity risk
and capital. We actively take some financial risk as part of our business model (such as credit risk when lending
to customers).
Compliance These are the risks pertaining to Revolut not meeting its obligations under the laws, regulations and industry best
practices in the jurisdictions in which it operates.
Conduct These are the risks of any act or omission by Revolut (or those on its behalf) leading to poor outcomes or detriment
to customers and stakeholders, or creating adverse effects on market stability or effective competition.

Strategic Report Risk Management and Compliance Our Approach to Enterprise Risk Management Three Lines of Defence Model Strategic Report Risk Management and Compliance Three Lines of Defence Model Risk Strategy and Risk Appetite Risk and Compliance Culture
We continued to evolve our ERMF during 2022 to reflect ⚫ An enhanced ‘Watchlist’ framework to better identify and Revolut deploys the Three Lines of Defence (3LoD) operating model for risk
the risk management implications of growth and increased monitor areas of the business that warrant a heightened
Three Lines of management. The 3LoD model enhances the understanding of risk management and
complexity in our corporate structure, geographical reach level of oversight from the Risk & Compliance function. Defence Model control by clarifying the different roles and duties expected. The 3LoD model operates
and product breadth. We designed and incorporated across the different layers of the corporate structure.
⚫ The strengthening and broadening of our 'black swan' risk
additional tools and approaches to strengthen our grip on our
identification process to capture highly unlikely scenarios,
risk profile. Examples of this include:
which could have a significant impact on Revolut’s
1LoD 2LoD 3LoD
business.
⚫ The enhancement of our process for the identification, This describes all the risk-taking functions of
This describes the risk monitoring and This refers to the Internal Audit function which
monitoring, mitigation and remediation of our top risks. ⚫ The documentation of roles and responsibilities across the Revolut. oversight functions of Revolut, defined as the is governed by the Board Audit Committee
3LoD and incorporation of these into the ERMF to provide Risk Management function, the Regulatory (BAC).
⚫ The implementation of a standardised risk library and additional clarity to all lines of business on how the ERMF Under the 1LoD, operational management has Compliance function and the Financial Crime
mapping of the risks within Revolut across all departments components should be followed and embedded. ownership, responsibility and accountability Compliance function. The 2LoD is governed The BAC is composed of Independent Non-
to this library. This enables the standardisation of the for directly assessing, controlling and by the Board Risk and Compliance Committee Executive Directors and ensures that the
articulation of risks across the entire organisation and the ⚫ The enhancement of our in-house policy management
mitigating risks. (BRCC). Internal Audit function is operating effectively
aggregation of similar risks from different departments, platform to help us establish direct linking of policy in providing independent and objective
allowing for a comprehensive view of the overall risk statements to the control register. This integration allows Revolut’s risk platform ('Back Office') ensures The 2LoD defines and maintains the risk assurance over risk management, control and
profile. for seamless monitoring of policy application through the clear ownership of risk and controls are management framework and underlying governance processes.
annual control testing process, effectively automating the allocated to the right 1LoD people. policies and processes.
⚫ The enhancement of our risk and control register within policy adoption process. Internal audit is tasked with performing in-
the Risk Platform by incorporating visual representations Business Risk Managers and Business The 2LoD provides independent reporting and depth reviews of the effectiveness of the
of risks and related risk events which ensure a more Compliance Managers are situated within management information (MI) to management controls over Revolut’s key risks.
efficient and effective risk management process. departments to embed risk management and the Board via risk governance structures.
practices.
The 2LoD provides training and guidance to
1LoD to help risk owners to identify, manage
and monitor risks, and to review and update
the risk register with appropriate controls and
management actions.
Our risk strategy is the bridge between the Group’s

Risk Strategy and commercial strategy and the Group's risk appetite. It is based
Risk Appetite on the following guiding principles:
⚫ Responsible, controlled and sustainable growth.
⚫ Prioritising our prudential risk obligations by maintaining

adequate capital and liquidity resources to support
growth in a safe and appropriate manner.
⚫ Complying with regulatory requirements across all our

jurisdictions.
⚫ Building and maintaining confidence of all our business

stakeholders (internal and external).
⚫ Developing and retaining people with a growth and

mature risk and compliance mindset who are committed
to balancing speed and quality of delivery with sound
governance processes.

Strategic Report Risk Management and Compliance Three Lines of Defence Model Risk Strategy and Risk Appetite Risk and Compliance Culture Strategic Report Risk Management and Compliance Governance and Policies Risk and Control Assessment and Monitoring
This strategy is supported by the Group Risk Appetite Revolut expresses risk appetite using qualitative statements
Statement, where Revolut’s Board determines the significant and quantitative limits where relevant. Qualitative statements
risks and aggregate risk levels that it is willing to accept in are articulated for each risk type in our risk taxonomy. These
order to achieve its objectives. In some cases, we are not are set and approved at least annually by the Board, taking into We prioritise building trust
willing to accept exposure to certain risks and a strategy of account the risk and reward trade-off of business activities. by establishing a foundation
full risk reduction is adopted. In other cases, we are willing Key Risk Indicators (KRIs) act as automated preventive
to accept a moderate level of risk inherent in our chosen and detective controls. Board-level KRIs are supported by of risk excellence.
business model as long as the risk is taken rationally and is Executive-level KRIs across the risk spectrum.
subject to appropriate levels of internal control.
Risk & Compliance

Culture
We define our Risk & Compliance culture as the shared beliefs ⚫ Investment in improving risk processes and tooling to
Governance
and values concerning risk and compliance that affect and
are affected by our risk-taking and control decisions and the
ensure they are accessible, engaging and easy to use.
Governance and
outcome of these decisions. Revolut believes that a strong
⚫ Incentivisation through positive reinforcement and
Policies Revolut defines governance as the combination of processes and structures
consequence management through specific Key
Risk & Compliance culture is supported by an understanding implemented by the Board and management to inform, direct, manage and monitor
Performance Indicators (KPIs) aligned to our ‘Trust
of individuals’ roles and responsibilities within the three Revolut’s activities to achieve its objectives for the benefit of its stakeholders.
and Reputation’ company goal, as well as our ‘Karma’
lines of defence, and an alignment with the company goals Oversight of risk and strategic operations is conducted through the committee
awards mechanism, a points-based system driven by an
and values. structure outlined in the Directors’ report on page 61.
evaluation of individuals’ engagement with Second Line
processes, which converts into a portion of departmental
Revolut has developed and cultivated a strong risk Policies
bonus remuneration.
management culture by supporting all employees to
familiarise and undertake risk management and mitigation ⚫ Embedding risk management discipline through our Our policy framework ensures that each risk across the risk taxonomy is addressed
activities, which includes ongoing development of knowledge growing network of Business Risk Managers and Business through appropriate policies and procedures that act as directive controls for the
and skills in risk management that is relevant to their role. Compliance Managers situated in our key product and operation of the business. These are established in a tiered hierarchy ranging from
service teams. Board-level policies to departmental-level policies and procedures, including:
Activities undertaken by the Risk & Compliance function to i) Tier 1 - Board-approved policies;
influence Revolut’s Risk & Compliance culture include: The Karma mechanism, which has now been operational and ii) Tier 2 - Executive-level committee approved policies; and
embedded for two years, has given us a vast and granular iii) Tier 3 - Departmental management-approved policies.
⚫ Training and awareness building, considering specific and data set which continues to inform our view on risk culture
data-driven training needs (e.g. informed by reporting and and allows us to identify where focus is needed to strengthen
resolution of risk incidents, engagement with governance our risk and compliance culture. Risk assessment provides management with a view of events that could impact
processes, etc.).
Risk and Control the achievement of its objectives. It is integrated into management processes and
Assessment and conducted using a top-down approach (see principal risks and uncertainties, below)
Monitoring that is complemented by a bottom-up assessment process. Our risk taxonomy
ensures adequate coverage and enables risk data aggregation at multiple levels.
This assessment process combines probability of occurrence (from almost certain
to unlikely) with impact, using a framework that assesses impact from financial,
customer, regulatory, employee and media perspectives.
For our product and services, embedded Business Risk Managers conduct first-line
risk and control assessments with oversight from second-line risk management.
Within regulated entities, oversight is provided by the entity’s CRO (or equivalent) and
risk team. These assessments are dynamic so that our view of risks and controls
keeps pace with changes to our organisation, product offering and the risks we face.
While assessment of risks and controls is first and foremost the responsibility of our
first-line teams, the outputs of those are subject to oversight by Second Line Risk
& Compliance. We gain additional assurance over our risk and control environment
by conducting dedicated Compliance Assurance reviews and through our Third Line
Internal Audit reviews.

Strategic Report Risk Management and Compliance External Environment Scanning, Scenario Analysis and Stress Testing Strategic Report Risk Management and Compliance Principal Risks and Uncertainties Emerging Risks
External environment scanning is the practice of monitoring the business environment, The table below enumerates our main risks, aligned to the risk taxonomy, with
External Environment and tracking the changes in the environment that could have an impact on individual
Principal Risks and commentary on how these risks are managed and a forward-looking view on how
Scanning, Scenario businesses. Understanding change in the business environment is a key element Uncertainties they may evolve.
Analysis and Stress of proactive risk management, ensuring Revolut is adequately prepared for future
challenges. We perform external scanning, mainly resorting to two main processes:
Testing emerging risk identification and regulatory horizon scanning. Principal Risk Mitigants and Controls Outlook
Strategic Risk
⚫ Emerging risks are new, as yet unidentified and difficult to quantify risks that may Strategic Risks are those risks that Revolut’s strategy is defined by the Revolut closely monitors changes to the
have a significant impact on Revolut’s ability to deliver its strategy or on its key risk threaten to disrupt the assumptions Board and overseen by the Executive macroeconomic, political and regulatory
exposures. We have strengthened and further structured our approach to their underpinning Revolut's business model Committee. The strategy is articulated landscapes to ensure the impact on our
identification and assessment. and strategy, thereby materially affecting through company goals and measured operations are understood and contained.
the achievement of our strategic by KPIs (Key Performance Indicators).
⚫ Horizon scanning is our process by which we constantly review regulations,
objectives. Threats to our strategy are monitored Multiple work streams are underway and
legislations and industry publications to assess their applicability to Revolut.
through KRIs (Key Risk Indicators) and thorough stress testing and risk analysis
Revolut approaches Strategic Risk other automated monitoring tools with has been conducted factoring in a number
Scenario analysis refers to the quantification and explanation of the impact of the management from two perspectives: formal processes to investigate and of external scenarios and/or events that
risks contained within a scenario, which allows the Group and its entities to assess remediate potential or actual breaches have or were expected to materialise
the risks and propose appropriate mitigating actions. Revolut conducts this analysis 1. Strategic planning to appetite. during the financial year. Particular focus
as part of its various stress testing activities, whereby analysis is performed based 2. Strategic execution has been given to the assessment of the
on quantitative techniques, supplemented with qualitative overlays, to provide Revolut’s top Strategic Risks are implications of volatility in the current
The Strategic Risks Revolut is most defined with the Group CEO and macroeconomic environment.
quantitative assessments of a defined scenario. In addition to the standard stress
focused on include: Executive team and regularly analysed
testing exercises, we deployed ad hoc scenario analyses on a series of high impact /
and reviewed. A report which details We continue to enhance our monitoring
low probability (‘black swan’) events that could derail our strategy.
⚫ External factors, such as the inability the top Strategic Risks, their impact capabilities and assessment of our
to identify, assess and manage on company goals, their mitigants and reputational risk, by expanding the use of
macroeconomic, regulatory, political future developments is presented on a internal and external data factoring in our
and societal factors that may hinder quarterly basis to the Group Executive growth.
the execution of our strategy. This Risk Committee and Board Risk &
includes our ability to identify and Compliance Committee. We remain conscious of the significant
plan for high-impact events. pace at which the business is growing
and we continue to invest in building our
⚫ The risk that our company culture is processes and governance that serve as
unsupportive of our strategic goals. a guard against uncontrolled growth and
⚫ The Reputation risk from the impacts to operations.
perspective of our various
stakeholder groups, which may arise
often as a second-order impact of
risks emanating from our chosen
strategy.
⚫ Sustainability of growth initiatives

entailing the risk of short-term gains
coming at the expense of long-term
detriment.
⚫ Operationalisation risk, which may

result in slowing down the delivery
of our product offerings and entity
structure; and the risk arising from
the inability to adapt and iterate our
product offering to fit several target
markets.

Strategic Report Risk Management and Compliance Principal Risks and Uncertainties Emerging Risks Strategic Report Risk Management and Compliance Principal Risks and Uncertainties Emerging Risks
Principal Risk Mitigants and Controls Outlook Principal Risk Mitigants and Controls Outlook
Financial: Capital Risk Financial: Market Risk
Capital Risk is the risk that Revolut does Capital Risk is mitigated using KRIs that Revolut has, and expects to have in the Market Risk is the risk that Revolut’s Revolut’s Market Risk is managed by Foreign exchange, commodity and
not hold adequate capital to support its trigger immediate intervention if the future, sufficient capital to support its risk earnings, capital or ability to meet monitoring its exposures using KRIs for cryptocurrency exposure is maintained
business activities based on its regulatory Group’s capital position deteriorates. profile. business objectives could be adversely the key risk drivers, setting appropriate at relatively low levels through a standard
requirements and risk profile. The Group holds capital buffers, affected by changes in the level or risk limits and using hedging hedging policy. Revolut maintains some
ensuring that it has sufficient capital Based on our ICAAP stress testing, the volatility of market variables, which transactions where appropriate. structural foreign exchange positions,
Revolut identifies the following risks as based on its risk profile to mitigate the Group has sufficient capital to withstand might include changes in interest rates, We assess market risk under BAU which are managed and monitored
the top risks related to capital: impact of stress. Capital requirements a range of severe, but plausible stress credit spreads, commodity prices, equity and stressed conditions. Our KRIs using the existing Market Risk metrics.
for the Group are re-assessed on events. prices, cryptocurrency prices and foreign include, but are not limited to, metrics Revolut expects an increase in fair
⚫ Capital adequacy in an idiosyncratic an annual basis through the Internal exchange rates. monitoring FX, crypto and commodities value risk arising from specific treasury
or market stress scenario, or to Capital Adequacy Assessment Process rates and Fair value. assets which are used to back e-money
support growth. (ICAAP). Recovery planning is also Revolut provides foreign exchange, deposits, but monitors and manages this
reviewed and updated on an annual commodity and cryptocurrency services risk through the use of dedicated risk
⚫ Ability to raise funds on commercially basis. to its customers via multi-currency metrics and limits.
acceptable terms based on dynamic wallets that allow spending in different
market conditions, such as a With respect to the top Capital Risks, currencies, creating exposure to various
recession. the Group mitigates them by: market risk drivers. Revolut is also
exposed to foreign exchange risk arising
⚫ Having a well-established process from various corporate activities and
to monitor the capital position at stemming from revaluation of contractual
a Group level, including quarterly cash flows or assets and liabilities
forecasting taking into account denominated in foreign currencies.
planned growth and launch of new Interest rates and foreign exchange rate
entities, with a range of capital KRIs movements can affect the market value
and a detailed recovery plan to of some assets, which exposes Revolut to
manage scenarios where there is a fair value risks.
risk of any capital shortfall.
⚫ Establishing macroeconomic Financial: Interest Rate Risk in the Banking Book

monitoring and incorporating this Interest Rate Risk in the Banking Revolut monitors its IRRBB exposure on Revolut’s balance sheet is expected to
into the recovery plan framework, Book (IRRBB) refers to the current or an ongoing basis by reviewing metrics evolve as clients migrate from payment
to allow appropriate actions to be prospective risk to Revolut’s capital for sensitivity of net interest income entities to banks, the credit offering is
taken in response to changes in the and earnings arising from adverse and economic value of equity by increased and investments in treasury
macroeconomic environment. movements in interest rates that affect applying interest rate shocks, including assets continue to ramp up. These
our banking book positions. those prescribed by the regulator. changes will influence the interest rate
risk to which Revolut is exposed.
Financial: Liquidity Risk
Revolut is exposed to IRRBB to the
Liquidity Risk is the risk that Revolut Revolut’s key liquidity policy is Revolut has, and expects to have in the extent that there is a structural repricing Revolut maintains a conservative IRRBB
cannot meet its financial obligations to maintain a liquidity buffer of future, sufficient excess unencumbered mismatch between assets and liabilities. position, ensuring that our Economic
when they fall due. It includes Funding unencumbered, high-quality cash liquidity to support its business-as-usual Revolut uses client deposits and equity to Value of Equity (EvE) sensitivity is
Risk which is the risk that Revolut does not instruments and securities that are and contingent financial obligations. fund lending activity with excess funding appropriately hedged whilst minimising
have sufficient stable sources of funding readily convertible to cash to ensure being held in the form of cash and liquid Net Interest Income (NII) sensitivity.
to meet its financial obligations when they that it can meet all its financial securities, generating interest income
fall due or can do so only at excessive obligations in business-as-usual with various repricing profiles.
cost. Risk arises when assets maturing circumstances and in stress conditions.
during a particular period are lower than Liquidity requirements for the Group
corresponding liabilities maturing during are re-assessed on an annual basis
the same period. An unexpected increase through the Internal Liquidity Adequacy
in assets or a decrease in liabilities can Assessment Process (ILAAP).
also create Liquidity Risk.

Financial: Credit Risk Conduct: Conduct and Culture Risk
Revolut is exposed to wholesale, retail All wholesale counterparties giving Revolut’s exposure to financial institutions Revolut has Conduct Risks associated with Revolut mitigates Conduct and Revolut has a low tolerance for risks that
and business Credit Risk. The majority of rise to Credit Risk are assessed at is expected to evolve over time with customer outcomes, market stability and Culture Risk through its Enterprise Risk may harm consumers or compromise its
its wholesale Credit Risk arises through least annually and assigned a Credit plans to grow a high-quality liquid asset effective competition; and Culture Risks Management Framework. This includes regulatory obligations. Our primary goal is to
the placement of corporate funds and Risk limit commensurate with their risk portfolio to support compliance with associated with business practices and key controls, processes and governance protect consumers and enhance trust in our
safeguarded client funds with financial profile, subject to approved materiality regulatory large exposure requirements. incentives. oversight. products and services.
institutions, plus exposure to high-quality thresholds. Exposure to individual
sovereign and corporate counterparties financial institutions is gradually being Revolut intends to continue scaling up its Revolut is committed to putting consumers Consistently with its Enterprise Risk Revolut has observed an increase in the
through treasury assets. diversified through the growth of product offering for retail and business at the heart of the business and delivering Management Framework, Revolut inherent risks associated with Conduct
treasury assets. customers in a controlled manner, which to them good outcomes. This applies across designs products and services that and Culture Risk, directly aligned to the
Revolut's retail and business credit will result in growth in retail and business all stages of the consumer journey, including meet the needs of consumers within the expansion of products, services, jurisdictions
portfolios comprise of lending to Retail and business credit products are credit exposure during the coming year. products and services, communications respective target markets, and deliver and volume of customers. This continues to
individuals, primarily unsecured personal subject to appropriate underwriting and post-sale support. them with value; provides consumers be mitigated through the Enterprise Risk
loans and credit cards, and credit procedures and monitoring, and with clear, understandable information Management Framework.
exposure to individual businesses due to governed by relevant Group-level and that supports them to make informed
Revolut's merchant acquiring services, entity-level risk committees. decisions; and provides accessible in-
both in a range of countries. app support that ensures our customers
are able to realise the full benefits of
products. There are additional controls to
ensure individuals with characteristics of
vulnerability do not suffer poor outcomes,
or worse outcomes than any other group
in the target market.
Clear roles, responsibilities and oversight

arrangements are defined at operational
and organisation levels, as well as
mechanisms to incentivise good business
practices.
Finally, governance is exercised through

the Compliance, Operational & Conduct
Risk Committee, with clear escalation lines
to the Group Executive Risk Committee &
Board Risk & Compliance Committee.
Compliance: Regulatory Risk

Revolut is committed to complying with Revolut mitigates Regulatory Risk Revolut seeks to operate within all relevant
the relevant regulatory requirements in the through its Enterprise Risk Management laws and regulations and establish strong
jurisdictions in which it operates and to Framework. Regulatory Risk management working relationships with regulators.
provide accurate, reliable and timely reports is enhanced by comprehensive policies
to external stakeholders, authorities and and procedures underpinned by an Regulatory requirements may be complex
regulators. extensive mandatory training programme. and require careful interpretation, including
consideration of their underlying spirit and
Governance is exercised through the intent. We are committed to complying with
Compliance, Operational & Conduct Risk applicable laws, rules and regulations and
Committee, with clear escalation lines to monitoring for changes to the regulatory
the Group Executive Risk Committee and landscapes and maintaining robust systems
Board Risk & Compliance Committee. and controls.
Revolut has a well-established horizon

scanning process to detect early signs of
important regulatory, legislative and policy
developments and/or changes. Revolut
actively contributes to consultation
papers issued by regulators.

Operational: Financial Crime Risk Operational: Third Party Risk
Financial Crime Risk is the risk of failing Revolut takes its responsibility to Financial institutions remain under Revolut relies on third parties and Revolut mitigates this risk through We expect our network of third parties
to effectively mitigate criminal or illegal prevent and detect financial crime significant regulatory scrutiny regarding outsourcing service providers across a its Third Party and Outsourcing risk to continue to grow as a result of our
activity through Revolut’s products and seriously. Revolut mitigates these risks their ability to prevent and detect financial number of channels, including payment management framework. This includes business growth, so we continue to
services, third parties and employees. This by ensuring it has robust governance, crime. As Revolut continues to expand processing, regulatory compliance, vendor due diligence and ongoing closely monitor this risk.
includes money laundering, violations of effective risk management procedures into new jurisdictions, products and foreign and crypto exchange, trading monitoring of outsourced services,
sanctions, bribery and corruption, fraud, and a strong control framework to services, this increases and introduces services, Know Your Customer (KYC)/ Service Level Agreements and Material third party relationships are
tax evasion, and terrorist and proliferation manage Financial Crime Risk. new risks that require continued focus to Anti-Money Laundering (AML) and other contingency planning efforts. We work subject to governance; and regular
financing. manage Financial Crime Risks effectively. business services. closely with third parties to ensure we updates on third party concentrations
We continue to improve the are resilient and can continue to deliver continue to be conducted and reported to
Revolut may be adversely impacted if it effectiveness of our financial crime Changes concerning virtual assets, A significant portion of the services our services with minimal disruption. management. We are actively managing
fails to appropriately identify and mitigate systems and controls, including real- particularly with regards to the scope of provided to Revolut customers depend on significant concentration risk with third
the risk that employees or third parties time monitoring of transactions, daily regulation and an increasing focus on third-party arrangements. Consequently, We continue to reduce our parties through diversifying our suppliers
facilitate, or that Revout’s products and screening of all customers for sanctions customer harm linked to these assets, this presents operational and sometimes, dependencies on third parties via of third party services and by building
services are used to facilitate financial and adverse media, and enhanced staff continues to be an area of significant concentration risk, for which we have diversification and building products solutions to a number of key processes
crime. mandatory training on Financial Crime focus and speed of change. a defined risk appetite and monitoring and processes in-house where in-house.
Risk. procedures. practical.
Non-compliance may lead to Revolut continues to evaluate, monitor
enforcement action including fines, Revolut continues to invest significant and strengthen the effectiveness of Furthermore, a number of our outsourcing
public censure, suspensions, restrictions, attention and resources to strengthen its Financial Crime framework and is providers rely on a large number of their
conditions, limitations and disciplinary the overall financial crime framework, committed to maintaining a risk and staff with dedicated training required to
prohibitions, which could result in a systems and controls. control environment that enables it to support Revolut services.
material financial and reputational impact respond promptly and effectively to
to the business. emerging financial crime threats.
Operational: Cyber and Data Security Risk
As a global financial provider, cyber Alongside the advanced security As a cloud-based fully digital company,
Operational: External Fraud Risk security threats which might attempt to features it provides to customers, Revolut operates a hybrid working model,
Revolut defines External Fraud risk as Revolut aims to minimise External Revolut continues to evaluate, monitor access Revolut systems or customer and Revolut has implemented technical with many employees operating fully
losses due to acts of a type intended Fraud Risk by maintaining robust, risk- and strengthen the effectiveness of payment data are a significant risk. and organisational controls to reduce remotely. The cyber risks that follow a
to defraud, or misappropriate property based, systems and controls which are its External Fraud Framework and is Cyber and Data Security Risks. These remote-working model, an innovative
or circumvent the law, by a third party. designed to meet prevailing legislative committed to maintaining a risk and Revolut handles significant amounts of include dedicated internal team- digital and growing company, along
Significant External Fraud Risks for and regulatory requirements and to control environment that enables it to personal data provided by its customers, led application security testing, with the continuing opportunism and
Revolut include Acquiring Fraud, Issuing deter, prevent, identify, manage and respond promptly and effectively to any as well as employee data and confidential vulnerability management, a company- motivation of criminals, continue to be
Fraud (Card / Payment / Lending), report occurrences of External Fraud. emerging fraud threats and advanced corporate information, and must comply wide training and phishing threat closely monitored with additional controls
Account Takeover Fraud and Application technology. with strict data protection and privacy simulation programme, logical access implemented for customer, staff and data
Fraud (Identity Fraud). Revolut has a low Where fraud does occur, Revolut has laws and regulations in global jurisdictions controls, advanced endpoint threat protection.
appetite for External Fraud Risk. a policy of investigating all events in Revolut is increasing its engagement with in which it operates, while protecting its protection, a dedicated cyber threat
order to learn and take the necessary peer financial institutions and industry own reputation and corporate position. intelligence team, monitoring and Revolut operates a continuous
In particular, Revolut focuses on steps to further strengthen its systems bodies, which will enable it to respond alerting across our key infrastructure improvement approach to security
managing the risk that customers are and controls, therefore protecting more promptly to emerging risks and The top Cyber and Data Security and systems, security due diligence controls, adapting to the threat landscape
victims of Account Takeover Fraud, Revolut and its customers from future work collaboratively to proactively protect Risks that Revolut is focussed on are and monitoring of third parties as well as it evolves, and as a result of on-going
Authorised Push Payments Fraud, and fraud risk(s) and to protect Revolut’s its customers. unauthorised access to Revolut's data as regular external penetration testing testing and audit activities.
lost or stolen Card Fraud. reputation. and systems and the risk of inadequate and audits.
processes around data privacy. Revolut will continue to mature its
Revolut is committed to comply with the The US fraud, referenced previously, Revolut also implements industry- governance in this area and look to align
relevant regulatory requirements and was entirely specific to the US, as the leading security features into its to external Information Security standards
recommendations; furthermore, failing only region supporting the type of customer offerings, including location- (e.g. SOC2) to provide assurance on
to be compliant may lead to enforcement payment that was exploited. The issue based card security features and Revolut’s control environment for
action including fines, public censure, enabling the fraud was resolved upon 3D Secure push notifications and customers, partners and vendors utilising
suspensions, restrictions, conditions, identification and the subsequent contextual multi-factor authentication, Revolut’s services.
limitations and disciplinary prohibitions. review resulted in several control to ensure that customers can trust the
enhancements. service provided.
In addition, the group is mitigating the Revolut continues to invest in its digital
specific top risks through mandatory platforms and security posture, and
training for all employees and specific builds resilient and secure technologies
KRIs to identify trends in fraud events. and processes to minimise the risk of
data security breaches.

Whilst we monitor the environment for key risks emerging, we would like to call out
Principal Risk Mitigants and Controls Outlook Emerging Risks the following risks in this year’s report. These are risks which we are paying particular
Operational: Availability and Continuity Risk
attention to and are developing concrete plans to integrate into our daily risk and
Operational Resilience is an outcome Revolut operates an Operational Our Operational Resilience Framework control registers (or amend existing entries where relevant).
which Revolut strives to achieve by Resilience Framework which sets out has identified our most Important
effectively managing its Availability the policy, procedures and governance Business Services for customers, and
and Continuity Risk and responding structures to enable us to monitor set tolerance limits for their disruption
Risk Perspectives
to operational disruptions in a timely and manage the resiliency of our in a major incident. We will continually
manner. Operational disruptions can most Important Business Services for work to enhance the resiliency of these Climate Risk Revolut’s exposure to the financial risks arising from climate change is currently immaterial. Our small number of
have many causes including, for example, customers. important services, by investing in offices are not especially exposed to physical risk. Revolut does not undertake lending activities collateralised with
technology failures or when making additional technology, people and third physical assets or provide funding that generates financed emissions. We expect to develop some limited climate
changes to systems. Some disruptions The Operational Resilience Framework party resources. risk as Revolut’s business model evolves and have put in place governance and metrics to track this.
may also be caused by matters outside is formed of nine capability pillars, which
of a firm’s control, such as a cyber-attack cover a variety of potential sources of The aim of this is to limit the likelihood of
In particular, we anticipate the possibility of Revolut developing exposure to climate risk through its lending book and
or wider telecommunications or power operational disruption and support us a major disruption occurring, and also to
investment operations, and will enhance risk management capabilities (including dedicated climate stress testing)
failure. in defining ‘resilience practices’ under limit the harm to customers and Revolut
accordingly.
each pillar. should a disruption impact the Group.
Operational disruptions always remain We operate a robust testing regime to
a risk. However, as Revolut continues Revolut maintains a suite of Business monitor the effectiveness of our resiliency Given the longer-term nature of the risk and Revolut’s desire to set and achieve appropriate climate goals, we
to grow, launching new products and Continuity Plans and Disaster Recovery measures across the Group. currently manage climate risk as an emerging risk with the expectation that it will become one of our key strategic
entering new markets, the risk of an Plans, which contain recovery risks as our exposure begins to grow.
operational disruption occurring is likely measures for business processes and
to increase. As our customer base grows, technology to enable services to be
Evolving Technology The regulatory environment surrounding emerging technologies such as Artificial Intelligence (‘AI’) and crypto is
the potential impacts may also increase. resumed within a timely manner. These
continuously and rapidly evolving.
plans are tested regularly to ensure
Maintaining Operational Resilience they remain fit for purpose.
is important for Revolut to protect its Recognising Revolut’s strategic objectives, we constantly monitor regulatory change across all jurisdictions in which
customers, and achieve its growth goals. A dedicated Operational Resilience Revolut operates.
capability is in place to maintain
oversight of the framework across the
Group and local entities. This includes assessing any emerging legislative and regulatory change promptly, to ensure that Revolut is able
to identify any impact to the way in which we provide the technology within our products and services to our
customers to ensure we remain in compliance with any requirements as they may become applicable.
New technologies provide substantial upside to Revolut, however there is also a risk that technologies such as AI could
create an opportunity to bypass or manipulate existing anti-fraud and other controls

Board of Directors
Experience: Martin Gilbert co-founded Aberdeen Asset Management in

1983, leading the company for 34 years and overseeing its 2017 merger with
Standard Life. Until November 2019, he was chairman of the UK’s Prudential
Regulation Authority’s Practitioner Panel and was Deputy Chairman of the
Board of Sky plc until 2018. Before this, he was the Chairman of FirstGroup.
In 2015, he was ranked no. 22 in the Harvard Business Review’s 900 best-
BOARD OF
Martin Gilbert performing CEOs in the world. Martin holds an LLB from the University of
Aberdeen and an MA in Accountancy. He qualified as a chartered accountant
Chair
with Deloitte.
DIRECTORS
Experience: Nik Storonsky launched Revolut in 2015 to transform the way
we spend and transfer money abroad. Since then, he has put Revolut on
the path of simplifying all things money. Before founding Revolut he was an
emerging markets equity derivatives trader at Credit Suisse and Lehman
Brothers, where he traded more than $2 billion across various options, swaps
and foreign exchange instruments. Nik holds an MS in Applied Physics and
The Board of Directors is responsible for setting the overall strategy and culture of
the Company and Group, and for overseeing management in its day-to-day running Nik Storonsky Mathematics from the Moscow Institute of Physics and Technology and an
MA in Economics from the New Economic School, Moscow.
CEO & Co-Founder
of the business. The Board is responsible for ensuring the company has in-place
governance arrangements appropriate for the size and nature of its business
Experience: Vlad Yatsenko co-founded Revolut with Nik Storonsky in 2015

and is its Chief Technology Officer. His software engineering experience
spans industries including travel and finance and includes creating real-
time billing systems at Comarch and booking engines for Sabre Airline
Solutions. Having built financial software systems at tier one investment
banks including UBS, Deutsche Bank and Credit Suisse, he realised that to
Vlad Yatsenko deliver a next-generation digital banking service he would need to build it
himself. He holds an MS in Computer Science from the National University of
CTO & Co-Founder
Kyiv-Mohyla Academy.
Experience: Michael Sherwood retired as Vice Chairman of Goldman Sachs

and Co-Chief Executive Officer of Goldman Sachs International in 2016, after
31 years with the company and 22 years as a partner. He was a founding
sponsor of Harefield Academy and a member of the Westminster Abbey
Development Board. He is a former Trustee of the Mayor’s Fund for London
and the Serpentine Galleries.
Michael Sherwood
Independent Non-Executive Director, Chair
Group Remuneration Committee
Current External Appointments: Michael is a Board Member of Moscot
Inc and of Credit Benchmark Limited and a Trustee of Greenhouse
Sports Limited.
Experience: Caroline Britton was at Deloitte LLP for 30 years until 2018 and
was an audit partner for 18 years. Caroline holds an MA in Economics from
the University of Cambridge. She is a fellow of the Institute of Chartered
Accountants of England and Wales.
Current External Appointments: Caroline is a Non-Executive Director and

Caroline Britton Chair of the Audit Committee at both MoneySupermarket.com Group plc
Independent Non-Executive Director, Chair
Group Audit Committee
and Sirius Real Estate Limited. She is also a member of the Audit, Finance
Risk and Investment Committee for Make-A-Wish Foundation International,
and a Trustee and Chair of the Audit and Risk committee at the Royal
Opera House.

Board of Directors
Experience: Ian Wilson spent much of his career with Royal Bank of
Scotland, latterly as Director of Credit, Retail Banking. Later executive roles
included Managing Director of Business Banking at Santander UK, Chief
Risk Officer for GE Money UK, Tesco Bank, Charter Court Financial Services
(also Executive Director), and Monzo Bank and Strategic Risk Director for
Virgin Money. He is a chartered banker, a fellow and former Vice President
DIRECTORS’
Ian Wilson of the Chartered Banker Institute in Scotland and a fellow of the Institute of
Financial Services.
Independent Non-Executive Director
REPORT
Experience: John Sievwright had a 20-year career with Merrill Lynch holding
global leadership positions, latterly Chief Operating Officer - International.
He earlier worked in finance and accounting roles at Bankers Trust and Bank
of Tokyo International, having begun his career as an auditor at Ernst &
Young where he qualified as a Chartered Accountant. While at Merrill Lynch,
he was President of the Futures Industry Association. He is a former Senior
John Sievwright Independent Director (SID) and Chairman of the Audit and Risk Committee
The Directors present their report and the audited financial statements of the Group
Independent Non-Executive Director, Chair, and Company for the year ended 31 December 2022.
Group Risk & Compliance Committee
at ICAP plc (later NEX Group) and former SID and Chairman of the Audit
Committee of FirstGroup plc. He has an MA in Accountancy and Economics
from the University of Aberdeen.
Current External Appointments: John has been a Director of Burford

Capital Limited since May 2020 and serves on its Audit and Compensation
Committees.
Experience: Dan Teodosiu has over 30 years of experience in building and

managing engineering and research teams, scaling platforms, as well as
developing infrastructure capable of supporting billions of users. During
this time, he has held senior positions at Google, Microsoft and HP Labs.
Most recently, Dan acted as CTO of Onfido and, prior to that, as CTO of
Criteo, Europe’s largest ad tech company.
Dan Teodosiu
Independent Non-Executive Director

Directors’ Report Political Donations Directors’ Report Corporate Governance Board Committees Executive Sub-Committees Culture and People Directors' Liabilities
The Board’s primary responsibility is to promote the long-term

success of the Revolut Group. The Group Board discharges
this responsibility by overseeing Revolut’s management
Matters Covered in the Strategic Report
The Directors have addressed the following matters in the

Corporate
team, to whom the Board delegate the day-to day-running of
the business and who report to the Board at regular intervals.
relevant sections of the Strategic Report:
Governance
Legal Entity Structure and Group Reorganisation
Area Section Page number
Review of the business performance Business Performance 24 Revolut operates an efficient legal entity structure. The legal
Strategy and future developments Our Business Model and Strategy 28 entity structure evolved during 2022, most notably with the
Engagement with suppliers 30 insertion of Revolut Group Holdings Ltd as the ultimate parent
Engagement with customers Engaging with Stakeholders entity in the Group. Revolut Group Holdings Ltd is 100% direct
Engagement with employees shareholder of Revolut Ltd, our previous Group top company.
Employing people with disabilities Our People 37
In addition, in July 2022, we completed the successful merger
Principal risks and uncertainties Risk Management and Compliance 43
of our Lithuanian e-money institution, Revolut Payments UAB,
with our Lithuanian bank, Revolut Bank UAB. As a result of the
merger, all of our e-money institution customers across the
The Group has not made any political donations to, nor incurred EEA became customers of Revolut Bank UAB, which has a full
Political Donations any political expenses in relation to, any registered political banking licence granted by the European Central Bank and is
parties, organisations or candidates. supervised by the Bank of Lithuania.
Revolut Group Board of Directors
Corporate Governance Standards The Board is chaired by Mr Martin Gilbert, who has acted
as Revolut chair since 2020. Mr Gilbert facilitates open and
Revolut operates in accordance with all corporate constructive discussion between executive management
governance, legal and regulatory requirements. In addition, and Board members at regularly held Board meetings.
while not subject to the UK Corporate Governance Code 2018 The Board exercises independence in the discharge of
(the CG Code), on the basis that this is industry best practice its duties in overseeing management, providing effective
Revolut applies the spirit of the CG Code Principles within its and constructive challenge to the Executive Management
Corporate Governance Framework. during Board meetings, and monitoring and overseeing the
implementation by management of key initiatives.
In the remainder of this section, we set out how Revolut
implements these requirements and best practice principles There is a clear division of responsibilities between the
in practice. leadership of the Board and the executive leadership of the
Company’s business, which is led by Mr Nik Storonsky as the
Group CEO.
Group Corporate Governance Framework
No changes were made to the Board composition during
The Group Board is ultimately responsible for the Group’s 2022. Profiles for each of the current Board members are set
corporate governance arrangements, policies and out in the Board of Directors section, including Dan Teodosiu
practices. In June 2023, the Board approved an updated (who was appointed to the Board in November 2023).
Revolut Corporate Governance Framework (RCGF). The
RCGF details the Group’s governance and internal control The Board performs an annual self-assessment of the
framework, including, but not limited to, the Group’s: (i) board, individual and collective skills of the Board. The findings
committee and sub-committee structures, (ii) corporate of these self-assessments are used to inform the Board’s
structure (including all entities and branches); (iii) decision- Succession Plan and Board Training Programme, which help
making processes; (iv) Three Lines of Defence model; and to ensure that the Board is both stable and resilient in the long
(v) subsidiary governance framework. The RCGF acts as the term and that the Board possesses an appropriate balance
overarching Group guide on governance. of skills, knowledge and experience to collectively lead the
Group, both now and into the future.

Directors’ Report Corporate Governance Board Committees Executive Sub-Committees Culture and People Directors' Liabilities Directors’ Report Corporate Governance Board Committees Executive Sub-Committees Culture and People Directors' Liabilities
Time Commitment Group Board Meeting Arrangements and Reporting The Board maintains effective oversight of the Group through Committees, which were
Board Committees established to assist the Board in discharging its duties. The Board has established
Independent Non-Executive Directors are required to devote The agenda for the Group Board is driven by the Chair, four Committees: (i) Board Risk & Compliance Committee; (ii) Board Audit Committee;
to the Company such time as is necessary for them to with support from the Group CEO, Company Secretary and (iii) Nomination Committee; and (iv) Remuneration Committee. The Committees
discharge their duties in an effective manner. The minimum wider Governance team. Ahead of each calendar year, the operate under delegated authority from the Group Board, in each case as defined
time commitment for Independent Non-Executive Directors forward-looking agenda for the year is set. This provides a in the respective Committee’s Terms of Reference. The Committee Chairs provide
is 36 days per annum. This time includes time spent preparing clear roadmap for the key strategic, financial, operational and a high-level overview of Committee discussions at each scheduled meeting of
for and attending meetings of the Board and its Committees, risk matters on which the Board expects to be reported to by the Board.
as well as time for each director’s ongoing professional management. This enables the Board to have oversight of the
development. Revolut’s Independent Non-Executive Directors performance of the Group against expectations.
dedicate significant commitment and time to the Company,
which is of tremendous value and benefit to the organisation. Throughout the Board and Committee meeting deliberations,
the Board considers the views and interests of Revolut’s
stakeholders such as customers, employees, shareholders
Effectiveness Reviews and regulators.
Each year, the skills, performance and effectiveness of the Meetings of the Group Board are held at intervals of around
Board and the Board Committees are assessed, in order six weeks, or convened ad hoc as required. In 2022, there
to identify the Board's strengths and development areas. were 15 meetings of the Group Board convened, of which six
Every three years, the Board instructs an independent firm were ad hoc.
to conduct this evaluation. An independent evaluation of the
Group Board was conducted during the fourth quarter of 2022.
The Chair, Mr Martin Gilbert, oversees the implementation
of recommendations identified in the evaluations. The next
independent evaluation is scheduled for 2025. Internal
This diagram is not exhaustive. Additional Executive Sub-Committees exist to consider
evaluations will be carried out annually in the interim.
specialist topics, as required.
The table below shows the number of meetings held in 2022 by the Board of Directors
and its Committees, along with the attendance of the individual Board members
(this list does not include Dan Teodosiu, as he was not a Board member in 2022):
Board BAC BRCC NomCo RomCo

Total number of meetings 15 9 9 8 14
Martin Gilbert 15 9 8 8 14
Nik Storonsky 14 — — 8 —
Vlad Yatsenko 14 — — — —
Michael Sherwood 13 8 8 8 14
Caroline Britton 15 9 9 — 13
Ian Wilson 13 9 9 — 13
John Sievwright 14 9 9 — 14
Successfully completed merger of our

Lithuanian e-money institution, Revolut
Payments UAB, with our Lithuanian
bank, Revolut Bank UAB

Group Board Risk & Compliance Committee ⚫ Review matters such as the capital and liquidity positions Group Nominations Committee Group Remuneration Committee
of the Group.
The Group Board Risk & Compliance Committee is responsible The Group Nominations Committee is responsible for The Group Remuneration Committee is responsible for
⚫ Review and recommend to the Board the Group’s
for supporting the Board in fulfilling its duties with regards to supporting the Board in fulfilling its duties with regards to supporting the Board in fulfilling its duties with regards to the
Recovery plan and Wind-down Plan.
risk and compliance management, which includes, but is not the assessment, selection and nomination of candidates for remuneration arrangements for the Group and for ensuring
limited to, the following: ⚫ Review matters pertaining to stress testing activity Board and Executive Management positions, which includes, that they align with the Group's business strategy and risk
and any corrective actions stemming from regulatory but is not limited to, the following: strategy in terms of incentivisation. This includes, but is not
engagements. limited to, the following:
⚫ Review and recommend the Group’s Enterprise Risk
Management Framework (ERMF) and Risk Appetite ⚫ Advise the Remuneration Committee on whether the ⚫ Reviewing the structure, size, composition and
Statement (RAS) to the Board for approval, and monitor proposed incentive and remuneration plans are consistent independence of the Board and making recommendations ⚫ Setting the remuneration for the top 25 highest paid
the Group’s performance against the ERMF and Risk with risk and control objectives. with regard to any changes it considers necessary. employees, those performing Control Functions and
Appetite profile. Material Risk Takers.
⚫ Ensure the Group maintains an open and transparent ⚫ Overseeing the succession planning process for the
⚫ Approve the Board-level policies where relevant. dialogue with its regulators and governmental bodies. Board and Executive Management positions. ⚫ Establishing the Group’s Remuneration Policy, ensuring
that it is benchmarked appropriately.
⚫ Review matters pertaining to the Group’s material ⚫ Consider external advice and/or assurance on Risk and ⚫ Ensuring that a Board appointment procedure is
and emerging risks, which includes a strong control Compliance matters where appropriate. established, which includes the completion of robust due ⚫ Overseeing any major changes in employee benefits
environment. diligence to assess candidates considered for nomination. structures.
⚫ Support the promotion of a strong Risk and Compliance ⚫ Approving Director appointments to regulated ⚫ Reviewing the design of share incentive plans for approval
culture and awareness throughout the organisation. subsidiaries. by the Board and shareholders.
Group Board Audit Committee
The Group Board Audit Committee is responsible for

supporting the Board in fulfilling its duties with regards to
oversight of prudential, financial and audit matters which
includes, but is not limited to, the following:
⚫ Monitoring the integrity of the Group’s financial statements

and disclosures.
⚫ Reviewing the effectiveness of the Group’s internal system

of financial controls.
⚫ Monitoring the performance and independence of the

Internal Audit function.
⚫ Overseeing and leading the engagement with the Group’s

external auditor.
⚫ Reviewing the whistleblowing arrangements by which

staff may raise concerns about possible improprieties.

Executive Committee Assets and Liability Committee ⚫ Reviewing and monitoring the Risk Appetite Statements
Executive (RAS) with respect to financial risks.
Sub-Committees The Board delegates authority for the day-to-day management of the Group to the The Board delegates authority for the day-to-day financial
⚫ Reviewing and monitoring the liquidity risk profile of the
Group CEO. The Group CEO is supported by an Executive Committee, operating under asset and liability management of the Group to the Group
Group.
delegated authority from the Board. CFO and/or Head of Treasury. The Group CFO and/or Head of
Treasury are supported by an Asset and Liability Committee ⚫ Reviewing the credit risk and market risk limit utilisations.
The Group Executive Committee, or 'ExCo', is comprised of key members of senior (ALCO), operated under delegated authority from the Group ⚫ Reviewing and approving interest rate risk limits and
management including the Group CEO, Group CTO, Group CRO, Group GC and Group Risk & Compliance Committee who are responsible for the utilisations.
CFO, as well as representatives from other areas of the Company including product following:
and control departments. ⚫ Reviewing and approving assets and liability management
risk frameworks and policies.
⚫ Management and optimisation of the balance sheet and
The ExCo is responsible for developing the strategy for Board approval and the Group’s financial asset investments in line with Board ⚫ Reviewing and approving capital and assets and liability
overseeing its execution, monitoring the Group’s financial position and performance, approved appetite. management strategies.
and overseeing the Group’s progress against its goals and approved annual budget.
⚫ Reviewing and monitoring the controls in relation to ⚫ Reviewing and approving liquidity transfer pricing and
More specifically, the ExCo’s purpose is to:
safeguarding obligations. capital allocation frameworks and policies.
⚫ Support the CEO to make key decisions for the Group. ⚫ Reviewing and monitoring the capital (ICAAP) and liquidity ⚫ Reviewing and approving forward-looking capitalisation
(ILAAP) adequacy of the Group. and funding plans.
⚫ Review progress on agreed priorities (goals and roadmaps) and align executives in
clearing blockers for key priorities of the Group. ⚫ Reviewing Contingency Funding Plans (CFP) and recovery ⚫ Reviewing and approving future business plans with
and resolution plans. respect to capital adequacy and liquidity risk profile.
⚫ Ensure consistent communication across the Group of strategy, priorities,
and actions.
⚫ Recommend matters to the Group Board for approval. Revolut's success is based on our people and culture —
Culture and People diverse, performance-driven and deeply collaborative. With a
The ExCo provides advice and guidance to the CEO, who makes the key decisions persistent ambition balanced by a commitment to thorough
regarding the firm’s strategy and the execution of key priorities. analysis, we are developing best-in-class processes in
regulatory compliance, internal controls, and robust risk
The ExCo meets weekly or more often as required. management frameworks to continually deliver outstanding
products, driving value for our customers, shareholders and
Executive Risk Committee the broader community.
The Board delegates authority for the day-to-day risk and compliance management We place a lot of importance on the hiring process, ensuring
of the Group to the Group Chief Risk Officer. The Group Chief Risk Officer is supported we hire and retain employees of the highest calibre and
by the Group Executive Risk Committee (GERC), operating under delegated authority integrity, with values consistent with Revolut's. Our company
from the Board Risk & Compliance Committee. Main responsibilities involve, but are values, detailed on our website at www.revolut.com/our-
not limited to: culture, lay the groundwork for this culture.
⚫ Monitoring the risk profile of the Group against the Board Risk Appetite Statement The Revolut Board ensures that a strong and healthy corporate
(RAS), reviewing and approving mitigation plans in case of any breaches. culture cascades from the top down, enabling Revolut to
excel in the highly regulated environment in which it operates.
⚫ Setting, allocating and periodically reviewing limits and controls that are
supplementary to the Board RAS and help managing risks on a more granular level.
Refer to the Our People section on page 37 for more details.
⚫ Reviewing and monitoring the implementation of the ERMF across Revolut.
⚫ Evaluating the risk and compliance awareness and maturity of each department
or risk-taking unit.
⚫ Monitoring the timely closure of risk, control and compliance issues.
⚫ Considering and approving proposed changes to Executive management policies

and reviewing policies for the Board's approval.
⚫ Exercising oversight with regard to risk assessments and risk management of

change activities that impact cross-functional areas.
⚫ Reviewing and deciding on matters escalated from the ERC sub-committees or

Revolut's subsidiaries' risk function.

Directors’ Report Corporate Governance Culture and People Directors’ Liabilities Research and Development Financial Instruments Directors’ Report Corporate Governance Directors’ Liabilities Research and Development Financial Instruments Licences and Authorisations
Revolut indemnifies Company directors against third party liability, subject to the In the UK, Revolut Ltd is an e-money institution. Revolut Ltd offers its UK customers
Directors’ Liabilities conditions set out in section 234 of the Companies Act 2006. This qualifying third
Licences and e-money services and is authorised to do so through its e-money licence,
party indemnity provision was in force during the 2022 financial year. Authorisations which is issued by the FCA. Revolut's UK banking licence application to the PRA
remains ongoing.
The Group undertakes research and development activities in respect of the During 2022, Revolut Payments UAB and Revolut Bank UAB merged into a single
Research and development and enhancement of its technology platform. Revolut incurred research combined entity, Revolut Bank UAB. Revolut’s banking / payments EEA customers
Development and development costs during 2022 of £88.0 million and these are recognised in the are now customers of Revolut Bank UAB and its branches, with the exception of
statement of comprehensive income (2021: £58.7 million). crypto services, which are provided by Revolut Ltd and RT Digital Securities Cyprus
Ltd; insurance services, provided by Revolut Insurance Europe UAB; and investment
services, provided by Revolut Securities Europe UAB ('RSEUAB'). RSEUAB also received
approval in January 2022 from the Bank of Lithuania (BoL) to extend the investment
The Group enters into a series of financial instruments for the purposes of its business
Financial Instruments operation, comprising cash and cash equivalent, Financial investments hold-to-collect
services provided to customers across the EEA on a freedom to provide services
(FoS) basis.
and Financial investments hold to collect and sell, Derivatives, Loans and advances
to customers, customer liabilities, and other payables and receivables measured at In 2022, Revolut Bank UAB consumer credit FOS passporting was granted in France,
amortised cost. Details of the Group’s financial instruments are set out in Note 28 of Germany and Spain.
the financial statements.
Revolut Bank UAB has also been granted bank branch passporting approvals, under
The Group is exposed to foreign exchange and interest rate risk. The Group undertakes freedom of establishment (FoE), to establish local branches in Belgium, France,
fair-value hedge accounting using interest rate swaps for its non-interest-bearing Germany, Hungary, Ireland, Italy, Netherlands, Portugal, Romania and Spain. Ireland,
core deposits. Details of the Group’s Hedge Accounting are set out in Note 28.5 of the France and Spain are currently live, while the remaining are in the process of being
financial statements. operationalised.
The Group’s financial risk management objectives and policies are set out in the Risk Revolut has obtained a number of other regulatory permissions across the globe so
Management section of the Strategic Report, along with the Group’s exposure to as to be able to operate in different countries and work towards achieving Revolut’s
credit risk, liquidity risk, market risk and cash flow risk. long-term goal of becoming an international, multi-currency exchange and electronic
payments processing bank.
In 2022, Revolut received the following licences:
Revolut scores an industry- leading

average user review of 4.3/5 on Licence Type Country
the consumer business review Trading Australia

Crypto Cyprus, Spain (Revolut Ltd), Singapore, UK
site Trustpilot.
Credit Australia
Insurance Lithuania
Payments (Money Transmitter) Mexico
CRD V Financial Holding Registration Lithuania
The Group also has a number of subsidiaries which are regulated and provide similar services in non-UK and non-EEA jurisdictions.
Full details are listed in the notes to the consolidated financial statements.

Directors’ Report Corporate Governance Post Balance Sheet Events Branches Outside the UK Going Concern Directors’ Report Corporate Governance Going Concern Directors' Responsibilities Statement Disclosure of Information to the Auditor
Licences and Authorisations The consolidated financial statements are prepared on a going concern basis as the
Post Balance Going Concern Directors are satisfied that the Group and the Company have the available resources
Sheet Events In 2023, Revolut Bank UAB credit passporting was granted in Italy and Portugal. to continue in business for a period of at least twelve months from the date of approval
of the financial statements.
Revolut Bank UAB e-money passporting for its branches, under freedom of
establishment (FoE), was granted in Belgium, France, Germany, Hungary, Ireland, The going concern assessment is based on the detailed forecast prepared by
Netherlands, Portugal, Romania and Spain. management. In the base case, appropriate assumptions have been made in
respect to user growth, revenue growth and profitability, based on the historical
Revolut Securities Europe UAB (RSEUAB) investment services passporting was performance of the business and expected changes to the business over the
granted to passport services across the EEA. RSEUAB became operational in March forecast period.
2023 upon launching its activities in the EEA.
As part of the going concern review, the Directors have considered the same severe,
In 2023, Revolut received the following licences: but plausible, downside scenarios as used in the Group's detailed ICAAP and ILAAP
to stress-test the viability of the business. The scenarios tested are shared below
and were tested before and after actions from Group management. The table
Licence Type Country includes the principal risks being stressed as described in the Risk Management &
Crypto Italy, Spain (RT Digital Securities Cyprus Ltd) Compliance section.
Investment Advisor US
Credit Brazil
Principal risks
Payments India (licence renewal) Type Scenario Description
and uncertainties
• In this scenario, a global stock market crash results in a sharp rise in
• Strategic risk
unemployment and fall in real GDP.
Interest rates • Credit risk
Liquidity facility • Inflationary pressures ease and central banks respond to the crisis
decrease • Interest rate risk in the
by cutting interest rates, which fall back to levels seen prior to the
banking book (IRRBB)
In April 2023, Revolut entered into a £75.0 million liquidity facility with an external Russia Ukraine war.
Market
lender to provide diversification in funding as the business grows globally. Security • Inflation continues to increase globally. Central banks continue to
was provided to the lender in the form of a debenture. The facility remains undrawn raise interest rates (beyond current levels). • Strategic risk
Interest rates
and there are no plans to draw upon it. • Real GDP growth stagnates for a protracted period. • Credit risk
increase
• This is based on the September 2022 Bank of England Annual • Market (FX) risk
Expansion Cyclical Scenario.
• An operational event occurs, which results in severe reputational
Revolut launched its app and services in Brazil (May 2023) and New Zealand (July Reputational damage. • Strategic risk
Idiosyncratic
2023) following successful completion of testing. damage • Many customers withdraw funds and stop using Revolut. • Operational risk
• It takes considerable time before trust is restored.
Board Member Appointment
In November 2023, Revolut announced the appointment of Dan Teodosiu to the Board In all of these scenarios, the Group is able to meet its regulatory capital and liquidity
as a Non-Executive Director. Please see the Board of Directors section on page 60 for requirements without the need for external financing.
Mr Teodosiu's biography.
The Directors have considered forecasts for the Group and have, at the time of
approving these consolidated financial statements, a reasonable expectation that
the Group and the Company have adequate resources to continue in operation for
The Group operates through a number of branches outside the UK, the details of
Branches Outside which are disclosed in Note 14 of the consolidated financial statements.
a period of at least twelve months from the date of approval of the consolidated
the UK financial statements.

Directors’ Report Corporate Governance Directors' Responsibilities Statement Disclosure of Information to the Auditor Auditor Directors’ Report Corporate Governance Directors' Responsibilities Statement Disclosure of Information to the Auditor Auditor
The directors are responsible for preparing the Annual Report, the Strategic Each of the directors as of the date of approval of this Directors’ Report has
Directors’ Responsibilities Report, the Directors' Report and the Financial Statements in accordance
Disclosure of confirmed that:
Statement with applicable law and regulations. Information to the
Auditor ⚫ So far as the directors are aware, there is no relevant audit information of which
the Company and the Group's auditors are unaware; and
The directors have chosen to prepare the Group Financial ⚫ Provide additional disclosures in certain circumstances
Statements in accordance with the International Financial to ensure that readers of the financial statements can ⚫ Each of the directors has taken all of the steps that ought to have been taken as a
Reporting Standards (IFRS) as adopted by the United understand the impact of particular transactions and director in order to be aware of any relevant audit information and to establish that
Kingdom (UK) and the Companies Act 2006 and the Company matters on the Group and Company’s financial position the Company and the Group's auditors are aware of that information.
Financial Statements in accordance with Financial Reporting and financial performance;
Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and
⚫ Ensure that the financial statements comply with the
the Companies Act 2006. BDO LLP have indicated their willingness to be reappointed as auditors for another
requirements of the Companies Act 2006; Auditor term and appropriate arrangements will be put in place for them to be deemed
The law provides that the directors may only approve the ⚫ Make an assessment of the Group and Company’s ability
reappointed.
financial statements if they are satisfied that they give a true to continue as a going concern; and
and fair view of the state of affairs of the Group and Company ⚫ Use the going concern basis of accounting unless they This report was approved by the Board on 19 December 2023 and signed on its behalf.
and of the profit or loss of the Group and Company for the either intend to liquidate the Company or to cease
financial year to which they relate. operations, or have no realistic alternative but to do so.
In preparing the financial statements, the directors are

The directors are responsible for such internal control as they
required to:
determine necessary to enable the preparation of financial
statements that are free from material misstatement, whether Nik Storonsky
⚫ Maintain appropriate accounting records which enable due to fraud or error, and have general responsibility for taking Director
the directors to understand the Company’s and Group’s such steps as are reasonably open to them to safeguard
transactions and financial position; assets of the Group and Company and to prevent and detect 19 December 2023
⚫ Select appropriate accounting policies and apply them fraud and other irregularities. The directors are responsible for
consistently; the maintenance and integrity of the corporate and financial
information on the company's website. Legislation in the
⚫ Present information, including accounting policies, in a
United Kingdom governing the preparation and dissemination
manner that provides relevant, reliable, comparable and
of the financial statements may differ from legislation in other
understandable information;
jurisdictions.
⚫ Make judgments and accounting estimates that are
reasonable and prudent;

Independent Auditor’s Report
Qualified opinion on the financial statements
In our opinion, except for the possible effects on the prior year figures of the matter described in the basis for qualified opinion
section of our report the financial statements:
⚫ give a true and fair view of the state of the Group’s and Parent Company’s affairs as at 31 December 2022 and of its profit for
INDEPENDENT AUDITOR’S the year then ended;
⚫ the Group financial statements have been properly prepared in accordance with United Kingdom adopted international
REPORT TO THE MEMBERS

accounting standards;
⚫ the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
OF REVOLUT GROUP ⚫ have been prepared in accordance with the requirements of the Companies Act 2006.
HOLDINGS LIMITED We have audited the financial statements of Revolut Group Holdings Ltd (“the Parent Company”) and its subsidiaries (“the Group”)
for the year ended 31 December 2022 which comprise the Consolidated statement of comprehensive income, Consolidated
statement of financial position, Consolidated statement of changes in equity, Consolidated statement of cash flows, Company
statement of financial position, Company statement of changes in equity and notes to the financial statements, including a summary
of significant accounting policies. The financial reporting framework that has been applied in the preparation of the Group financial
statements is applicable law and UK adopted international accounting standards. The financial reporting framework that has
been applied in the preparation of the Parent Company financial statements is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted
Accounting Practice).
Basis for qualified opinion
Qualified opinion solely in respect of the comparability of the current year’s figures for revenue and related balances and the
prior year figures
For the year ending 31 December 2021 the group’s IT systems were not designed in such a way that would allow for IT or business
process controls to be effectively tested throughout the year and substantive procedures alone were not able to provide sufficient
appropriate assurance over the completeness and occurrence of revenue within Subscription, Card Delivery and Foreign Exchange
and Wealth revenue streams totalling £476,856k for the year then ended. Consequently, we were unable to determine whether
any adjustments to these revenues or related amounts were necessary. Our audit opinion on the financial statements for the year
ended 31 December 2021 was modified accordingly.
This matter has been resolved, and therefore we have been able to obtain sufficient appropriate audit evidence in respect of the
relevant balances included in the financial statements as at and for the year ended 31 December 2022. Our opinion is only modified
because of the possible effect of this matter on the comparability of the current year’s figures for revenue and related balances
and the prior year figures.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our qualified opinion.
Independence
We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.

Independent Auditor’s Report Independent Auditor’s Report
Conclusions relating to going concern Responsibilities of Directors
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the As explained more fully in the Directors’ responsibility statement, the Directors are responsible for the preparation of the financial
preparation of the financial statements is appropriate. statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, error.
individually or collectively, may cast significant doubt on the Group or Parent Company's ability to continue as a going concern for
a period of at least twelve months from when the financial statements are authorised for issue. In preparing the financial statements, the Directors are responsible for assessing the Group and Parent Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections accounting unless the Directors either intend to liquidate the Group or Parent Company or to cease operations, or have no realistic
of this report. alternative but to do so.
Other information Auditor’s responsibilities for the audit of the financial statements
The directors are responsible for the other information. The other information comprises the information included in the annual Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
report and consolidated financial statements other than the financial statements and our auditor’s report thereon. Our opinion on misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent statements.
material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, Extent to which the audit was capable of detecting irregularities, including fraud
we are required to report that fact.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
As described in the basis for qualified opinion section of our report, where the other information refers to revenue or related responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
balances the current year and prior year figures may not be comparable. our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities

Other Companies Act 2006 reporting
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based laws and regulations, we considered the following:
on the work undertaken in the course of the audit:
1. The legal and regulatory framework applicable to Revolut Group Holdings Ltd and the industry in which it operates and
⚫ the information given in the Strategic report and the Directors’ report for the financial year for which the financial statements considered the risk of acts by Revolut Group Holdings Ltd which would be contrary to applicable laws and regulations,
are prepared is consistent with the financial statements; and including fraud. These included but were not limited to compliance with relevant regulatory bodies, pension legislation and
⚫ the Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements. tax legislation. We focused on laws and regulations that could give rise to a material misstatement in the Group and Parent
Company financial statements.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in the light of the 2. The susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur, by considering
knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have the nature of the industry, sector and control environment and controls established by the Group to address risks identified by
not identified material misstatements in the Strategic report or the Directors’ report. the Group or that otherwise seek to prevent, deter or detect fraud.
3. Due to the acute dependency of the Group on its IT infrastructure we performed an assessment of the IT landscape, performed
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report
bidirectional data flow assessments across product cycles identified as key, and assessed the design of the IT environment
to you if, in our opinion:
and relevant activity level controls across the customer lifecycle for those products and services.
⚫ adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
Audit response to the risks identified
visited by us; or
⚫ the Parent Company financial statements are not in agreement with the accounting records and returns; or As a result of assessing the above we identified the developing financial control environment as the key risk in respect of how the
audit was capable of detecting irregularities including fraud.
⚫ certain disclosures of Directors’ remuneration specified by law are not made; or
⚫ we have not received all the information and explanations we require for our audit. As we were able to place reliance on relevant IT controls, we followed a combined audit approach to obtain evidence from controls
and substantive procedures. Due to the nature of the entity’s operations, we focused our procedures on the existence of own cash
balances, the existence of cash and commodities held in client designated bank accounts, and the completeness and accuracy of
client liabilities associated with those cash and commodities balances held in third party bank accounts.

Independent Auditor’s Report Independent Auditor’s Report
Risk – Existence of own and client cash and commodities held by the entity as at the year end We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and
remained alert to any indications of fraud or non-compliance with laws and regulations.
Our procedures included the following:
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that
⚫ We obtained independent confirmation of 100% of cash balances held on behalf of customers with third parties. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as
fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent
⚫ We obtained independent confirmation of 100% of commodities held with third parties. limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the
⚫ We obtained independent confirmation of 99.99% of own cash, other high quality liquid assets (HQLAs), and short-term events and transactions reflected in the financial statements, the less likely we are to become aware of it.
financial assets held with third parties, with appropriate rationalisation and alternative procedures performed on the remaining
immaterial 0.01%. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditor’s report.
Risk – Completeness and accuracy of customer liabilities recognised as at the year end
Use of our report

Our procedures included the following:
This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
⚫ Interrogation procedures in respect of the completeness and accuracy of data integrations and reconciliations relevant to Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we are
revenue recognition and client liabilities, including assessment and test of effectiveness of IT general and automated controls required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
relating to the core operating platforms and general ledger. or assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body, for our audit
⚫ We performed a reconciliation of brought forward and year end client liabilities via recalculation of transactional e-money work, for this report, or for the opinions we have formed.
activity in the year.
⚫ We used data analytics techniques to independently recalculate total e-money in issue at an individual user level by direct
interrogation of the entity’s IT environment for evidence of understatement of customer liabilities.
⚫ We performed analytics over e-money transactional revenues to identify anomalies and outliers in fees levied for indications
of fraudulent revenue recognition.
⚫ We performed analytics over certain third-party internet review sites for customer sentiment.
⚫ We performed analytics of customer account activity behaviours and tested a sample based on risk criteria for evidence of
misallocation and/or misappropriation of customer liabilities. Matthew Hopkins
(Senior Statutory Auditor)
⚫ We reviewed available external complaints data including that recorded by the Bank of Lithuania and compared to internal data
For and on behalf of BDO LLP, Statutory Auditor
source(s) to assess potential incompleteness of customer complaints recorded by the entity.
London, UK
⚫ We reviewed and performed analytics over customer complaints and tested a sample based on a number of risk criteria for
indications of systemic evidence of understatement of customer liabilities. 19 December 2023
⚫ We included as part of our substantive procedures in respect of the revenue and treasury cycles verification of customer
existence procedures (onboarding) for indicators of fictitious customers and accounts.
⚫ We obtained confirmations over a number of customer balances and year end transactions direct from customers based on
specific risk criteria and characteristics.
In addition to the above our procedures to respond to risks included, but were not limited to:
⚫ Review of correspondence with and reports to the regulators, including the FCA, the Bank of Lithuania, and other regulatory
bodies;
⚫ Review of management’s reporting to the Board Audit and Risk Committee in respect of compliance and legal matters;
⚫ Enquiring of management and review of internal audit reports in so far as they related to the financial statements;
⚫ Identifying and testing journal entries to respond to the risk of management override of control;
⚫ Reviewing dispute logs, breaches/incidents log, legal expenses and whistleblowing reports.
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Financial Statements
Consolidated Statement
of Comprehensive Income
for the year ended 31 December 2022
FINANCIAL
2022 2021*
Note £000 £000
Revenue 922,547 637,931
Fee income 6 792,573 636,046
STATEMENTS
Interest income 7 82,689 1,726
Other income 8 47,285 159
Cost of sales (280,889) (218,075)
Fee expense (228,320) (177,590)
Interest expense 7 (16,065) (21,026)
Credit losses on lending products 29.1 (5,180) (1,034)
Credit losses on non-lending products 29.1 (8,458) (9,606)
Other operating expenses (22,866) (8,819)
Gross profit 641,658 419,856
Administrative expenses 9 (667,076) (380,065)

(Loss)/profit before tax (25,418) 39,791
Tax credit/(expense) 11.1 31,220 (13,451)

Net profit for the year 5,802 26,340
Other comprehensive income/(loss)

Items that may be reclassified subsequently to profit or loss
Currency translation differences 26 17,442 (9,237)
Changes in the fair value of financial assets held at FVOCI 26 (14,915) 2,602
Tax on components of other comprehensive income 11.3 3,444 —
Other comprehensive income/(loss), net of tax 5,971 (6,635)
Total comprehensive income for the year 11,773 19,705
*The Group has elected to modify the presentation of the Consolidated Statement of Comprehensive Income to enhance user
understanding of the financial performance under the guidance of IFRS, as disclosed in Note 2.3.
The accompanying notes form an integral part of this consolidated financial statement.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented
its own statement of comprehensive income in these consolidated financial statements.
The Company's net profit for the year ended 31 December 2022 amounted to £246.5 million (2021: £nil).

Financial Statements Financial Statements
Consolidated Statement Company Statement

of Financial Position of Financial Position
At 31 December 2022
At 31 December 2022
31 December 2022 31 December 2021
31 December 2022 31 December 2021
Note £000 £000
Note £000 £000
Assets
Assets
Cash and cash equivalents 12 10,581,018 7,052,609
Trade and other receivables 16 151 —
Treasury investments 13 2,694,659 1,236,481
Investment in subsidiaries 14 1,313,688 —
Investment in commodities 15 94,221 66,356
Deferred tax assets 6 —
Trade and other receivables 16 341,559 206,880
Total assets 1,313,845 —
Loans and advances to customers 17 203,580 17,816
Inventories 18 18,604 7,396
Liabilities
Derivative financial assets 28.4 7,681 9,294
Trade and other payables 22 893 —
Current tax assets 11 7,329 7,291
Total liabilities 893 —
Deferred tax assets 11.4 93,684 1,783
Property, equipment, and right-of-use assets 19 21,940 25,128
Equity
Intangible assets 20 2,504 721
Share capital 25 — —
Total assets 14,066,779 8,631,755
Share premium 182 —
Liabilities
Merger reserve 913,212 —
Customer liabilities 21 12,593,188 7,361,196
Retained earnings 246,454 —
Trade and other payables 22 183,084 165,248
Other reserves 26 153,104 —
Derivative financial liabilities 28.4 90,017 2,454
Total equity 1,312,952 —
Provisions for liabilities 23 16,314 1,812
Total liabilities and equity 1,313,845 —
Lease liability 9,641 14,246
Loans and borrowings 24 36 122
Current tax liabilities 11 3,166 9,374 The accompanying notes form an integral part of this individual financial statement. The consolidated financial statements on
Deferred tax liabilities 11.4 — 243 pages 90 to 167 were approved and authorised for issue by the Board and were signed on its behalf on 19 December 2023.
Total liabilities 12,895,446 7,554,695
Equity
Share capital 25 — —
Share premium 182 —
Net parent investment 2.1 — 1,287,452 Nik Storonsky
Merger reserve 1,287,803 — Director
Accumulated deficit (312,158) (317,960)

Other reserves 26 195,506 107,568
Total equity 1,171,333 1,077,060
Total liabilities and equity 14,066,779 8,631,755
*The Group has elected to modify the presentation of the Consolidated Statement of Financial Position to enhance user
understanding of the financial performance under the guidance of IFRS, as disclosed in Note 2.3. The accompanying notes form
an integral part of this consolidated financial statement. The financial consolidated statements on pages 90 to 167 were approved
and authorised for issue by the Board and were signed on its behalf on 19 December 2023.
Nik Storonsky
Director

Consolidated Statement Company Statement

of Changes in Equity of Changes in Equity
Share Share Net parent Merger Other Accumulated Total Share Share Merger Other Retained Total
capital premium investment reserve reserves deficit equity capital premium reserve reserves earnings equity
£000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 £000
At 1 January 2021 — — 697,444 — 67,296 (344,300) 420,440 At 1 January 2021 — — — — — —
Net profit for the year — — — — — 26,340 26,340 Net profit for the year — — — — — —
Other comprehensive loss for the Total comprehensive income for
— — — — (6,635) — (6,635) — — — — — —
year, net of tax the year
Total comprehensive income for Transactions with owners
— — — — (6,635) 26,340 19,705
the year Shares issued during the year — — — — — —
Transactions with owners Equity-settled share-based
— — — — — —
Shares issued during the year — — 590,008 — — — 590,008 compensation
Equity-settled share-based Purchase of own shares within
— — — — 47,352 — 47,352 — — — — — —
payment charge Employee Benefit Trust
Purchase of own shares within Tax impact of equity-settled share-
— — — — (445) — (445) — — — — — —
Employee Benefit Trust based payment charge
Tax impact of equity-settled Total transactions with owners — — — — — —
— — — — — — —
share-based payment charge At 31 December 2021 — — — — — —
Total transactions with owners — — 590,008 — 46,907 — 636,915
At 31 December 2021 — — 1,287,452 — 107,568 (317,960) 1,077,060 At 1 January 2022 — — — — — —
Net profit for the year — — — — 246,454 246,454
At 1 January 2022 — — 1,287,452 — 107,568 (317,960) 1,077,060 Total comprehensive income for
— — — — 246,454 246,454
Net profit for the year — — — — — 5,802 5,802 the year
Other comprehensive income for Transactions with owners
— — — — 5,971 — 5,971
the year, net of tax Shares issued during the
Total comprehensive income for year, including the impact of — 182 913,212 137,695 — 1,051,089
— — — — 5,971 5,802 11,773
the year reorganisation
Transactions with owners Transfer of reserve upon
— — — (445) — (445)
Shares issued during the year — 182 86 — — — 268 reorganisation
Adjustment to accrued expenses Equity-settled share-based

— — 265 — — — 265 — — — 16,300 — 16,300
related to issuance of shares payment charge
Transfer upon reorganisation — — (1,287,803) 1,287,803 — — — Purchase of own shares within

— — — (446) — (446)
Employee Benefit Trust
Equity-settled share-based
— — — — 39,049 — 39,049 Tax impact of equity-settled share-
payment charge — — — — — —
based payment charge
Purchase of own shares within
— — — — (446) — (446) Total transactions with owners — 182 913,212 153,104 — 1,066,498
Employee Benefit Trust
Tax impact of equity-settled At 31 December 2022 — 182 913,212 153,104 246,454 1,312,952
— — — — 43,364 — 43,364
share-based payment charge
Total transactions with owners — 182 (1,287,452) 1,287,803 81,967 — 82,500
The accompanying notes form an integral part of this individual financial statement.
At 31 December 2022 — 182 — 1,287,803 195,506 (312,158) 1,171,333
The accompanying notes form an integral part of this consolidated financial statement.

Consolidated Statement Consolidated Statement

of Cash Flows of Cash Flows (continued)
for the year ended 31 December 2022
2022 2021 Cash flows from investing activities
£000 £000 Purchase of property and equipment (4,381) (1,684)
Cash flows from operating activities Payments to develop or acquire intangible assets (2,041) (5,168)
(Loss)/profit before tax (25,418) 39,791 Net purchase of treasury investments (1,382,982) (1,242,842)
Adjustments for non-cash items Net cash from investing activities (1,389,404) (1,249,694)
Interest income (14,785) —

Interest expense 553 1,813 Cash flows from financing activities
Amortisation of intangible assets 52 176 Proceeds from issue of ordinary shares net of transaction costs 268 601,878
Impairment losses other than expected credit losses 819 7,278 Principal payments on lease liabilities (5,639) (4,740)
Depreciation of property, equipment, and right-of-use assets 9,050 8,903 Loans repaid (98) (81,690)
Increase/(decrease) in provisions 14,502 24 Net cash from financing activities (5,469) 515,448
Net change in expected credit losses 8,316 7,923

Net gain on changes in the fair value on hedging derivatives and hedged items (7,409) (8,689) Net increase in cash and cash equivalents 3,365,788 2,012,550
Share-based payments 39,049 47,351 Cash and cash equivalents at beginning of year 7,052,609 5,055,023
Other non-cash items in (loss)/profit before tax 8,672 — Effect of exchange rates on cash and cash equivalents 162,621 (14,964)
Operating cash flows before movements in working capital and movements in customer Cash and cash equivalents at end of year 10,581,018 7,052,609
33,401 104,570
balances and hedging arrangements
Additional information on cash flows from operating activities

Movements in working capital Interest paid 15,512 19,213
(Increase)/decrease in inventories (11,208) 3,886 Interest received 67,904 1,726
Loans extended to directors — (3,200)
Loans settled by directors — 3,216
*The presentation of the Consolidated Statement of Cash Flows has been modified to present non-cash interest income and
(Increase)/decrease in trade and other receivables (121,967) (69,468)
expense as a component of net cash from operating activities.
Increase/(decrease) in trade and other payables (8,158) 94,489
Operating cash flows before movements in customer balances and hedging arrangements (107,932) 133,493
Movements in customer balances and hedging activities

Net increase/(decrease) in customer liability in respect of deposits 6,530,072 533,970
Net increase/(decrease) in e-money in issue (1,472,995) 2,174,430
Net (increase)/decrease in negative customer balances (6,771) (8,186)
Net (increase)/decrease in net settlement balances 25,079 (63,979)
Net increase/(decrease) in customer liability in respect of commodities 29,026 15,543
Net (increase)/decrease in investment in commodities (27,865) (15,990)
Net (increase)/decrease in loans and advances to customers (191,053) (16,440)
Cash generated from operations 4,777,561 2,752,841
R&D credit received 3,471 3,856
Taxes paid (20,371) (9,901)
Net cash from operating activities 4,760,661 2,746,796

Notes to the Consolidated Financial Statements 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
1. General Information
Revolut Group Holdings Ltd (the 'Company') and its subsidiaries (together, the 'Group' and 'Revolut') provide electronic money and
payment services through prepaid cards, currency exchange, peer-to-peer payments, cryptocurrency and commodity exposures,
share trading, consumer loans and credit cards for retail users. They also offer a similar proposition to business customers
NOTES TO THE CONSOLIDATED encompassing multi-currency exchange, prepaid corporate cards, international and domestic bank transfers to freelancers, and
Small and Medium Enterprises.
FINANCIAL STATEMENTS The Company is a private company limited by shares and incorporated in England & Wales. The registered office and the principal
place of business is 7 Westferry Circus, Canary Wharf, London, England, E14 4HD.
2. Basis of Preparation
The consolidated financial statements of the Group have been prepared in compliance with the International Financial Reporting
Standards ('IFRS') as adopted by the United Kingdom ('UK') and the Companies Act 2006. The individual financial statements of
the Company have been prepared in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ ('FRS
101') and the Companies Act 2006.
The consolidated and individual financial statements are prepared on a going concern basis (as disclosed in Note 3), under the
historical cost convention, as modified by the recognition of certain assets and liabilities at fair value as disclosed in Note 4.
The preparation of consolidated financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgment in the process of applying the Group and Company accounting policies. The areas involving
a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial
statements, are disclosed in Note 5.
The Company has taken advantage of the exemption in section 408 of the Companies Act 2006 to refrain from presenting its
individual statement of comprehensive income.
Although these consolidated financial statements have been released in the name of the parent, Revolut Group Holdings Ltd, they
represent the in-substance continuation of the previous Group headed by Revolut Ltd. The following accounting treatment has
been applied to account for the restructuring of the Group set out in Note 2.1 (the 'Restructuring'):
⚫ The consolidated assets and liabilities of the subsidiary Revolut Ltd assumed by the Company on the date of the Restructuring
were recognised and measured at the pre-Restructuring carrying amounts, without restatement to fair value;
⚫ The equity balances recognised in the Consolidated Statement of Financial Position include the accumulated impact of equity
movements of Revolut Ltd from 1 January 2022 to 29 April 2022, the date of the Restructuring, as the Company was not
active prior to the date of the Restructuring, and also include the accumulated impact of equity movements of Revolut Group
Holdings Ltd from 30 April 2022 onwards, including the equity instruments issued to effect the Restructuring; and
⚫ Comparative figures presented in the consolidated financial statements are those reported in the consolidated financial
statements of Revolut Ltd, as at & for the year ended 31 December 2021, except for the presentation of the share capital and
share premium, which have been presented as net parent investment to reflect the impact of the Restructuring as if Revolut
Group Holdings Ltd had been the parent company during such period.

Notes to the Consolidated Financial Statements 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Notes to the Consolidated Financial Statements 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
2.1 Restructuring of the Group 2.3 Modifications to presentation
During 2022, the Revolut group of companies underwent a business combination under common control as follows. The operations and strategic priorities of the Group have continued to evolve over time. The Group has elected to make deliberate
changes to presentation elements to enhance user understanding of the entity’s financial performance under the guidance
On 29 April 2022, Revolut Group Holdings Ltd, a company incorporated and domiciled in the United Kingdom acquired the of IFRS, more fairly represent business performance and simplify comparison with peer organisations. Following significant
ownership interest of Revolut Ltd, a company incorporated and domiciled in the United Kingdom via a share-for-share exchange. growth in the nature of the Group’s operations and a review of the Group’s consolidated financial statements, management has
concluded that these modifications to presentation are appropriate, having regard to the criteria for the selection and application
On 7 June 2022, Revolut Ltd transferred its direct 100% ownership interests in the following companies via a share-for-share of accounting policies. All changes are applied retrospectively, with disclosures for comparative periods modified to align with
exchange to Revolut Holdings Europe UAB, a company incorporated and domiciled in Lithuania, to establish a European Union presentation standards for the current year. There is nil impact from each modification to presentation on net profit for the year
sub-group headed by Revolut Holdings Europe UAB: for the comparative period versus those previously reported, individually and in aggregate. Additionally, there is nil impact for each
modification to total assets, total liabilities, or total equity on the Consolidated Statement of Financial Position.
⚫ Revolut Bank UAB, a company incorporated and domiciled in Lithuania
⚫ Revolut Insurance Europe UAB, a company incorporated and domiciled in Lithuania Consolidated Statement of Comprehensive Income
⚫ Revolut Payments UAB, a company incorporated and domiciled in Lithuania
The yield receivable from the Group’s cash, cash equivalents, loans and advances to customers, and treasury investment portfolio
⚫ Revolut Securities Europe UAB, a company incorporated and domiciled in Lithuania was previously presented on the Consolidated Statement of Comprehensive Income as interest income below profit or loss from
operations. This income now forms a significant and material element of the core operations of the Group, which aims to generate
On 25 July 2022, Revolut Ltd transferred its direct 100% ownership interests in the following companies via a dividend in specie to stakeholder value by maintaining a return on assets. The return in key jurisdictions has increased commensurate with the growth
Revolut Group Holdings Ltd: in our interest-bearing asset portfolio and shifts in the interest rate climate in those jurisdictions. Accordingly, the Group now
recognises material income from this core income stream. The Group has therefore elected to modify the presentation of this
⚫ Revolut Holdings International Ltd, a company incorporated and domiciled in the United Kingdom income to be included as a component of revenue, which reinforces designation as a primary constituent of the core operations
of the Group’s financial performance. Cardholder and merchant fees including interchange, fair usage, subscription, foreign
⚫ Revolut Holdings US Inc, a company incorporated and domiciled in the United States of America
exchange & trading commissions have been presented as fee income to establish an explicit distinction from revenue generated
⚫ Revolut NewCo UK Ltd, a company incorporated and domiciled in the United Kingdom from interest-bearing assets. Similarly, the net fair value gain on derivative instruments has been presented as other income.
⚫ Revolut Corporate Services Ltd (formerly known as Revolut FIC Ltd) a company incorporated and domiciled in the
The cost to the Group of holding customer deposits in negative interest rate justifications was previously presented on the
United Kingdom
Consolidated Statement of Comprehensive Income as interest expense below profit or loss from operations. This expense is now
an intrinsic element of the core operations of the Group. The Group has therefore elected to modify the presentation of this expense,
On 2 September 2022, Revolut Ltd transferred its direct 100% ownership interest in Revolut Travel Ltd, a company incorporated and along with other forms of interest expense, to be included as a component of cost of sales, which reinforces designation as a
domiciled in the United Kingdom, to Revolut NewCo UK Ltd via a share-for-share exchange. primary constituent of the core operations of the Group’s financial performance. Costs associated with processing transactions in
addition to all other direct costs of providing our customers with the core services necessary to generate fee income, have been
On 25 October 2022, Revolut Ltd transferred its direct 100% ownership interests in the following companies via a dividend in presented as fee expense. This has been done to establish an explicit distinction from the cost of interest. All other indirect costs
specie to Revolut Group Holdings Ltd: previously included within cost of sales have been presented as other operating expenses.
⚫ Revolut Holdings Europe UAB Issuing credit to customers generates an unavoidable risk of credit loss. Generating a positive net interest yield after recognition of
⚫ RT Digital Securities Cyprus Ltd, a company incorporated and domiciled in Cyprus expected credit losses is the core mandate for the Group’s credit business. As such, the Group has elected to present impairment
loss / (credit) as a component of cost of sales while simultaneously renaming the financial statement caption to change in expected
credit losses, which clarifies that the disclosed amounts are prepared in accordance with the relevant impairment standards in
On 25 October 2022 Revolut Ltd transferred its entire ownership interest in Revolut Payments India Private Ltd, a company
IFRS 9.
incorporated and domiciled in India via a dividend in specie to Revolut Group Holdings Ltd.
The aggregate impact of these presentation changes produces a revised gross profit that fairly demonstrates the Group’s return
on core operating activities prior to administrative and tax-related expenses.
2.2 Separate Financial Statement of the Company Exemption under FRS 101
The Group has elected to aggregate expenses related to depreciation, amortisation, and other administrative operating expenses
The following exemptions from the requirements of IFRS have been applied in the preparation of individual financial statements of
within a consolidated caption on the Consolidated Statement of Comprehensive Income called administrative expenses. This was
Revolut Group Holdings Ltd, in accordance with FRS 101:
done to streamline the presentation of elements that are not so individually significant to the net profitability of the Group that they
warrant explicit disclosure on the face of the statements.
⚫ The requirements of paragraphs 45(b) of IFRS 2 Share-based Payment
⚫ The requirements of paragraphs 79(a)(iv) and 111 of IAS 1 Presentation of Financial Statements The Group has modified the disaggregation of its disclosure of its administrative expenses in Note 9 and trade and other
receivables in Note 16 to provide users of the consolidated financial statements with an expanded understanding of the entity’s
⚫ The requirements of IAS 7 Statement of Cash Flows
financial performance. In doing so, certain staff-related costs previously allocated to other costs during the comparative period
⚫ The requirements of paragraph 17 of IAS 24 Related Party Disclosures were reclassified to total staff costs to benefit the fair categorisation of the Group’s expenses.
⚫ The requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more
members of a group

The Group has aggregated its disclosure of fee income related to card delivery and other to benefit the brevity of individually Consolidated Statement of Financial Position
insignificant revenue streams.
The Group has elected to modify the presentation of the Consolidated Statement of Financial Position in a manner that is reliable
and more relevant to the users of its consolidated financial statements. All assets and liabilities are presented in order of liquidity.
2021 Presentation 2021
(published) adjustments (revised) Financial assets measured at FVOCI have been presented as treasury investments in order to facilitate the inclusion of new
£000 £000 £000 financial assets measured at amortised cost for the year ended 31 December 2022, within the same financial statement caption,
Revenue 637,931
while maintaining accuracy with regards to the classification of financial assets. The Group has made other minor modifications to
presentation of financial statement captions in order to enhance user understanding of the Group's assets and liability positions.
Revenue 636,205 (636,205) —
Fee income 636,046 636,046
Interest income 1,726 1,726 2021 Presentation 2021
Other income 159 159 (published) adjustments (revised)
Cost of sales (218,075) £000 £000 £000
Cost of sales (196,015) 196,015 — Assets
Fee expense (177,590) (177,590) Current assets
Interest expense (21,026) (21,026) Cash and cash equivalents 7,052,609 — 7,052,609
Credit losses on lending products (1,034) (1,034) Financial assets at FVOCI 1,236,481 (1,236,481) —
Credit losses on non-lending products (9,606) (9,606) Treasury investments — 1,236,481 1,236,481
Other operating expenses (8,819) (8,819) Investment in commodities at FVTPL 66,356 (66,356) —
Gross profit 440,190 (20,334) 419,856 Investment in commodities — 66,356 66,356

Trade and other receivables 206,880 — 206,880
Administrative expenses (367,478) (12,587) (380,065) Loans and advances to customers 4,870 12,946 17,816
Depreciation and amortisation expense (9,079) 9,079 — Inventories 7,396 — 7,396
Impairment (loss) / credit (1,034) 1,034 — Derivative financial assets 9,294 — 9,294
Other operating (expense) / income (3,508) 3,508 — Current tax assets 7,291 — 7,291
Profit from operations 59,091 (19,300) 39,791 Total current assets 8,591,177 12,946
Non-current assets
Interest expense (21,026) 21,026 — Deferred tax assets 1,783 — 1,783
Interest income 1,726 (1,726) — Property, equipment, and right-of-use assets 25,128 — 25,128
Profit before tax 39,791 — 39,791 Loans and advances to customers 12,946 (12,946) —
Intangible assets 721 — 721
Tax expense (13,451) — (13,451) Total non-current assets 40,578 (12,946)
Net profit for the year 26,340 — 26,340 Total assets 8,631,755 — 8,631,755
Other comprehensive loss Liabilities and equity

Items that may be reclassified subsequently to profit or loss Current liabilities
Currency translation differences (9,237) — (9,237) Customer liabilities 7,361,196 — 7,361,196
Changes in the fair value of financial assets held at FVOCI 2,602 — 2,602 Trade and other payables 165,248 — 165,248
Other comprehensive loss, net of tax (6,635) — (6,635) Derivative financial liabilities 2,454 — 2,454
Total comprehensive income for the year 19,705 — 19,705 Current tax liabilities 9,374 — 9,374
Lease liability 5,161 9,085 14,246
Loans at amortised cost 122 (122) —
Loans and borrowings — 122 122
Total current liabilities 7,543,555 9,085

Non-current liabilities 3. Going Concern

Lease liability 9,085 (9,085) —
Loans at amortised cost — — —
The consolidated financial statements are prepared on a going concern basis as the Directors are satisfied that the Group and the
Provisions for liabilities 1,812 — 1,812
Company have the available resources to continue in business for a period of at least twelve months from the date of approval of
Deferred tax liabilities 243 — 243
the consolidated financial statements.
Total non-current liabilities 11,140 (9,085)
Total liabilities 7,554,695 — 7,554,695 The going concern assessment is based on the detailed forecast prepared by management. In the base case forecast, appropriate
assumptions have been made in respect to user growth, revenue growth and profitability, based on the historical performance of
the business and expected changes to the business over the forecast period.
Equity
Share capital — — —
As part of the going concern review, the Directors have considered the same severe, but plausible, downside scenarios as used in
Share premium 1,287,452 (1,287,452) — the Group's detailed ICAAP and ILAAP to stress test the viability of the business. The scenarios tested are shared below and were
Net parent investment — 1,287,452 1,287,452 tested before and after actions from Group management.
Merger reserve — — —
Accumulated deficit (317,960) — (317,960)
Principal Risks
Other reserves 107,568 — 107,568 Type Scenario Description
and Uncertainties
Total equity 1,077,060 — 1,077,060
⚫ Strategic risk
⚫ In this scenario, a global stock market crash results in a sharp rise in
Total liabilities and equity 8,631,755 — 8,631,755 ⚫ Credit risk
unemployment and fall in real GDP.
Interest Rates ⚫ Interest rate
⚫ Inflationary pressures ease and central banks respond to the crisis by
Decrease risk in the
cutting interest rates, which fall back to levels seen prior to the Russia
banking book
Ukraine war.
Market (IRRBB)
⚫ Inflation continues to increase globally. Central banks continue to raise
⚫ Strategic risk
interest rates (beyond current levels).
Interest Rates ⚫ Credit risk
⚫ Real GDP growth stagnates for a protracted period.
Increase ⚫ Market (FX)
⚫ This is based on the September 2022 Bank of England Annual Cyclical
risk
Scenario.
⚫ An operational event occurs which results in a severe reputational
⚫ Strategic risk
Reputational damage.
Idiosyncratic ⚫ Operational
Damage ⚫ Many customers withdraw funds and stop using Revolut.
risk
⚫ It takes considerable time before trust is restored.
In all of these scenarios, the Group is able to meet its regulatory capital and liquidity requirements without the need for external
financing.
The Directors have considered forecasts for the Group and have, at the time of approving these consolidated financial statements,
a reasonable expectation that the Group and the Company have adequate resources to continue in operation for a period of at
least twelve months from the date of approval of the consolidated financial statements.

4.2 Basis of Consolidation

4. Significant Accounting Policies
The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings
The principal accounting policies applied in the preparation of these consolidated and individual financial statements are set out made up to 31 December 2021 and 31 December 2022 on the basis described in Note 2.1.
below. These policies have been consistently applied to all years presented, unless otherwise stated.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to,
4.1 Adoption of New and Revised Standards variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
(a) New standards, interpretations, and amendments adopted from 1 January 2022 Subsidiaries are fully consolidated from the date on which control is obtained by the Group and are de-consolidated from the
date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between companies within
New standards impacting the Group and Company that have been adopted in the consolidated financial statements for the year the Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an
ended 31 December 2022 are: impairment of the transferred asset. Group accounting policies are consistently applied to all entities and transactions.
Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements
⚫ Onerous Contracts — Cost of Fulfilling a Contract — Amendments to IAS 37
to apply the group’s accounting policies when preparing the consolidated financial statements.
⚫ Annual Improvements to IFRS Standards 2018–2020 — Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41
All intragroup transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate
⚫ Property, Plant and Equipment: Proceeds before Intended Use — Amendments to IAS 16
the profit or loss arising on transactions with associates and equity-accounted joint ventures to the extent of the Group’s interest
⚫ Reference to the Conceptual Framework — Amendments to IFRS 3. in the entity.
The adoption of the new standards listed above have not had a significant impact on the consolidated financial statements of the
Group or the Company individual financial statements for the year ended 31 December 2022. 4.3 Foreign Currency Translation
(b) New standards, interpretations, and amendments not yet effective Functional and presentation currency
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are The Group consolidated financial statements are presented in pound sterling. The Company's functional and presentation
effective in future accounting periods that the Group and Company have decided not to adopt early. currency is the pound sterling.
Transactions and balances

Effective for annual periods
New standards or amendments Transactions are recorded at the spot exchange rate between the functional currency and the foreign currency at the date
beginning on or after
of the transaction. At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary
items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts 1-Jan-23
measured at fair value are measured using the exchange rate when fair value was determined.
Disclosure of Accounting Policy — Amendments to IAS 1 and IFRS Practice Statement 2 1-Jan-23
Definition of Accounting Estimate — Amendments to IAS 8 1-Jan-23 Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction — Amendments to IAS 12 rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Non-monetary assets
and IFRS 1 1-Jan-23 and liabilities carried at fair value and denominated in foreign currencies are translated at the rates prevailing at the date when the
fair value was determined.
Classification of Liabilities as Current or Non-current — Amendments to IAS 1 1-Jan-24
Translation
Management does not expect that the adoption of the standards listed above will have a material impact on the annual consolidated
On consolidation, the results of overseas operations are translated into sterling at the average exchange rates for the year. All
financial statements of the Group or Company in future periods.
assets and liabilities of overseas operations are translated at the exchange rate ruling at the Consolidated Statement of Financial
Position date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas
operations at actual rate are recognised in other comprehensive income.

4.4 Fee Income Subscriptions
The Group recognises revenue according to the principles of IFRS 15 using the five-step model: Subscription revenue represents monthly and annual subscription fees charged to retail and business customers. The subscription
service has two distinct performance obligations: a card delivery service (which is recognised in other fee income) and an ongoing
1. Identify the contracts with customers payment processing service. Revenue for the subscription service is recognised in the month to which the subscription relates.
2. Identify the performance obligations in the contract Where subscription fees are received in advance (namely annual subscription fees) they are initially recognised as contract
3. Determine the transaction price liabilities and are recognised as revenue in the Consolidated Statement of Comprehensive Income on a straight-line basis over the
4. Allocate the transaction to the performance obligations in the contract period of the subscription.
5. Recognise the revenue when (or as) the entity satisfies the performance obligation
Any termination fees for existing subscriptions services ending early are recognised upon the termination date.
The Group derives its revenue from contracts with customers by transferring the following services.
Other
Card and interchange
Other fee income mainly comprises:
Card revenue represents transaction-related fees, including interchange fees receivable from the Group’s card issuing partners,
merchant acquiring fees, fair usage fees for cash withdrawals outside of customer plans allowances and top-up fees. ⚫ Revenue earned for the delivery of cards, which is recognised on the day the card is delivered to the customer
⚫ Commission earned on the sale of insurance products to customers and is recognised at the time of the transaction
Card and interchange fees are deemed to include a single performance obligation under IFRS 15 Revenue from Contracts with
Customers; namely, the completion of a card transaction for a customer and as such, revenue is recognised at the time of the ⚫ Fees charged to customers in respect of remittances facilitated at customers request
transaction.
Foreign exchange Remaining performance obligations
Foreign exchange revenue represents markup fees charged on market exchange rates for weekend transactions and less IFRS 15 allows the Group to exclude from its remaining performance obligations disclosure any performance obligations which
frequently traded currencies, and fair usage fees where customers undertake additional exchange transaction volumes outside are part of a contract with an original expected duration of one year or less. Additionally, any variable consideration, for which it is
of their plan allowances. probable that a significant reversal in the amount of cumulative revenue recognised will occur when the uncertainty associated
with the variable consideration is subsequently resolved, is not subject to the remaining performance obligations disclosure
Foreign exchange revenue has a single performance obligation; namely, the exchange of one currency for another between because such variable consideration is not included in the transaction price (e.g. investment management fees).
customer’s currency pockets. Revenue is recognised at the point of this exchange.
Wealth 4.5 Fee Expense
Wealth comprises revenues from the Group’s cryptocurrency, commodities, trading, and savings products. Fee expenses primarily relate to fees incurred by the Group in the processing and settlement of transactions, the costs of
providing cards to customers and the costs of any redress payments made to customers who have been the subject of fraudulent
The Group acts as an agent on behalf of its customers to buy or sell cryptocurrencies and listed company shares and the revenue transactions.
represents any exchange markup or commission charged, and any applicable fair usage fees. Buying or selling cryptocurrencies
or listed company shares has a single performance obligation; namely, the execution of a customer's order and as a result, revenue Processing and settlement of transactions
is recognised at the time of the transaction.
These are costs primarily payable to the card schemes of which the Group is a member. Processing and settlement of transaction
When entering into commodity contracts with customers, the Group charges a markup on the market exchange rate for the costs are presented net of rebates received from payment scheme providers for scheme fee costs.
exchange of e-money, and similarly when the customer settles the contract and receives e-money. Entering into or closing
commodity contracts comprises two performance obligations; namely, one when the contract is entered into and one when it Providing cards to customers
is settled. Each of these obligations incurs a separate fee and as such the relevant markup is recognised as revenue when the
contract is entered into and when it is settled. These are the costs incurred by the Group to purchase, personalise and distribute cards to customers. Card stock is initially
recognised as inventory until the card is shipped to a customer, at which point it is expensed.
While open, the customer contracts are accounted for at fair value through profit or loss within revenue.
Redress payments
The Group hedges its exposure to customer commodity contracts through holding its own investments in commodities.
The net amount representing the change in fair value of the contracts with customers and the associated hedging investments These are amounts that the Group incurs where customers have been subject to fraudulent transactions or where charges have
are presented net in the foreign exchange and wealth line within fee income. The policies and methodologies associated with the caused a customer's account to have a negative balance.
determination of fair value are included in Note 28.2.
4.6 Interest Income and Expense The fair value of the awards is recognised as an expense in the Consolidated Statement of Comprehensive Income over the
vesting period with a corresponding increase in the share-based payment reserve in equity. The cumulative expense at each
Interest income reporting date is based on the total number of share-based payment awards that are expected to vest, taking into account the
service conditions and any non-market performance conditions such that the total cumulative amount recognised as an expense
Interest income is recognised using the effective interest rate on: credit cards and loans arrangements entered into with customers; over the vesting period is based on the number of share-based payment awards that eventually vest. The Group has to estimate
financial assets held at fair value through other comprehensive income; safeguarded funds and cash and cash equivalents. the expected yearly percentage of employees that will stay within the Group at the end of the vesting period of the share-
based payment awards in order to determine the amount of share-based compensation expense charged to the Consolidated
The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial Statement of Comprehensive Income.
instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses).
Where the terms and conditions of share-based payment awards are modified before they vest, to the extent that there is an
Interest income from non-credit impaired financial assets is recognised by applying the effective interest rate to the gross carrying increase in the fair value of the share-based payment awards, measured immediately before and after the modification, this increase
amount of the asset; for credit impaired financial assets, the effective interest rate is applied to the net carrying amount after is also recognised as an expense in the Consolidated Statement of Comprehensive Income over the remaining vesting period.
deducting the allowance for expected credit losses.
Share-based payments (Company)
Interest expense
On 29 April 2022, the date of the group wide reorganisation, the Company recognised an increase in its share-based payment
Interest expenses are charged to interest expense in the Consolidated Statement of Comprehensive Income over the term of reserve in equity with a corresponding reduction in its merger reserve to reflect the Company’s obligation arising from the
the facility using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash replacement of all outstanding unvested share-based payment awards previously issued by Revolut Ltd and settled in equity
payments through the expected life of the financial instrument. instruments of Revolut Ltd, which were replaced on a one-for-one basis by share-based payment awards issued by Revolut Group
Holdings Ltd and settled in equity instruments of Revolut Group Holdings Ltd. All other conditions relating to share-based payment
Issue costs are initially recognised as a reduction in the proceeds of the associated instrument, when considered incremental and arrangements were unchanged on replacement. Further details of the group wide reorganisation are set out in Note 2.1.
directly attributable to the instrument issued.
Where the Company grants share-based payment awards to employees of subsidiary companies, the relevant charge is recognised
as an increase in cost of investment in subsidiaries with a corresponding increase in the share-based payment reserve in equity.
4.7 Staff Costs
The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements, defined 4.8 Current and Deferred Taxation
contribution pension plans and share-based payments.
The tax expense/(credit) comprises current and deferred tax. Tax is recognised in profit or loss, except when a expense or credit
Short-term benefits relates to an item that is recognised as other comprehensive income or recognised directly in equity, in which case the tax
expense or credit is also recognised in other comprehensive income or directly in equity, respectively.
Short-term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period
in which the service is received. A liability is recognised for the amount expected to be paid if the Group has a present legal The current income tax credit is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by
or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be the Consolidated Statement of Financial Position date in the countries where the Company and the Group operate and generate
estimated reliably. income.
Defined contribution pension plan Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the date of the
Consolidated Statement of Financial Position, except that:
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the
Group pays fixed contributions into a separate entity. Once the contributions have been paid, the Group has no further payment ⚫ The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal
obligations. of deferred tax liabilities or other future taxable profits; and
⚫ Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due.
Amounts not paid are shown in accruals as a liability in the Consolidated Statement of Financial Position. The assets of the plan
are held separately from the Group in independently administered funds. Deferred tax balances may be recognised where they relate to timing differences in respect of interests in subsidiaries, associates,
branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered
Share-based payments probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in
respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired
The Group operates a number of share-based payment schemes. The purpose of these plans is to incentivise and remunerate the and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount
Group’s employees. These schemes meet the definition of equity-settled share-based payment schemes. Estimating fair value for that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted
share-based compensation transactions requires determination of the most appropriate valuation model, which depends on the by the Consolidated Statement of Financial Position date.
terms and conditions of the grant. Revolut use third party valuation specialists to estimate the fair value of each grant based on
the terms of that grant as well as internal and market data. The Black-Scholes option pricing model was used to value the equity- Deferred tax assets and liabilities are offset only if certain criteria are met.
settled share-based payment awards as the model is internationally recognised as being appropriate to value employee share
schemes similar to the Unapproved Options Plan ('UOP').
4.9 Property, Equipment, and Right-of-Use Assets Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-
use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated payments occurs and are included in the line administrative expense in the Consolidated Statement of Comprehensive Income
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and (unless they are incurred to produce inventories, whereby they will be included as part of fee expense).
condition necessary for it to be capable of operating in the manner intended by management.
In calculating the present value of lease payments, the Group uses the rate implicit in the lease if it is readily determinable.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the However, if the rate implicit in the lease is not readily determinable, the Group uses its incremental borrowing rate ('IBR') at the
straight-line method. lease commencement date. After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there
Depreciation is provided on the following basis: is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a
change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the
Fixtures and fittings - 10% straight line underlying asset.
Office equipment - 25% straight line
Computer equipment - 33% straight line As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and
associated non-lease components as a single arrangement. The Group has elected this practical expedient and will not separate
The assets' residual values, useful lives and depreciation methods are reviewed annually, and adjusted prospectively if appropriate, lease and non-lease components.
or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by
comparing the proceeds with the carrying amount and are recognised in administrative expenses in the Consolidated Statement Short-term leases and leases of low-value assets
of Comprehensive Income.
The Group applies the short-term lease recognition exemption to those leases that have a lease term of twelve months or less
from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition
4.10 Leases exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets
are recognised as expense on a straight-line basis over the lease term unless another systematic basis is more representative of
The Group assesses at contract inception whether a contract is, or contains, a lease; that is, if the contract conveys the right to the time pattern in which economic benefits from the leased assets are consumed. The Group recognised £2.7 million in lease
control the use of an identified asset for a period of time in exchange for consideration. As at 31 December 2022 and 2021 the expense related to short-term and low-value assets for the period (2021*: £3.1 million).
Group is a lessee in its lease arrangements, and is not a lessor.
*The lease expense has been restated in order to include all lease agreements for short-term and low-value assets.
The Group applies a single recognition and measurement approach for all lessee leases, except for short-term leases (defined
as leases with a lease term of twelve months or less) and leases of low-value assets. The Group recognises lease liabilities
representing obligations to make lease payments and right-of-use assets representing the right to use the underlying assets. 4.11 Intangible Assets
Right-of-use assets Intangible assets acquired separately - computer software
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Computer software is
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any amortised on a straight-line basis over its estimated useful life, which is assessed to be three years.
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use Intangible assets acquired in the business combination
assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If
ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase Intangible assets acquired in a business combination and recognised separately from goodwill are recognised initially at their fair
option, depreciation is calculated using the estimated useful life of the asset, otherwise the right-of-use asset is amortised over value at the acquisition date (which is regarded as their cost).
the duration of the lease agreement. Depreciation starts at the commencement date of the lease.
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated
The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 4.12, Impairment of non-financial amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
assets.
Derecognition of intangible asset
The right-of-use assets are presented along with property and equipment in the Consolidated Statement of Financial Position.
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or
Lease liabilities losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the
carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to
terminate.
4.12 Impairment of Non-Financial Assets Assessment whether contractual cash flows are solely payments of principal and interest
At each date of a Consolidated Statement of Financial Position, non-financial assets not carried at fair value are assessed to For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’
determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding
indication, the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as
(or asset’s cash generating unit). a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers
the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could
The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the
use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s Group considers:
(or asset’s cash generating unit’s) continued use. These cash flows are discounted using a pre-tax discount rate that represents
the current market risk free rate and the risks inherent in the asset. ⚫ Contingent events that would change the amount or timing of cash flows;
⚫ Terms that may adjust the contractual coupon rate, including variable rate features;
If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the
carrying amount is reduced to its recoverable amount. An impairment loss is recognised in profit or loss, unless the asset has been ⚫ Prepayment and extension features; and
revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation.
⚫ Terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).
Thereafter, any excess is recognised in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased Financial assets at fair value through other comprehensive income
to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the
carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised Financial assets in portfolios where the business model is to hold the assets to collect the contractual cash flow or to be sold and
in prior periods. A reversal of an impairment loss is recognised in profit or loss. where those cash flows represent solely payments of principal and interest.
Financial assets measured at fair value through other comprehensive income are initially recognised at fair value plus transaction
4.13 Financial Instruments costs that are directly attributable to their acquisition and are subsequently measured at fair value.
Recognition of financial assets Unrealised gains or losses, other than loss allowances for expected credit losses, arising from financial investments measured
at fair value through other comprehensive income are reported in equity (in the financial investment reserve) and in other
Financial assets are recognised when the Group enters into a contract that results in current or future economic value to the comprehensive income in the Consolidated Statement of Comprehensive Income, until such investments are sold, collected or
Group. Financial assets are initially measured at fair value and are accounted for on a trade date basis. otherwise disposed of.
Classification and measurement of financial assets On maturity or disposal of an investment, the accumulated unrealised gain or loss included in equity is recycled to the Consolidated
Statement of Comprehensive Income for the period. Gains and losses on disposal are determined using the fair value of the
The Group classifies its financial assets at either amortised cost, fair value through profit or loss or fair value through other investment at the date of derecognition.
comprehensive income.
Financial assets at fair value through profit or loss
In order to determine the appropriate classification of non-derivative financial assets, the Group assesses the objective of the
business model in which the financial asset is held, and for those measured at amortised cost whether the contractual cash flows Financial assets that do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income
of the financial asset are solely payments of principal and interest ('SPPI'). are measured at fair value, with changes in fair value recognised within other income in profit or loss in the Consolidated Statement
of Comprehensive Income. These financial instruments include derivative financial instruments.
The Group assesses its business models at a portfolio level based on its objective for the relevant portfolio, how performance
of the portfolio is measured and reported, how management are compensated and the frequency and reasons for asset sales Derecognition
from the portfolio. Financial assets are reclassified when, and only when, the Group changes its business model for managing
the assets. Financial assets are derecognised when the contractual right to receive cash flows has expired or when the Group has transferred
its contractual right to receive the cash flows from the assets and either (i) substantially all of the risks and rewards of ownership
Financial assets at amortised cost have been transferred; or (ii) the Group has neither retained nor transferred substantially all of the risks and rewards but has
transferred control.
Financial assets in portfolios where the business model is to hold the assets to collect the contractual cash flows, and where those
cash flows represent solely payments of principal and interest, are measured at amortised cost. Impairment of financial assets
Financial assets measured at amortised cost are initially recognised at fair value plus transaction costs that are directly attributable In accordance with IFRS 9, the Group recognises impairment loss allowances for expected credit losses ('ECL') on financial
to their acquisition or issue (with the exception of trade and other receivables with an expected term of less than one year where assets that are measured at amortised cost or fair value through other comprehensive income. These include loans and
the Group applies the practical expedient to recognise these amounts at transaction price), and are subsequently measured at advances to customers, trade and other receivables, settlement receivables, debt securities and amounts recoverable under
amortised cost using the effective interest rate method, less expected credit loss allowances as stipulated in IFRS 9. Financial long-term contracts.
assets at amortised cost include cash and cash equivalents, loans and advances to customers, trade and other receivables,
settlement receivables and amounts recoverable under long term contracts.
Changes to the IFRS 9 model for impairment of financial assets are approved by the Group Credit Risk Committee or Group a. The PD has increased by more than 2.5 times (this would be equivalent to downgrade by approximately two or more
Model Risk Committee depending on the nature of the change. Material changes are escalated to the Group Asset and Liability notches according to Revolut’s internal rating scale).
Committee and to the Board where applicable.
b. The PD has increased by more than 0.5% in absolute terms (to avoid classification as Stage 2 of obligors still being with
low risk despite a relative PD change exceeding 2.5 times).
There are three approaches to recognising ECL provisions under IFRS 9:
SICR indicators in points 1 to 3 above are evaluated at obligor level, while the ones in points 4 and 5 are evaluated at individual
⚫ The simplified approach — which applies on a mandatory basis to trade receivables and contract assets that do not contain a
financial instrument level.
significant financing component. It may also be applied on an optional basis to trade receivables and contract assets that do
contain a significant financing component or to lease receivables;
For wholesale credit risks, a low-risk exemption applies, such that all investment grade obligors will be allocated to Stage 1. Stage 2
⚫ The credit-adjusted approach — which applies to assets that are credit impaired on initial recognition (i.e. origination or assets will include non-investment grade exposures which have experienced a downgrade by 2 or more notches based Revolut’s
acquisition); and internal rating scale as at the reporting date compared to initial recognition and this results in a PD increase of more than 0.5% in
absolute terms.
⚫ The general approach — which applies to all loans and receivables not eligible for the above two approaches.
Transfers from Stage 2 back to Stage 1 will be performed when none of SICR indicators are present as of the reporting date.
All of the Group’s trade receivables are considered to qualify for the simplified approach (as they have terms of less than one year Any changes in the criteria used to determine SICR follow the same approval pathway described for the overall IFRS 9 model.
and therefore do not contain a significant financing component) and therefore on initial recognition an impairment provision is
required for expected credit losses arising from default events expected to occur over the life of the financial asset ('lifetime ECL'). Definition of default and credit-impaired asset
The Group currently does not have any purchased or originated credit impaired financial assets. Assets which are past due by more than 90 days, or where the Group considers it unlikely that the obligor will be able to pay its
obligations, are considered to be in default for IFRS 9. Events that trigger inclusion in default include:
For loans and advances to customers, treasury investments, amounts recoverable on long-term contracts, and amounts due from
other Group companies in the Company financial statements, the general approach to impairment is applied. This follows a three-
⚫ The customer filing for bankruptcy or Individual Voluntary Agreement.
stage model and requires these financial assets to be assigned to one of the following three stages:
⚫ The customer is deceased.
⚫ Stage 1 – Financial assets which have not experienced a significant increase in credit risk ('SICR') since initial recognition, ⚫ The overdraft or loan has been renegotiated because the customer’s condition has deteriorated. As an example, this includes
against which an expected credit loss provision is required for expected credit losses resulting from default events expected cases where a specific repayment plan has been agreed and interest has been frozen.
within the next twelve months (a '12-month ECL') is required on initial recognition — when a financial asset is first recognised it
is assigned to Stage 1; ⚫ The customer has requested ‘breathing space’ (i.e. when the Group agrees to give the customer some time in which they won’t
be contacted about their arrears at all and fees or interest is frozen).
⚫ Stage 2 – Financial assets which have experienced a SICR event since initial recognition, against which a lifetime ECL provision
is required; and
Default status will be applied at an obligor level such that where any one facility is in default, all facilities of that obligor will be
⚫ Stage 3 – Financial assets which are credit impaired, for which objective evidence of an impairment exists, and which also considered in default.
requires a lifetime ECL provision.
Calculation of expected credit losses
Interest income on assets in Stages 1 and 2 is recognised using the effective interest rate method on the gross carrying value of
the assets. For assets in Stage 3, interest income is recognised using the effective interest rate method on the carrying value of The expected credit loss provision is calculated using the three following inputs:
the assets net of ECL provision.
⚫ Probability of default ('PD') – the likelihood of default within a given time frame, either twelve months (for Stage 1 assets) or
Significant increase in credit risk the lifetime of a financial asset (for Stages 2 and 3 assets). PD is determined with reference to internal and external scorecards
based on customer characteristics at origination and are subsequently measured based on client behaviour;
Stage 2 includes financial assets that have had a significant increase in credit risk since initial recognition, but that do not have
⚫ Loss given default ('LGD') – the net loss in the event of a default; and
objective evidence of being credit impaired.
⚫ Expected balance at default ('EAD') – the gross value of loss in the event of a default. EAD is determined as the gross carrying
For retail credit risks, Stage 2 includes assets for which any of the following SICR indicators are present as at the reporting date, amount for drawn balances and a fraction of the available credit based on the utilisation of credit lines for undrawn balances.
that were not present at initial recognition:
The expected credit loss provision on the outstanding financial assets at the date of the Consolidated Statement of Financial
1. Obligors on watchlist status; Position is calculated by multiplying the PD (dependent on the stage of the asset) by the LGD and EAD, taking into account
the contractual period of credit risk exposure from initial recognition in the case of loans. For credit cards, where the exposure
2. Obligors on forborne performing status (i.e. forbearance with material concession);
to credit risk is not limited to the contractual period, the expected life is calculated based on the estimated life of the loan and
3. Obligors not eligible for forbearance measures based on their risk assessment; undrawn facility.
4. Facilities more than 30 days past due; and
5. Facilities with a significant increase in lifetime point-in-time forward-looking probability of default ('PD') compared to initial
recognition. This occurs if:
ECL models incorporate forward-looking information via macroeconomic forecasts and associated overlay factors produced in Non-derivative financial liabilities that are measured at fair value through profit or loss are measured at fair value with changes
accordance with the Group ECL methodology. The process is performed separately for each country of lending. Every quarter, in fair value recognised in the Consolidated Statement of Comprehensive Income. These financial instruments include financial
source macroeconomic forecasts are extracted from multiple providers including but not limited to the Bank of England, the Office liabilities initially designated as fair value through profit or loss to avoid an accounting mismatch including customer liabilities in
for National Statistics, and the European Central Bank. Forecasts are aggregated in three scenarios: respect of commodities, where the associated assets are accounted for at fair value.
⚫ Baseline Derivatives, including foreign currency swaps, precious metals swaps, and foreign currency forward contracts, are measured at
fair value through profit or loss. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and
⚫ Pessimistic/Upturn are subsequently re-measured at their fair value.
⚫ Optimistic/Downturn
Interest expense is charged to the Consolidated Statement of Comprehensive Income using the effective interest rate method.
Each scenario is assigned a weight in accordance with the relative probability of future economic condition development. Weight
assignments are selected by experts with reference to the relative severity of the source forecasts and are approved by the Group Financial liabilities are derecognised when the Group has either discharged the liability through settlement, or where it has been
Credit Risk Committee prior to incorporation into the final ECL calculation. legally released from primary responsibility for the liability by process of law or by the creditor.
The forward-looking macroeconomic variables considered in each scenario include: Reclassification of financial assets and liabilities
The Group does not reclassify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances
⚫ Real GDP
in which the Group acquires, disposes of or terminates a business line.
⚫ Inflation (accounted in GDP by using real output instead of nominal)
Offsetting of financial instruments
⚫ Unemployment
⚫ Interest rates Financial assets and liabilities are offset, and the net amount is reported in the Consolidated Statement of Financial Position when,
and only when, there is a legally enforceable right to offset the recognised amounts with an intention to settle on a net basis, or
The scenarios for each variable are compiled into a macroeconomic overlay model which translates initial PD estimates into alternatively to realise the asset and settle the corresponding liability simultaneously. Income and expenses are presented on a net
scenario-specific estimates, which are used to calculate scenario-specific ECL outputs. The scenario-specific ECL outputs are basis only when permitted by the accounting standards.
aggregated using the scenario weights to produce a final ECL estimate for each financial asset.
Hedge accounting
The expected life assumption used in the computation of ECL is selected based on the maturity of the financial asset. Financial
assets without maturities are assigned an expected life assumption based on the the contractual term of the asset or the maximum The Group elected, as a policy choice permitted under IFRS 9, to continue to apply the requirement of IAS 39 Financial Instruments:
period over which the entity is exposed to credit risk. Recognition and Measurement for the macro fair value hedges for interest rate risk.
Details on the ECL calculation approach are contained in jurisdiction specific methodologies for wholesale and retail Where derivatives are held for risk management purposes, and when transactions meet the required criteria for documentation
credit exposures. and hedge effectiveness, the Group applies fair value hedge accounting, or hedging of a net investment in a foreign operation, as
appropriate to the risks being hedged.
Modification of contractual terms
At inception, the Group formally documents how the hedging relationship meets the hedge accounting criteria. It also records the
Where the contractual terms of financial assets are renegotiated or modified and the financial asset was not derecognised, its economic relationship between the hedged item and the hedging instrument, including the nature of the risk, the risk management
gross carrying value is adjusted to reflect the new contractual cash flows discounted at the original effective interest rate with a objective and strategy for undertaking the hedge and the method that will be used to assess the effectiveness of the hedging
gain or loss recognised in the Consolidated Statement of Comprehensive Income. relationship at inception and on an ongoing basis.
Write-offs In order to qualify for hedge accounting, a hedging relationship must be expected to be highly effective on a prospective basis and
it needs to be demonstrated that it was highly effective in the previous designated period (i.e. one month). A hedge is considered
Financial assets will be written off, either partially or in full, against the related allowance once there is no realistic prospect of to be highly effective if the changes in fair value or cash flows attributable to the hedged risk are expected to be offset by the
recovery and the amount of the loss has been determined. Subsequent recovery of amounts written off are recognised against hedging instrument in a range of 80% to 125%. It is also necessary to assess, retrospectively, whether the hedge was highly
the amount of impairment losses recognised in the Consolidated Statement of Comprehensive Income. effective over the previous one-month period. The hedge accounting documentation includes the method and results of the
hedge effectiveness assessments.
Recognition and measurement of financial liabilities
Fair value hedges
Financial liabilities that are not measured at fair value through profit or loss are classified as at amortised cost. Financial liabilities
designated as at amortised cost are initially measured at fair value (net of issue costs in the case of loans and borrowings) and The Group currently only applies fair value hedging for interest rate risk. For designated and qualifying fair value hedges, the
subsequently measured at their amortised cost using the effective interest rate method. They include loans and borrowings, trade cumulative change in the fair value of a hedging derivative is recognised immediately in the Consolidated Statement of
and other payables, and customer liabilities for e-money in issue and customer deposits. Comprehensive Income as the net gain on changes in the fair value on hedging derivatives and hedged items, within other income.
In addition, the cumulative change in the fair value of the hedged item attributable to the hedged risk is recognised in the same
line item, and for hedged items that would otherwise be measured at cost or amortised cost, the carrying amount of the hedged
item is adjusted accordingly.
In these hedging relationships, the main sources of ineffectiveness are: 4.16 Investment in Commodities
⚫ the effect of the counterparty and the Group’s own credit risk on the fair value of the interest rate swaps, which is not reflected These investments represent holdings in precious metals that are held to hedge the Group’s exposure to movements in commodity
in the fair value of the hedged item attributable to the change in interest rates; prices on its customer contracts. As these investments are not held for sale in the ordinary course of business, in the process of
production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of
⚫ differences in the magnitude or timing of future expected cash flows in the hedged item and hedging instrument; and
services, they are not considered to meet the definition of inventory.
⚫ the ongoing amortisation of any existing balance sheet mismatch between the fair value of the hedged item and the hedging
instrument. Accordingly, they are classified as other current asset investments in the Consolidated Statement of Financial Position, and as they
are highly liquid assets, which are frequently traded in an active market, with an observable market price, the Group’s accounting
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges policy is to account for these investments at fair value through profit or loss. The fair value gains and losses on investments in
of interest rate risk, the fair value adjustment to the hedged item is amortised to profit or loss over the period to maturity of the commodities are recognised in revenue along with the corresponding fair value gains and losses on the associated customer
previously designated hedge relationship using the effective interest method. If the hedged item is sold or repaid, the unamortised liability (see Note 4.20).
fair value adjustment is recognised immediately in profit or loss.
4.17 Trade and Other Receivables and Payables

Hedges of net investment in foreign operation
Collateral
The Group’s net investments in foreign operations, including monetary items accounted for as part of the net investment, are
hedged for foreign currency risks using derivatives.
Where cash collateral is given, to mitigate the risk inherent in amounts due from the Group, it is included as an asset in trade and
other receivables. Cash collateral includes amounts held with our partners on a long-term basis to support customers' transaction
The effective portion of the gain or loss on the hedging instrument is being recognised directly in other comprehensive income and
volumes.
the ineffective portion being recognised immediately in profit or loss. The cumulative gain or loss recognised in other comprehensive
income is recognised in profit or loss on the disposal or partial disposal of the foreign operation, or other reductions in the Group’s
Card schemes
investment in the operation.
Card schemes include rebates due to the Group arising from credit card scheme and processing fees.
4.14 Investments in Subsidiaries
Settlement receivables and payables
Parent company investments in subsidiary undertakings are initially recognised at cost. Subsequently, investments in subsidiary
undertakings are stated at cost less provision for impairment. An investment in a subsidiary is deemed to be impaired when its Settlement receivables and payables include balances arising from timing differences in the Group’s settlement process between
carrying amount is greater than its estimated recoverable amount, and there is evidence to suggest that the impairment occurred the cash settlement of a transaction and the recognition of the associated liability (for example, customer liabilities e-money
subsequent to the initial recognition of the asset in the consolidated financial statements. All impairments are recognised in the in issue). When customers fund their e-money account using their bank account, or a credit or debit card, or sell stocks or
Consolidated Statement of Comprehensive Income as they occur. The carrying cost is reviewed at each Consolidated Statement cryptocurrencies via our trading and cryptocurrency exchange partners, there is a clearing period before the cash is received or
of Financial Position date by reference to the income that is projected to arise there from. settled. This period is usually within five business days.
When the Company acquires a Revolut investee entity transferred from another Revolut group company, the Company recognises As the Group acts as an agent on behalf of its customers on a custodian basis to buy or sell cryptocurrencies and listed company
as the cost of investment in the investee entity at the transferring entity’s book value (‘carry-over basis’) as the investee entity has shares, the Group does not recognise positions in cryptocurrencies or shares on the Consolidated Statement of Financial Position.
only moved within the Revolut group. Any difference between the consideration paid and the capital of the acquiree is reflected in
a merger reserve within equity. Trade receivables and payables
Where the Company transfers ownership of a Revolut investee entity to another Revolut group company, the disposal is treated Trade receivables are amounts owed to the Group from business partners following the provision of services on credit.
as an in-substance demerger rather than a loss of control in the scope of IFRS 10 as the investee entity has only moved within the
Revolut group. Any difference between the book value derecognised, and the consideration received is reflected in equity by the Trade payables are any unsettled expenses billed to the Group from vendors, suppliers or other third parties for services provided.
Company as a distribution made or contribution received.
Negative customer balances
4.15 Cash and Cash Equivalents Negative customer balances represent customers with overdrawn electronic money balances net of impairment loss allowances
for expected credit losses.
Cash is represented by cash in hand and deposits with central banks and financial institutions repayable without penalty on notice
of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date
of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 4.18 Inventories
In the US, e-money services are provided through partnerships with authorised credit institutions to provide the consumer Inventories are stocks of cards for new and existing users as well as card readers which are held at the Group’s fulfilment partner
protection, and the client funds and the associated customer liability are held on the statement of financial position of the relevant warehouses. Inventories are stated at the lower of cost (adjusted for loss of service potential if applicable) and net realisable value
financial institution, and therefore are not recognised on the Group’s Consolidated Statement of Financial Position. ('NRV' or replacement cost). Inventories are recognised as an expense when the card or card reader is shipped to a customer.
Cost is determined using the weighted average cost to produce, including taxes and duties and transport and handling directly 4.21 Share Capital
attributable to bringing the inventory to its present location and condition.
Ordinary shares are classified as equity. Incremental costs that are directly attributable to the issue of new ordinary shares or
At each Consolidated Statement of Financial Position date, inventories are assessed for impairment. If inventory is impaired, the options are shown in equity as a deduction, net of tax, from the proceeds.
carrying amount is reduced to its selling price less costs to complete and sell and the impairment loss is recognised immediately
in profit or loss. Where a reversal of the impairment charge is required the impairment charge is reversed, up to the original Shares held by trusts
impairment loss, and is recognised as a credit in profit or loss.
Shares in the Company that are held by the Employee Benefit Trust (‘EBT’) are treated as ‘own shares’ or treasury shares. Shares are
held and purchased by the EBT for delivery to employees under the employee incentive plans. Purchased shares are recognised
4.19 Provisions and Contingencies as a deduction from equity at the price paid for them.
Provisions
4.22 Reserves
Provisions are made where an event has taken place that gives rise for the Group to a legal or constructive obligation that probably
requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. The Group and Company reserves are as follows:
Provisions are charged as an expense in the Consolidated Statement of Comprehensive Income in the year that the Group ⚫ Merger reserve arising from the reorganisation of the Group
becomes aware of the obligation and are measured at the present value of the expenditures expected to be required to settle the
obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the ⚫ Other reserves represent the revaluation of foreign currency at the Consolidated Statement of Financial Position date,
obligation. The increase in the provision due to passage of time is recognised as an interest expense. cumulative share-based payments charges, gains and losses recognised upon corporate hedging activities, unrealised gains
and losses on financial instruments at fair value through OCI, the cost of shares held for awards granted to employees, and the
When payments are eventually made, they are recognised as a reduction in the provision carried in the Consolidated Statement impact of taxes for any of the above items
of Financial Position. ⚫ Retained earnings or accumulated deficit, as applicable, represent cumulative profits or losses, net of dividends paid to
shareholders, and any other adjustments
Contingencies
Contingent liabilities are not recognised, except those acquired in a business combination. Contingent liabilities arise as a result
of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured
reliably at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future
events not wholly within the group’s control.
Contingent liabilities are disclosed in the consolidated financial statements unless the probability of an outflow of resources
is remote.
Contingent assets are not recognised. Where an inflow of economic benefits from a contingent asset is probable, it is disclosed
in the notes to the consolidated financial statements.
4.20 Customer Liabilities
E-money in issue
The Group recognises a liability upon the issue of electronic money to its customers equal to the amount of electronic money that
has been issued.
Customer deposits
The Group recognises a liability to customers when a customer makes a deposit. This liability is initially recognised at fair value and
subsequently measured at amortised cost using the effective interest rate method.
Commodities
Customer liabilities in respect of contracts relating to the commodities offering are financial liabilities with an embedded derivative.
The Group’s accounting policy is not to separate the embedded derivative and to measure the entire instrument at fair value
through profit or loss.
Investment in subsidiaries (Company only)

5. Judgments in Applying Accounting Policies and Key Sources
of Estimation Uncertainty The carrying value of investments in subsidiaries requires management to select an appropriate discount rate and terminal growth
rate for the valuation of future cash flows in assessing each investment for impairment. The key assumptions used in making this
assessment and the sensitivity analysis of the impact of varying these assumptions are disclosed in Note 14.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances. Hedge accounting
Critical judgments in applying the Group’s accounting policies The Group’s hedge accounting policies include an element of judgment and estimation, in particular, in respect of the projected
portfolio repricing time bucket of the underlying non-maturing core customer deposits in the macro fair value hedges.
Recognition of deferred tax asset
Core deposits within the identified portfolios are allocated to repricing time buckets based on expected, rather than contractual,
The Group has substantial carried forward tax losses. Where carried forward tax losses can be utilised against future taxable repricing dates. The repricing dates are estimated at the inception of the hedge and throughout the term of the hedge, based on
profits, a deferred tax asset should only be recognised to the extent that it is probable that there will be sufficient taxable profits historical experience and other available information, including information and expectations regarding interest rates, withdrawal
against which it can be recovered. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is rates, and the interaction between them.
no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable
profits improves. The estimates are reviewed periodically and updated in the light of experience, and it will influence the availability and timing of
suitable hedged items, with an impact on the effectiveness of the hedge relationships.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable
that future taxable profits will be available against which they can be used. Additionally, for the portfolio fair value hedges of the Group’s core deposits portfolio, the Group follows a dynamic hedging
strategy, and the period for which the Group designates these hedges is only one month. At the end of every month, the Group
Management regularly evaluates whether deferred tax assets can be realised. In evaluating whether deferred tax assets can voluntarily de-designates the hedge relationships and re-designates them as new hedges. The one-month repricing time period
be realised, management considers projected future taxable income and the scheduled reversal of deferred tax liabilities. This duration is deemed to be most appropriate in order to minimise the ineffectiveness and accommodate new exposures.
evaluation requires significant management judgment, primarily with respect to projected taxable income. The future taxable
income can never be predicted with certainty. It is derived from budgets and strategic business plans but is dependent on numerous
factors, some of which are beyond management’s control. Substantial adverse variance of actual results from estimated future
taxable profits, or changes in our estimate of future taxable profits, could lead to changes in deferred tax assets being realisable,
6. Fee Income
or considered realisable, and would require a corresponding adjustment to the amount of the deferred tax asset that is recognised.
Deferred tax assets of £93.7 million were recognised as at 31 December 2022 in the UK tax group (2021: £1.8 million). Group 2022 2021
£000 £000
The Group has considered their carrying value as at 31 December 2022 and concluded that, based on management’s estimates,
Nature of fee income
sufficient taxable profits will be generated in future years to recover recognised deferred tax assets. These estimates are based
Cards and interchange 306,311 149,354
on forecast performance and take into account the continued profitability of the existing business as well as its continued growth
in 2023 and beyond. Management expects to utilise all deferred tax assets in respect of accumulated trading tax losses before Foreign exchange and wealth 269,967 348,574
the end of 2023. Subscriptions 158,701 107,268
Other 57,594 30,850

Deferred tax assets of £13.9 million (2021: £87.1 million) have not been recognised in respect of tax losses and other temporary
Total fee income 792,573 636,046
differences where the availability of future taxable profits, for some entities within the group, is uncertain. Further details about the
Group’s deferred tax assets are given in Note 11.
Type of fee income
Key accounting estimates and assumptions
Transferred at a point in time 622,651 528,082
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom Transferred over time 169,922 107,964
equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the Total fee income 792,573 636,046
carrying amounts of assets and liabilities within the next financial year are addressed below.
Share-based payments
The estimate of share-based payments costs requires management to select an appropriate valuation model and make appropriate
estimations of share forfeiture rates. Further explanation is contained in Note 27.
Remaining performance obligations

8. Other Income
Due to the nature of its commercial arrangements, the Group does not have any material remaining performance obligations
related to contracts with duration over one year.
Group 2022 2021
The Group determines the disaggregation of total fee income by major geographical area based on customer address. £000 £000
Net yield on foreign exchange derivatives 39,877 159
Net gain on changes in the fair value of hedging derivatives and hedged items 7,408 —
Geographical markets 2022 2021
Total other income 47,285 159
£000 £000
United Kingdom 237,328 195,885
Europe (excluding United Kingdom) 536,574 432,706

9. Administrative Expenses
Rest of the world 18,671 7,455
Total fee income 792,573 636,046
Group Note 2022 2021*
£000 £000
7. Interest Income and Expense Total staff costs 10 361,872 218,957

Advertising and marketing 129,295 51,599
Outsourced support 38,026 16,063
Group 2022 2021 IT and communications 30,281 17,143
£000 £000 Legal and professional costs 28,903 15,978
Interest income Premises-related costs 9,752 9,457
Cash and bank balances 24,372 14 Depreciation and amortisation expense 19 , 20 9,102 9,079
Interest accretion on financial investments 35,972 692 Impairment losses other than expected credit losses 819 7,278
Interest on loans and advances to customers 7,728 564 Other costs 59,026 34,511
Total administrative expenses 667,076 380,065
Interest income on customer funds 14,019 329
Total interest income using EIR method 82,091 1,599
Other interest income 598 127 *The presentation of staff costs has been modified, as disclosed in Note 2.3.
Total interest income 82,689 1,726
The (loss)/profit before tax of the Group are stated after charging the following individual expenses, which are to be disclosed
separately.
Interest expense
Negative interest on customer funds (15,505) (16,984)
Other borrowed funds — (3,190) Group 2022 2021**
Interest expense on lease liabilities (550) (859) £000 £000
Total interest expense using EIR method (16,055) (21,033) Research and development charged as an expense 87,954 58,720
Other interest expense (10) 7 Amortisation of intangible assets 52 176
Total interest expense (16,065) (21,026) Depreciation of property, equipment, and right-of-use assets 9,050 8,903
Inventory recognised as expense 22,294 16,156
Net interest income / (expense) 66,624 (19,300) Operating lease costs 2,711 3,062
Impairment of acquired intangible assets* and other non-financial assets 819 7,278
The incremental borrowing rate of the Group is used to calculate the initial measurement of lease liabilities at the inception of
the lease. *During 2021, Revolut Ltd acquired all the issued share capital of Global Retail Technology Limited ('Nobly') a developer of the
electronic point of sale (ePOS) system for the total consideration of £7.4 million, including £2.6 million as a non-cash element.
The Group has not treated this as a business combination; instead, it recognised acquired software and subsequently impaired
the related cost to nil due to the delays with integration of the acquired technology into the existing Group’s infrastructure.
**Operating lease costs has been restated in order to exclude the expense associated with provisions for dilapidation. *The average monthly number of employees (previously reported as 4,655) has been restated to more accurately reflect the
quantity and timing of employment status changes throughout the year ended 31 December 2021.
During the year the Group (including its overseas subsidiaries) obtained the following services from the Group’s auditors.
The increase in headcount reflects the continued investment in growth and capability throughout the business, including enhancing
the Group’s Risk, Compliance, and Control functions.
Group 2022 2021
£000 £000
10.1. Directors’ remuneration
Fees payable for the audit of the Company and Group’s financial statements 3,950 3,351
Fees payable for the audit of the Company’s subsidiaries 291 776
Group 2022 2021*
Fees payable to the Company’s auditors with respect of the prior year — 225
49 111 £000 £000

Fees payable to the Company’s auditor for other assurance services
Director emoluments 1,108 652
Share-based payments 18,621 10,361
10. Staff Costs Social security costs and other benefits 215 34
Contributions to defined contribution pension schemes 2 3
Total Directors' remuneration 19,946 11,050

Group 2022 2021*
£000 £000
Wages, salaries, and bonuses 249,581 138,775 *The amount of share-based payments expense incurred in respect of Directors (previously reported as £3.1 million) and social
security costs made to Directors (previously reported as £nil) have been restated to include additional compensation and other
payroll benefits remitted to investment vehicles controlled by Directors, which more accurately represents the aggregate value of
Social security costs 32,711 16,494
compensation fairly received or receivable by Directors.
Professional employer organisation costs 10,580 2,973
Cost of defined contribution scheme 5,687 3,733 From April 2020 until May 2021, the Non-Executive Directors agreed to forego their cash remuneration in exchange for compensation
in the form of shares in the Company. In 2022, no Directors (2021: five Directors) received compensation in the form of shares in
Staff recruitment costs 5,152 2,540
the Company.
Other staff costs 19,112 7,090
Total staff costs 361,872 218,957 During the year, one Director (2021: none) exercised share options during the year for a gain of £1.2 million (2021: £nil). See Note 27
for further details.
*Wages, salaries, and bonuses (previously reported as £136.7M), professional employer organisation costs (previously reported as
£nil), staff recruitment costs (previously reported as £nil), and other staff costs (previously reported as £nil) have been restated to Group 2022 2021*
more accurately reflect the personnel related costs incurred throughout the year ended 31 December 2021. £000 £000
Highest paid Director

The Company had £nil staff costs in the year ended 31 December 2022 (2021: £nil).
Director emoluments 100 100
The number of employees for the Group as at 31 December 2022 is 5,913 (2021: 2,795). The average monthly number of employees, Share-based payments 17,693 10,146
including the Executive Directors, during the year was as follows.
Social security costs and other benefits 13 9
Total compensation for highest paid Director 17,806 10,255
Group 2022 2021*

No. No.
*The amount of share-based payments expense incurred in respect of the highest paid Director (previously reported as £nil) has
Customer operations 1,440 648
been restated to include additional compensation remitted to investment vehicles controlled by Directors, which more accurately
Corporate functions 1,334 825 represents the aggregate value of compensation fairly received or receivable by this Director. This resulted in a change to the
Products 1,170 672 individual Director who is considered to be highest paid in aggregate; all comparative information was restated accordingly.
Sales 495 134
Regions 216 84
Executive Directors 2 2
Total average number of employees 4,657 2,365
11.3. Tax on items not recognised in profit or loss statement

11. Taxation
11.1. Income tax expense Group 2022 2021

£000 £000
Current tax (credit)/charge on:
Group 2022 2021
Share-based payments (1,249) —
£000 £000
Total current tax not recognised in consolidated statement of comprehensive income (1,249) —
UK corporation tax
Deferred tax (credit)/charge on:
Current tax at 19% (2021:19%) on the profit/ loss for the year 2,904 3,833
Share-based payments (37,550) —
Overseas tax for the year 11,499 10,702
Losses and other deductions (4,565) —
Adjustment in respect of previous years 971 138
(Gains)/losses on financial assets at fair value through OCI (3,444) —
Total current tax charge 15,374 14,673
Total deferred tax not recognised in consolidated statement of comprehensive income (45,559) —
Deferred tax
Current year credit recognised (4,251) (924) 11.4 Deferred tax
Previously unrecognised deferred tax (42,268) —
Adjustments in respect of previous periods (75) — The following tables show deferred tax recorded in the Consolidated Statement of Financial Position and changes recorded in tax
Impact of change in tax rates — (298)
(credit)/expense.
Total deferred tax/(credit) (46,594) (1,222)

The amounts are different from those disclosed on the Consolidated Statement of Financial Position as they are presented before
Total tax (credit)/expense (31,220) 13,451 offsetting asset and liability balances where there is a legal right to set-off and an intention to settle on a net basis.
11.2. Reconciliation of effective tax rate 31 December 2022
Deferred tax Deferred tax Income

The tax assessed in each year differs from the standard rate of corporation tax in the UK for the relevant year. The differences are Group OCI Equity
assets liabilities statement
explained below:
£000 £000 £000 £000 £000
Financial assets at fair value through OCI 3,444 — — 3,444 —
Group 2022 2021 Share-based payments 47,408 — 9,858 — 37,550
£000 £000 Deferred compensation 611 — 611 — —
(Loss)/profit before tax (25,418) 39,791 Fixed asset differences — (396) (157) — —
Other temporary differences 4,853 — 4,384 — —
Tax calculated at UK tax rates applicable of 19% (2021: 19%) (4,829) 7,560
Losses and other deductions 37,764 — 31,898 — 4,565
Effects of:
Total 94,080 (396) 46,594 3,444 42,115
Expenses not deductible for tax purposes 7,139 6,322
Recognition of previously unrecognised deferred tax (42,268) —
Foreign exchange 661 — 31 December 2021

Impact of changes in tax rates — (299)
Deferred tax Deferred tax Income
Group OCI Equity
Adjustments in respect of previous periods 896 138 assets liabilities statement
Differences in overseas tax rates and overseas tax credits (2,459) (3,190) £000 £000 £000 £000 £000
Tax provisions 451 — Financial assets at fair value through OCI — — — — —

Share-based payments — — — — —
Losses and other temporary difference — (4,031)
Deferred compensation — — — — —
Deferred tax not recognised 9,189 6,951
Fixed asset differences — (243) (113) — —
Total tax (credit)/expense (31,220) 13,451
Other temporary differences 482 — 190 — —
Losses and other deductions 1,301 — 1,145 — —
Total 1,783 (243) 1,222 — —
Reconciliation of deferred tax asset The UK tax losses do not have a time period by which they will expire.
Lithuania
Group 2022 2021
The Group continues to recognise Lithuanian deferred tax assets of £4.9 million, including on carried forward losses, fair value
£000 £000
movements on securities and derivative financial instruments, based on their value at 31 December 2022. These are measured at
Net deferred tax asset/(liability) as at 1 January 2022 1,540 326
the statutory Lithuanian corporate tax rate of 20%.
Adjustments in respect of previous periods (9) —
Deferred tax (expense)/credit recognised in profit or loss 46,594 1,214 The Lithuanian tax losses do not have a time period by which they will expire.
Deferred tax (charge)/credit recognised in OCI 3,444 —
Deferred tax (charge)/credit recognised directly in equity 42,115 —

12. Cash and Cash Equivalents
Net deferred tax asset/(liability) at 31 December 2022 93,684 1,540
Group 31 December 2022 31 December 2021

Unrecognised deferred tax asset £000 £000
Own cash and cash equivalents 6,844,860 1,372,727

Restricted cash held at central banks and other banks in respect of customers 3,593,408 5,479,883
Group 2022 2021
Restricted term deposits held in respect of customers classified as cash equivalents 142,151 —
£000 £000
Term deposits classified as cash equivalents 599 199,999
Revaluations of financial assets at fair value through OCI — 64
Total cash and cash equivalents 10,581,018 7,052,609
Share-based payments 321 43,400
Social security and other employment costs 44 260
Accelerated depreciation for tax purposes 7 842
The Company does not have any cash and cash equivalents as at 31 December 2022 (2021: £nil).
Other temporary differences 71 2,182
Losses available for offsetting against future taxable income 13,481 40,362 Own cash and cash equivalents represent the Group’s own funds held for liquidity requirements, including cash from customer
Unrecognised deferred tax asset/(liability) at 31 December 2022 13,924 87,110 deposits, and its own operating cash balances for general corporate purposes.
Restricted cash held at central banks and other banks and term deposits held in respect of customers includes safeguarded
The Company recognised a deferred tax asset as at 31 December 2022 of less than £0.1 million (2021: £nil). funds related to the Group’s regulated e-money services. In the UK, client funds with respect to e-money services are held in
segregated accounts with authorised credit institutions as part of the Group’s safeguarding policy. In other jurisdictions the funds
Factors that may affect future tax changes are held separately from the Group’s own cash resources and are safeguarded through the provision of a bank guarantee from a
third-party authorised credit institution.
The main rate of corporation tax in the UK has been 19% since 1 April 2017. Neither the Company nor the Group is subject to the
UK banking surcharge. The Group has decided to safeguard a portion of the funds in respect of customers in the form of bonds which are disclosed in
Note 13.
On 24 May 2021, the date of substantive enactment, an increase in the UK corporation tax rate from 19% to 25% will be applicable
from 1 April 2023. On 14 October 2022, and again on 17 November 2022 in the Chancellor's Autumn Statement, the UK Government Not included in restricted cash held at central banks and other banks in respect of customers are balances related to the provision
reiterated this. of e-money services in the US. These services are provided through partnerships with authorised credit institutions to provide
consumer protection. In this arrangement, the client funds and the associated customer liability are not recognised on the Group’s
Recognition of deferred tax asset and tax losses carried forward Consolidated Statement of Financial Position and rather are held on the statement of financial position of the relevant partnership
credit institution. There is no material impairment recognised on the carrying value of cash and cash equivalents as amounts
UK placed are with institutions rated BB+ or above and have immaterial probability of default.
The Group has recognised UK deferred tax assets of £88.7 million, including on carried forward losses and share based payments
in the period for the first time, based on their value at 31 December 2022. In assessing the probability of recovery, the Group has
relied upon a recent history of UK taxable profits, together with the Group’s three-year plan that has been used for the Going
Concern assessment, and which demonstates positive profit forecasts throughout the remainder of the forecast period.
Those UK deferred tax assets and liabilities, which are expected to unwind after 1 April 2023, have been measured in the current
reporting period based on the increased UK corporation tax rate (25%, time apportioned where required) and reflected accordingly
in the Consolidated Statement of Comprehensive Income and Consolidated Statement of Changes in Equity, as this is the rate that
has been substantively enacted as at 31 December 2022.
The Directors consider the carrying value of the Company’s investments to be supported by either the net assets or net present
13. Treasury Investments value of future cash flows and therefore there was no impairment within the Company for the year ended 31 December 2022 (2021:
£0.54 million).
Group Note 31 December 2022 31 December 2021 The list of subsidiary undertakings of the Group as at 31 December 2022 is set out below. All trading subsidiary undertakings are
£000 £000 included in the consolidation.
Financial assets measured at FVOCI Source of funds

Restricted cash held
Effective
at central banks and Class of
Government bonds - held to collect and sell 28.2 1,712,292 1,236,481 Company Principal activity Registered address interest
other banks in respect share
held
of customers
Dormant at
Financial assets measured at amortised cost Revolut NewCo UK Ltd Ordinary 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100%
reporting date
Bonds with government and financial institutions
Own funds 28.3 982,367 — Technology
– held to collect
Revolut Ltd Ordinary services, financial 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100%
Total treasury investments 2,694,659 1,236,481 Services
Revolut Holdings
Ordinary Holding company 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100%
International Ltd
The Company does not have any treasury investments as at 31 December 2022 (2021: £nil). 1209 Orange Street, Wilmington DE, 19801
Revolut Holdings US Inc. Ordinary Holding company 100%
County of New Castle, Delaware
Government bonds — held to collect and sell — represent holdings in investment in High Quality Liquid Assets ('HQLA'). These
Revolut FIC Ltd (formerly Dormant at
investments are accounted for at fair value through other comprehensive income ('FVOCI'). Restricted bonds held in respect of Ordinary 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100%
Revolut Digital Assets Ltd) reporting date
customers represent safeguarded funds related to the Group’s regulated e-money services.
1209 Orange Street, Wilmington DE, 19801
Revolut Technologies Inc* Ordinary Payment services 100%
County of New Castle, Delaware
During 2022, a portfolio of held to maturity debt securities were purchased using own funds. These debt securities are held at
Broker-dealer for 1209 Orange Street, Wilmington DE, 19801
amortised cost, owing to the way that the portfolio is managed, and in particular management’s intention to not trade these bonds Revolut Securities Inc.* Ordinary 100%
trading services County of New Castle, Delaware
but hold these bonds until maturity.
Revolut Technologies Dormant at
Ordinary 125047, Moscow, Butyrskiy Val street, bld. 10, office 05-155 Total 100%
Russia LLC* reporting date
14. Investments in Subsidiaries Revolut Technologies

Poland Sp z o.o*
Ordinary
Currently in
liquidation
Konfederacka 23/1 30-306 Kraków-Podgórze 100%
Revolut Technologies Dormant at 13/F, Gloucester Tower, The Landmark, 15 Queen's Road Central, Central,
Ordinary 100%
Limited* reporting date Hong Kong
Company £000
Revolut Technologies Software
Cost or valuation Ordinary Ukraine, 03038, Kyiv city, Mykola Hrinchenko str., Building 4 100%
Ukraine LLC* development
At 1 January 2021 —
RT Digital Securities Cyprus
Additions — Ordinary Non-operational Pikioni, 10 Flat/Office 5, 3075, Limassol, Cyprus 100%
Ltd*
At 31 December 2021 — Security dealing
Revolut Trading Ltd* Ordinary 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100%
Additions 14,165 activities
Reorganisation 1,299,523 Revolut Trading Nominees Dormant at

Ordinary 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100%
Ltd* reporting date
At 31 December 2022 1,313,688
Global Retail Technology Software The Corporation Trust Company 1209 Orange Street Wilmington, DE
Ordinary 100%
LLC* development 19801
Net book value
Global Retail Technology Software
At 31 December 2022 1,313,688 Ordinary 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100%
Limited* development
At 31 December 2021 —
Dormant at
Revolut Technologies S.A.* Ordinary 19 rue du Bitbourg 1273 Luxembourg 100%
reporting date
Revolut Operations India Business 912, Sureshwari Techno IT Park, Village Eskar, Link Road, Borivali West,
The increase in investments in subsidiaries was due to a group reorganisation which took place during the year, as set out in Note Ordinary 100%
Private Limited* Development Mumbai, Mumbai City, Maharashtra, India, 400092
2.1, following which Revolut Group Holdings Ltd became the new ultimate parent of the Group. When the Company’s investments in
Dormant at
subsidiary companies are not supported by their net assets, the Company assesses the net present value of the future cash flows Ultimately Limited* Ordinary Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands 100%
reporting date
of the subsidiary. Where this occurs, management forecasts of the subsidiaries' financial performance are extrapolated to produce
a terminal value. Financial performance over the first five years are consistent with the forecasts prepared by management. Terminal Revolut Holdings Europe
Ordinary Holding company Konstitucijos ave. 21B, Vilnius, LT-08130 100%
values are calculated from the year five cash flows with a 3% terminal growth rate applied. UAB*
Security dealing * Held indirectly

Revolut Securities UAB* Ordinary Konstitucijos ave. 21B, Vilnius, LT-08130 100%
activities
The following entities were struck off during 2022:
Revolut Insurance Europe Insurance
Ordinary Konstitucijos ave. 21B, Vilnius, LT-08130 100%
UAB* Intermediary
Revolut Bank UAB* ⚫ Revolut Holdings Europe Limited — non-operating holding company. Registered address: Matheson, 70 Sir John Rogerson's
(formerly Revolut Deposits Quay, Dublin 2, Ireland
Technologies UAB and Ordinary acceptance and Konstitucijos ave. 21B, Vilnius, LT-08130 100%
⚫ Revolut Securities Europe Limited — non-operating. Registered address: Matheson, 70 Sir John Rogerson's Quay, Dublin 2,
merged with Revolut consumer lending
Ireland
Payments UAB)
Insurance ⚫ Revolut Payments Ireland Limited — non-operating. Registered address: Matheson, 70 Sir John Rogerson's Quay, Dublin 2,
Revolut Travel Ltd Ordinary 7 Westferry Circus, Canary Wharf, London, England, E14 4HD 100% Ireland
Intermediary
Revolut Australia NOHC
Ordinary Holding company Level 8, 222 Exhibition Street, Melbourne VIC 3000 100%
Pty Ltd* Global Retail Technologies Limited, which is 100% owned by the Group, is not subject to an audit by virtue of s479A of the
Revolut Payments Australia Companies Act 2006 relating to subsidiary companies.
Ordinary Financial services Level 8, 222 Exhibition Street, Melbourne VIC 3000 100%
Pty Ltd*
Branches
Revolut Payments New Dormant at
Ordinary Level 8, 222 Exhibition Street, Melbourne VIC 3000 100%
Zealand Pty Ltd* reporting date
Revolut Ltd conducts business through branches in Ireland, Germany, Lithuania, Poland, Portugal, Romania and France. The
Payments
following branches were in existence as at 31 December 2022:
services, e-money
Revolut Technologies
Ordinary issuance and 30 Cecil Street, #19-08, Prudential Tower, S049712 100%
Singapore Pte. Ltd*
insurance ⚫ Revolut Ltd (Sp z o.o.) Oddzial w Polsce. Registered address: Podium Park, Jana Pawła, 43a, Krakow, 31-864, Polska
brokerage
⚫ Revolut Ltd - Sucursal em Portugal. Registered address: Avenida Menéres 612, 4450-189 Matosinho, Portugal
Revolut Securities
Ordinary Trading services 30 Cecil Street, #19-08, Prudential Tower, 049712 100% ⚫ Revolut Ltd filialas. Registered address: Konstitucijos ave. 21B, Vilnius, LT-08130
Singapore Pte. Ltd.*
Dormant at Suite 2300, Bentall 5, 550 Burrard Street ⚫ Revolut Ltd Zweigniederlassung Deutschland. Registered address: Friedrichstrasse 76, c/o WeWork, 10117 Berlin, Germany
Revolut Technologies Ltd* Ordinary 100%
reporting date Vancouver, British Columbia V6C 2B5
⚫ Revolut Ltd Londra Sucursala Bucuresti. Registered address: Bucuresti Sectorul 2, Bulevardul Dimitrie Pompeiu, Nr. 5-7, Corp
Revolut Payments India Business 1B - 1003, Parinee Crescenzo G Block BKC, Bandra Kurla Comple, Bandra
Ordinary 100% B, Birou 229A, Cladirea Hermes Business Campus, Etaj 2
Private Limited* Development East Mubai, Maharashtra MH400051
Arvog Forex Private Foreign exchange
⚫ Revolut Ltd succursale de France. Registered address: Patchwork SAS, 3 rue de Stockholm, 75008 Paris
Ordinary A/7 BHARAT NAGARGRANT ROAD MUMBAI MH 400007 IN 99.99%
Limited* trading ⚫ Revolut Ltd (Irish Branch). Registered address: Dublin landings, North dock, Dublin 1, Ireland
Payments
services, e-money
Revolut Technologies Room number ("3F, 310"), 106-0032 ARK Hills South Tower, 1-4-5 Revolut Bank UAB conducts business through branches in France, Ireland, Hungary, Poland, Italy, Portugal, Belgium, Germany,
Ordinary issuance and 100%
Japan, Inc.* Roppongi, Minato-ku, Tokyo 106-0032 Spain and the Netherlands. The following branches were in existence as at 31 December 2022:
insurance
brokerage
⚫ Revolut France succursale de Revolut Bank UAB (French Branch). Registered address: 3 Rue de Stockholm (Patchwork) Saint
Licence
Lazare, 75008, Paris France
Revolut Securities Japan, application in Room number ("3F, 310"), 106-0032 ARK Hills South Tower, 1-4-5
Ordinary 100%
Inc* progress for Roppongi, Minato-ku, Tokyo 106-0032 ⚫ Revolut Bank UAB (Netherlands Branch). Registered address: Barbara Strozzilaan 201, 1083HN Amsterdam, Netherlands
trading services
⚫ Revolut Bank UAB (Sp z o.o.) Oddział w Polsce (Polish Branch). Registered address: Podium Park, Jana Pawła, 43a, Kraków, 31-
Revolut Holdings Mx SA Avenida Paseo de las Palmas 405, Int. 1702 Miguel Hidalgo, Lomas de
Ordinary Holding company 100% 864, Polska
de CV* Chapultepec, 11000, Ciudad de Mexico
Revolut de Mexico SA de Business Avenida Paseo de las Palmas 405, Int. 1702, Miguel Hidalgo, Lomas de ⚫ Revolut Bank UAB - Sucursal em Portugal (Portugal Branch). Registered address: Sitio, Rua do Campo Alegre, 774 Distrito: Porto
Ordinary 100%
CV* Development Chapultepec, 11000, Ciudad de Mexico Concelho: Porto Freguesia: Lordelo do Ouro e Massarelos 4150 171 Porto
Revolut Servicios a la ⚫ Revolut Bank UAB Magyarországi Fióktelepe (Hungarian Branch). Registered address - 1137 Budapest, Radnóti Miklós utca 2.,
Technology Avenida Paseo de las Palmas 405, Int. 1702, Miguel Hidalgo, Lomas de
Tecnologia Mexico SA de Ordinary 100% Hungary
services Chapultepec, 11000, Ciudad de Mexico
CV
⚫ Revolut Bank UAB (Irish Branch). Registered address: 2 Dublin landings, North dock, Dublin 1, Ireland
Revolut Tecnologia Brasil Business Rua Manoel da Nóbrega, 1280, 10th floor, Paraíso, São Paulo – SP, CEP
Ordinary 100%
LTDA* Development 04001-902 ⚫ Revolut Bank UAB (Belgian Branch). Registered address: Avenue Louise 65, 1050 Ixelles, Louise Centre, Stephanie Square
Centre
⚫ Revolut Bank UAB (Italian Branch). Registered address: Via Arcivescovo Calabiana 6, 20139 Milan, Italy
RT Digital Securities Cyprus Ltd conducts business through an Italian branch; registered address: Piazza Santa Maria delle Grazie
1, 20122, Milan (MI), Italy.
16. Trade and Other Receivables
Additional branches were incorporated as from 1 January 2023:

Group 31 December 2022 31 December 2021*
£000 £000
⚫ Revolut Bank UAB, Zweigniederlassung Deutschland (German Branch). Registered address: Gontardstraße 11, 10178 Berlin,
Amounts falling due within one year
Germany
Financial assets:
⚫ Revolut Bank UAB Sucursal En España (Spanish Branch). Registered address: C/ Serrano 20 - Cloudworks Madrid, 28001
Cash collateral 93,120 6,550
Madrid, Spain
Amounts due from card schemes 47,166 76,098
⚫ Revolut Bank UAB Vilnius Sucursala Bucuresti (Romanian Branch). Registered address: Bucureşti Sectorul 1, Bulevardul ION
Amounts recoverable on card scheme contracts** 21,714 21,488
MIHALACHE, Nr. 15-17, Mindspace Victoriei, biroul 111, cladirea Tower Center International, Etaj 1, Romania
Settlement receivables 59,534 64,741
Trade receivables 24,849 5,409
One branch was deregistered as of as of 29 June 2023:
Negative customer balances 7,120 3,105
Other deposits with government institutions 5,658 —
⚫ Revolut Bank UAB (Sp z o.o.) Oddział w Polsce (Polish Branch). Registered address: Podium Park, al. Jana Pawła II, 43a, Kraków,
Other receivables 28,007 21,359
31-864, Poland
Total financial assets 287,168 198,750
15. Investment in Commodities Non-financial assets:

Prepayments and accrued income 20,141 4,794
Other non-financial assets*** 34,250 3,336
Group 31 December 2022 31 December 2021 Total non-financial assets 54,391 8,130
£000 £000 Total trade and other receivables 341,559 206,880
Commodities 94,221 66,356
Total investment in commodities 94,221 66,356

*The presentation of trade and other receivables has been modified, as disclosed in Note 2.3.
** Amounts recoverable on card scheme contracts represents collateral held with our partners for the settlement process.
*** Other non-financial assets primarily represent payroll prefunding and capitalised costs incurred to obtain customer contracts.
The Company does not have any investment in commodities as at 31 December 2022 (2021: £nil).
The Company recognises amounts owed by group undertakings of £0.2 million as at 31 December 2022 (2021: £nil).
Investment in commodities represent holdings in precious metals that are held to hedge the Group’s exposure to commodity price
risk on its customer liabilities related to precious metals. These investments are accounted for at fair value through profit or loss.
Capitalised costs
During the year, the Group capitalised £27.6 million (2021: £19.1 million) as costs to obtain customer contracts, determined based on
referral campaign rewards paid for new customer sign-ups less rebates received from vendors. Of the total capitalised cost, £9.2
million was released in 2022 (2021: £2.4 million). The capitalised cost is amortised over three years which reflects management's
estimate of the average life of a customer contract based on historical customer retention data. There were £0.8 million impairment
losses recognised on the capitalised costs in 2022 (2021: £nil).
The Group does not recognise any contract assets as at 31 December 2022 (2021: £nil).
Management assesses that the carrying amounts of debtors approximate their fair values.
Notes to the Consolidated Financial Statements 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Notes to the Consolidated Financial Statements 16 17 18 19 20 21 22 23 24 25 26 27 28 29
17. Loans and Advances to Customers 19. Property, Equipment and Right-of-use Assets
Group 31 December 2022 31 December 2021 Group Fixtures & Office Computer Right-of-use Total
£000 £000 fittings equipment equipment assets
Consumer loans 194,663 14,865

£000 £000 £000 £000 £000
Credit card 14,589 3,322
Cost
Less: loss allowance (5,672) (371)
At 1 January 2021 11,871 1,695 6,558 28,542 48,666
Net loans and advance to customers 203,580 17,816
Additions 108 79 1,497 302 1,986
Disposals and derecognition — — — (6,677) (6,677)
Analysed into:
Foreign exchange movements (136) (272) (145) (246) (799)
Non-current assets 134,567 12,946
At 31 December 2021 11,843 1,502 7,910 21,921 43,176
Current assets 69,013 4,870
Net loans and advance to customers 203,580 17,816
At 1 January 2022 11,843 1,502 7,910 21,921 43,176
Additions 78 — 4,303 747 5,128
The Company does not have any loans and advances to customers as at 31 December 2022 (2021: £nil). Disposals and derecognition — (69) — (1,574) (1,643)
Foreign exchange movements 195 11 461 132 799
At 31 December 2022 12,116 1,444 12,674 21,226 47,460
18. Inventories
Accumulated depreciation and impairment losses
At 1 January 2021 (1,702) (440) (2,977) (6,049) (11,168)
Charge for the year (1,188) (351) (2,196) (5,168) (8,903)
£000 £000
Disposals and derecognition — — — 1,733 1,733
Inventory — cards, packaging & other 17,838 7,396
Foreign exchange movements 8 80 90 112 290
Inventory — card readers 766 —
At 31 December 2021 (2,882) (711) (5,083) (9,372) (18,048)
Total inventories 18,604 7,396
At 1 January 2022 (2,882) (711) (5,083) (9,372) (18,048)
Inventories comprise cards (including prepaid, credit and debit cards), packaging and card readers not yet distributed to customers. Charge for the year (1,196) (369) (2,368) (5,117) (9,050)
The difference between purchase price of inventories and their replacement cost is not material. The use of inventory recognised Disposals and derecognition — — — 1,574 1,574
in fee expense during the year was £22.3 million (2021: £16.3 million). Foreign exchange movements (80) 29 20 35 4
At 31 December 2022 (4,158) (1,051) (7,431) (12,880) (25,520)
There were £0.2 million of losses recognised in cost of sales during the year in respect of obsolete inventory (2021: £nil).
The Company does not have any inventories as at 31 December 2022 (2021: £nil). Carrying value
At 31 December 2022 7,958 393 5,243 8,346 21,940
At 31 December 2021 8,961 791 2,827 12,549 25,128
At 1 January 2021 10,169 1,255 3,581 22,493 37,498
The Company does not have any property, equipment, or right-of-use assets as at 31 December 2022 (2021: £nil).
Right-of-use assets primarily represent leases for office locations.
20. Intangible Assets 22. Trade and Other Payables
Group Purchased software Goodwill Total Group 31 December 2022 31 December 2021
£000 £000 £000 £000 £000
Cost Accruals 64,256 71,633
At 1 January 2021 601 — 601 Contract liabilities 33,243 22,449
Additions 7,736 — 7,736 Settlement payables 59,628 30,312
At 31 December 2021 8,337 — 8,337 Trade payables 7,263 6,441
Other taxation and social security 10,691 12,002
At 1 January 2022 8,337 — 8,337 Other creditors 8,003 22,411
Additions 38 2,003 2,041 Total trade and other payables 183,084 165,248
Disposals (510) — (510)
At 31 December 2022 7,865 2,003 9,868
The contract liabilities balance recognised at the beginning of each period is fully released into fee revenue during the year, as
these liabilities have a duration of less than one year.
Accumulated amortisation and impairment losses
At 1 January 2021 (190) — (190) The Company recognises an obligation to the Employee Benefit Trust of £0.9 million as at 31 December 2022 (2021: £nil).
Charge for the year (7,426) — (7,426)
At 31 December 2021 (7,616) — (7,616)
23. Provisions for Liabilities
At 1 January 2022 (7,616) — (7,616)
Charge for the year (52) — (52)
Group £000
Disposals 305 — 305
At 1 January 2021 1,788
Foreign exchange movements (1) — (1)
At 31 December 2022 (7,364) — (7,364) Provided during the year 24
At 31 December 2021 1,812
Carrying amount
At 31 December 2022 501 2,003 2,504 At 1 January 2022 1,812
At 31 December 2021 721 — 721 Provided during the year 14,502
At 1 January 2021 411 — 411 Other movements —
At 31 December 2022 16,314

The Company does not have any intangible assets as at 31 December 2022 (2021: £nil).
Provisions recognised by the Group includes the provision for settlement of the VAT liability with HMRC as well as the property
21. Customer Liabilities dilapidation provision for leased office locations. The property dilapidation provision is based on management's best estimate for
the leases to which the Group is party. Uncertainty associated with these factors may result in the ultimate liability being different
from the reported provision. Dilapidation provisions are expected to be utilised within one to five years.
£000 £000 The Company does not have any provision for liabilities as at 31 December 2022 (2021: £nil).
Customer liabilities in respect of deposits 7,144,858 583,845
E-money in issue 5,411,555 6,711,889
Customer liabilities in respect of commodities 94,484 65,462
Customer liabilities before changes in fair value 12,650,897 7,361,196
Changes in the fair value of hedged liabilities in portfolio hedges of interest rate risk (57,709) —
Total customer liabilities 12,593,188 7,361,196
The Company does not have any customer liabilities as at 31 December 2022 (2021: £nil).
24. Loans and Borrowings 1 Jan Shares Shares

Share
31 Dec Shares Shares
Share
31 Dec
options options
2021 issued converted 2021 issued converted 2022
exercised exercised
Group 31 December 2022 31 December 2021 000s 000s 000s 000s 000s 000s 000s 000s 000s
£000 £000 ordinary

13,828 — 18,150 283 32,261 — — 81 32,342
shares
Secured — —
ordinary
Unsecured 36 122 18,052 — (18,052) — — — — — —
shares A
Total loans and borrowings 36 122
ordinary
6,085 — (41) — 6,044 — — — 6,044
shares D
Analysed into: ordinary
4,834 — (5) — 4,829 — — — 4,829
Non-current liabilities — — shares E
Current liabilities 36 122 ordinary

— 1,312 384 — 1,696 — — — 1,696
shares F
Total loans and borrowings 36 122
ordinary
— 1,783 (12) — 1,771 — — — 1,771
shares G
The Company does not have any loans and borrowings as at 31 December 2022 (2021: £nil). ordinary
— 12,934 (426) — 12,508 — — — 12,508
shares H
Total 42,799 16,029 (2) 283 59,109 — — 81 59,190
25. Share Capital

All shares have a nominal value of £0.0000001 each. The G Shares and H Shares were issued to fulfil the Group’s growth shares
scheme.
Group and Company 31 December 2022 31 December 2021
£ £
On 31 January 2023, the share capital of the Company was reduced by reducing the nominal value of each share of each class of
Allotted, called up and fully paid the Company's shares from £0.0000001 to £0.00000001.
32,342,358 (2021: 32,330,225) ordinary shares 3.23 3.23
6,044,294 (2021: 6,044,294) ordinary shares D 0.60 0.60 Rights attaching to the shares – Income
4,828,923 (2021: 4,828,923) ordinary shares E 0.48 0.48

All Eligible Shares (all shares in the capital of the Company except for G Shares and H Shares) shall rank pari passu in respect of
1,695,374 (2021: 1,695,374) ordinary shares F 0.17 0.17
dividends and dividends shall be paid to the Eligible Shareholders pro rata according to the number of Eligible Shares held by each
1,770,754 (2021: 1,770,754) ordinary shares G 0.18 0.18 Eligible Shareholder respectively. The G Shares and H Shares shall not confer any rights to participate in dividends.
12,508,401 (2021: 12,508,401) ordinary shares H 1.25 1.25
Total share capital 5.91 5.91 Rights attaching to the shares - Capital
On a return of capital, on a liquidation, reduction of capital or otherwise (including following an Asset Sale), the surplus assets of
the Company remaining after payment of its liabilities:
First, (i) £1 in aggregate to the holders of G Shares (as a class), (ii) £1 in aggregate to the holders of H Shares (as a class) and (iii)
£1 in aggregate to the holders of Deferred Shares (as a class), in each case on a pro rata basis; and
Secondly, pro rata to the holders of Ordinary Shares and Ordinary Series Shares according to the number of Shares held by each
Shareholder respectively (in the case of the Ordinary Series Shares (the Ordinary D, Ordinary E and Ordinary F Shares), as though
they had been fully converted into Ordinary Shares, which shall apply, mutatis mutandis).
In the event of a Sale, the proceeds of such Sale (net of any costs associated with such Sale) ('Net Sale Proceeds') shall, save in
respect of any Shares not sold in connection with that Sale, be distributed between the Shareholders as follows:
First, to each Ordinary F Shareholder, in priority to all other Shareholders, an amount equal to the Subscription Price for each
Ordinary F Share held (as if the Ordinary F Shares constituted the same class of Shares) plus any arrears or accruals of dividend
(if any) on the Ordinary F Shares (as the case may be) due or declared but unpaid down to the date of the proceeds of such Sale
being returned, provided that if there are insufficient Net Sale Proceeds to pay such amounts to all Ordinary F Shareholders, in
full, the available Net Sale Proceeds shall be distributed to the Ordinary F Shareholders in proportion to the Subscription Price of
the Ordinary F Shares held by them and arrears or accruals of dividend due to them respectively;
Second, to each Ordinary D/E Shareholder, in priority to all other Shareholders other than Ordinary F Shareholders, an amount Rights attaching to the shares - Conversion of Ordinary E Shares
equal to:
All of the fully paid Ordinary E Shares then in issue shall automatically be converted into and re-designated as Ordinary Shares at
1. the Subscription Price for each Ordinary D/E Share held (as if the Ordinary D/E Shares constituted the same class of Shares) the Conversion Rate immediately upon the request in writing of the relevant majority or the occurrence of a Listing.
plus
Rights attaching to the shares - Conversion of Ordinary F Shares
2. any arrears or accruals of dividend (if any) on the Ordinary D/E Shares (as the case may be) due or declared but unpaid down
to the date of the proceeds of such Sale being returned, provided that All of the fully paid Ordinary F Shares then in issue shall automatically be converted into and re-designated as Ordinary Shares at
3. if there are insufficient Net Sale Proceeds to pay such amounts to all Ordinary D/E Shareholders, in full, the available Net Sale the Conversion Rate immediately upon the request in writing of the relevant majority or the occurrence of a Listing.
Proceeds shall be distributed to the Ordinary D/E Shareholders in proportion to the Subscription Price of the Ordinary D/E
Shares held by them and arrears or accruals of dividend due to them respectively ((i) and (ii), or (iii), as the case may be, being Rights attaching to the shares - Conversion of G Shares
the 'Price Protection Proceeds');
Unless otherwise determined by the Board at any time prior thereto, all of the fully paid G Shares then in issue shall automatically
be converted into and re-designated as Ordinary Shares immediately upon the occurrence of a Listing.
Third, to each Ordinary Shareholder including any Ordinary Shares arising from conversion of the Ordinary Series Shares, and
Vested In-The-Money H Shareholder in proportion to the number of Ordinary Shares and Vested In-The-Money H Shares held by Rights attaching to the shares - Conversion of H Shares
them, respectively, as if such Ordinary Shares, and Vested In-The-Money H Shares constituted the same class of Shares up to
such amount of the remaining Net Sale Proceeds as is less than or equal to the First Hurdle Amount; Unless otherwise determined by the Board at any time prior thereto, all of the fully paid H Shares then in issue shall automatically
be converted into and re-designated as Ordinary Shares immediately upon the occurrence of a Listing.
Fourth, any amount of the Net Sale Proceeds which exceeds the First Hurdle Amount and is less than or equal to the Second
Hurdle Amount (for the avoidance of doubt, if there is no Second Hurdle Amount, this paragraph shall not apply, and instead The Board shall, in such circumstances as are stated in any particular Award Letter pursuant to which H Shares have been awarded
paragraph immediately below shall apply) shall be distributed among the Ordinary Shareholders (including any Ordinary Shares (and subsequently subscribed for or the beneficial interest therein acquired), have the right to determine that the H Shares (or
arising from conversion of the Ordinary Series Shares), the Vested G First Hurdle Shareholders and the Vested In-The-Money H relevant number thereof) held by an H Shareholder (and/or his Permitted Transferees, if applicable) shall convert into Deferred
Shareholders in the proportion that the aggregate number of Ordinary Shares, Vested G First Hurdle Shares and Vested In-The- Shares (on the basis of one Deferred Share for each applicable H Share). Upon such conversion into Deferred Shares, which
Money H Shares held by each holder bears to all of the Ordinary Shares, Vested G First Hurdle Shares and Vested In-The-Money shall take place on the date of the Board’s determination (the 'H Share Conversion Date'), the Company shall be entitled to enter
H Shares then in issue; the H Shareholder (and/or his Permitted Transferees, if applicable) on the register of members of the Company as the holder
of the appropriate number of Deferred Shares as from the H Share Conversion Date. Upon the H Share Conversion Date, the
Then, the following step to be applied for each Nth Hurdle Amount which has been set in respect of the tranche of G Shares, starting H Shareholder (and/or his Permitted Transferees, if applicable) shall deliver to the Company at its registered office the shares
with the Second Hurdle Amount (if any): any amount of the Net Sale Proceeds which exceeds the Nth Hurdle Amount and is less certificate(s) (to the extent not already in the possession of the Company) or an indemnity for lost certificate in a form acceptable
than or equal to the N+1th Hurdle Amount shall be distributed among the Ordinary Shareholders (including any Ordinary Shares to the Board for the H Shares so converting, and upon such delivery the Company shall be entitled to either (a) effect a transfer
arising from conversion of the Ordinary Series Shares), Vested G First Hurdle Shareholders to Vested G Nth Hurdle Shareholders from the relevant H Shareholder to the Employee Trustee of all such Deferred Shares in consideration for an aggregate sum of one
(inclusive), and Vested In-The-Money H Shareholders in the proportion that the aggregate number of Ordinary Shares, Vested G penny and, upon such transfer becoming effective the relevant Deferred Shares shall be automatically re-designated as H Shares
First Hurdle Shares to Vested G Nth Hurdle Shares, and Vested In-The-Money H Shares held by each holder bears to all of the shall apply mutatis mutandis to such transfer); or (b) issue to such H Shareholders (and/or their Permitted Transferees, if applicable)
Ordinary Shares, Vested G First Hurdle Shares to Vested G Nth Hurdle Shares, and Vested In-The-Money H Shares then in issue; share certificate(s) for the number of Deferred Shares resulting from the relevant conversion and any remaining H Shares.
Next, any amount of the Net Sale Proceeds which exceeds the Maximum Hurdle Amount (which, for the avoidance of doubt, shall Rights attaching to the shares - Conversion of Deferred Shares
be the First Hurdle Amount if no other Hurdle Amounts have been set) shall be distributed among the Ordinary Shareholders
(including any Ordinary Shares arising from conversion of the Ordinary Series Shares), Vested G Shareholders and Vested In-The- Unless otherwise determined by the Board at any time prior thereto, all of the Deferred Shares then in issue shall automatically be
Money H Shareholders in the proportion that the aggregate number of Ordinary Shares, Vested G Shares, and Vested In-The- converted into and re-designated as Ordinary Shares immediately upon the occurrence of a Listing.
Money H Shares held by each holder bears to all of the Ordinary Shares, Vested G Shares, and Vested In-The-Money H Shares
then in issue; and finally, nothing, unless the holders of each Ordinary Share (including any Ordinary Shares arising from conversion Rights attaching to the shares - Votes in general meeting and written resolutions
of the Ordinary Series Shares), Vested G Share, and Vested In-The-Money H Share receive proceeds of £1,000,000 or more per
share, in which case the holders of the Deferred Shares (as a class) shall be entitled to receive £1 in aggregate, on a pro rata basis. The Ordinary Series Shares shall confer on each holder of Ordinary Series Shares the right to receive notice of and to attend, speak
and vote at all general meetings of the Company and to receive and vote on proposed written resolutions of the Company.
Rights attaching to the shares - Conversion of Ordinary Series Shares
The Ordinary Shares shall confer on each holder of Ordinary Shares the right to receive notice of and to attend, speak and vote at
Immediately on the request in writing, at any time, by an Ordinary Series Shareholder, such number of his Ordinary Series Shares all general meetings of the Company and to receive and vote on proposed written resolutions of the Company.
as such Ordinary Series Shareholder shall specify on the date of such request shall automatically be converted into and re-
designated as Ordinary Shares at the rate of one Ordinary Share for every Ordinary Series Share (as adjusted from time to time as The G Shares and H Shares shall not entitle the holders of them to receive notice of, to attend, to speak or to vote at any general
provided herein, the 'Conversion Rate'). meeting of the Company nor to receive or vote on, or otherwise constitute an eligible member for the purposes of, proposed
written resolutions of the Company.
Rights attaching to the shares - Conversion of Ordinary D Shares
The Deferred Shares (if any) shall not entitle the holders of them to receive notice of, to attend, to speak or to vote at any general
All of the fully paid Ordinary D Shares then in issue shall automatically be converted into and re-designated as Ordinary Shares at meeting of the Company nor to receive or vote on, or otherwise constitute an eligible member for the purposes of, proposed
the Conversion Rate immediately upon the request in writing of the relevant majority or the occurrence of a Listing. written resolutions of the Company.
Share history Own shares

Share-based
Company held in Employee Total
payment reserve
On 5 October 2020, 1 ordinary share of £0.01 was subdivided into 100,000 ordinary shares of £0.0000001 each. Benefit Trusts*
£000 £000 £000
On 28 April 2022, the following shares were allotted: 32,196,878 ordinary shares of £0.0000001 each; 6,044,294 Ordinary D shares
At 1 January 2021 — — —
of £0.0000001 each; 4,828,923 Ordinary E shares of £0.0000001 each; 1,695,374 Ordinary F shares of £0.0000001 each; 1,770,754
Equity-settled share-based payment charge — — —
Ordinary G shares of £0.0000001 each; 12,508,401 Ordinary H shares of £0.0000001 each, in connection with the insertion of the
Company as the ultimate parent company in the Group. Purchase of own shares within Employee Benefit Trust — — —
Tax impact of changes to other reserves — — —
At 31 December 2021 — — —
26. Other Reserves
At 1 January 2022 — — —
Transfer of reserve on reorganisation 137,695 (445) 137,250
Net investment
Foreign Share-based Financial Own shares held Equity-settled share-based payment charge 16,300 — 16,300
in foreign
Group exchange payment investment in Employee Total
operation Purchase of own shares within Employee Benefit Trust — (446) (446)
reserve reserve reserve Benefit Trust*
reserve Tax impact of changes to other reserves — — —
£000 £000 £000 £000 £000 £000 At 31 December 2022 153,995 (891) 153,104
At 1 January 2021 (255) 67,551 — — — 67,296
Equity-settled share-
based payment charge — 47,352 — — — 47,352 * The Group and Company consolidate one share trust. The share reserve represents the cost of shares in the Revolut Group
Foreign currency Employee Benefit Trust (Fiduchi), which are held for the purposes of fulfilling obligations in respect of the Group’s future
translation adjustment (9,237) — — — — (9,237) share awards.
Revaluation loss on
financial investment — — — (763) — (763) The following describes the nature and purpose of the reserves within equity.
Cumulative hedge
effectiveness reserve
movement — — 3,365 — — 3,365 Foreign exchange reserve The foreign exchange reserves represents the cumulative foreign currency translation movement on the assets and
liabilities of the Group’s international operations at year-end exchange rates.
Purchase of own shares
within Employee Benefit Share-based payment The share-based payment reserve records the cumulative charge to equity in respect of equity-settled
Trust — — — — (445) (445) reserve share-based payments.
Tax impact of changes to Net investment in foreign The net investment in foreign operation reserve represents the effective portion of the gains or losses on the
other reserves — — — — — — operation reserve retranslation of investments into foreign operations due to exchange rate risks.
At 31 December 2021 (9,492) 114,903 3,365 (763) (445) 107,568 Financial investment The financial investment reserve includes unrealised gains or losses in respect of financial instruments measured
reserve at FVOCI.
Own shares held in This reserve represents the value of shares issued by the Company that are held by the Employee Benefit Trust
At 1 January 2022 (9,492) 114,903 3,365 (763) (445) 107,568
Employee Benefit Trust (Fiduchi) which are deducted from equity.
Equity-settled share-
based payment charge — 39,049 — — — 39,049
Foreign currency
translation adjustment 17,442 — — — — 17,442 27. Share-Based Payments
Revaluation loss on
financial investment — — — (12,825) — (12,825)
The Group issues equity-settled share-based payment awards to certain employees. Equity-settled share-based payments are
Cumulative hedge
measured at fair value (excluding the effect of non-market performance vesting conditions) at the date of grant. The fair value
effectiveness reserve
movement — — (2,090) — — (2,090)
determined at the grant date of the equity-settled share-based payments is expensed on a graded basis over the vesting period,
based on the Group's estimate of the number of awards that will eventually vest and adjusted for the effect of non-market-based
Purchase of own shares
vesting conditions.
within Employee Benefit
Trust — — — — (446) (446)
2022 scheme and parent company modification
Tax impact of changes to
other reserves — 43,364 — 3,444 — 46,808
During 2022, a change in the legal structure of Revolut occurred; the ultimate parent company of the Group has changed to
At 31 December 2022 7,950 197,316 1,275 (10,144) (891) 195,506
Revolut Group Holdings Ltd instead of Revolut Ltd. With this change, all previously awarded grants’ underlying entity have been
novated from Revolut Ltd to Revolut Group Holdings Ltd.
In 2022, the Group issued share options under the Unapproved Options Plan ('UOP') for both UK and non-UK employees of the Valuation Assumptions
Group and issued no share options under the Company Stock Option Scheme ('CSOP') plan. Furthermore, Restricted Stock Units
('RSUs') were issued to employees under US entities. Key assumptions used in determining the values of options are shared below.
The fair value of the options granted to employees in the year ended 31 December 2022 has been determined utilizing an options
pricing model, which encompasses the Black-Scholes methodology. It's important to note that the strike price of the options given 2022 2021
to employees in 2022 was almost zero, making their fair value similar to that of ordinary shares. Model Option Pricing Model Option Pricing Model
Expected volatility 30 - 40% 0 - 45%

Options granted have varying vesting schedules depending on the reason for the grant for example Joining Bonus, Referral Bonus,
Promotion Bonus, Performance Bonus. The main vesting schedules are: (i) a four-year vesting schedule with 25% vesting on each Expected term (years) 1 - 1.5 years 0 - 4 years
anniversary; (ii) a two-year vesting schedule with 50% upfront and 25% vesting annually over the subsequent two years (iii) a two- Risk-free rate 1.9% - 4.3% (0.6)% - 0.6%
year vesting schedule where 1/24th vests each month. Employees are required to remain in employment with the Group until the
Expected dividend yields — —
vesting period has elapsed; otherwise, the awards lapse. UOP expire after ten years whereas RSUs expire after seven years.
2021 scheme and modification

Expected volatility is derived from observed volatility from comparable companies. Calculating the fair value of options in private
companies requires making highly subjective assumptions including the methodology used. These assumptions can materially
In 2021, the Group introduced growth shares scheme to replace the CSOP and UOP prospectively. Employees having stock options
affect the fair value of share based payments.
under CSOP and UOP were eligible to voluntarily exchange their existing holdings in growth shares.
Reconciliation of outstanding share-based payment awards

Unlike options, growth shares entitle the shareholder to a capital return once the value of the Company exceeds a pre-set value
per share (the 'Hurdle Price') set by independent valuers. Shares granted will be held in the company-held trust until exercised.
A reconciliation of share option movements over the years ended 31 December 2022 and 2021 is shown below.
Growth shares granted as a performance bonus vest according to a schedule with 50% vesting on the grant date and 25% vesting
annually on the anniversary of the grant date for the next two years. Growth shares granted as a sign-on bonus or promotion will
Weighted average Weighted average
vest on an annual basis over four years (i.e. 25% at each year-end). Number Number
exercise price exercise price
2022 2021*
2022 2021*
CSOP and unapproved share option schemes
Outstanding at the beginning of the year 0.75 1,493,693 0.45 2,478,457
In 2019, the Group operated two share options schemes. The first is an HMRC-approved Company Share Option Scheme ('CSOP') Granted during the year — 210,873 0.48 906,735
plan, for UK employees, and the second is an Unapproved Options Plan ('UOP'), for the non-UK employees. Exercised during the year 2.47 (79,716) 0.41 (717,852)
Sold/forfeited during the year 1.46 (134,605) 0.02 (1,173,647)
In 2020, the Group issued share options under the UOP for both UK and non-UK employees of the Group and issued no share
Outstanding at the end of the year 0.49 1,490,245 0.75 1,493,693
options under the CSOP.
Exercisable at the end of the year 0.53 1,203,191 0.66 1,000,503
The options are granted with a fixed exercise price, are exercisable after they have vested, and expire after ten years.
*The weighted average exercise price and number of shares have been restated to correctly reflect the net impact of award class
Salary Sacrifice
conversions and the contractual timing impact of temporary and permanent changes to employment status on forfeited options.
In addition to awards described above, a number of employees were granted share options in exchange for a temporary reduction
Fair values have been calculated by independent accounting advisors at the date of grant of each share award. The estimated
in salary for a twelve-month period under the UOP. These options vest monthly over a twelve-month vesting period, during which
weighted average fair value at the date of exercise for share options exercised in 2022 was £161.99 (2021: £157.23).
time the employees must remain in employment with the Group. The options have a fixed exercise price and a maximum term of
ten years after which they expire.
In accordance with IFRS 2, equity-settled awards should be valued by measuring the fair value of services received directly where
possible. In this case it was possible to measure the fair value of the employee services directly by reference to the value of the
salary foregone.
Shares awarded to non-executive directors
Until May 2021, the non-executive directors of the Company agreed to forego a proportion of their cash salaries in exchange for
payment in shares. In May 2021, all of the Company’s non-executive directors' salaries returned to being paid in cash. As at 31
December 2021, the non-executive directors held shares previously granted under the salary sacrifice agreement. During 2022,
non-executive directors were not granted shares.
A reconciliation of growth share movements over the years ended 31 December 2022 and 2021 is shown below.
28. Financial Instruments
Number Number 28.1. Financial instrument by category

2022 2021*
Outstanding at the beginning of the year 12,767,670 51,223 The following table shows the carrying amount of each of the categories of financial instruments as at the end of the reporting
Granted during the year — 12,773,469 period.
Exercised during the year — —
Sold/forfeited during the year (95,572) (57,022) Group 31 December 2022 31 December 2021
Outstanding at the end of the year 12,672,098 12,767,670
£000 £000
Financial assets measured at fair value
Government bonds – held to collect and sell 1,712,292 1,236,481

*Growth share movements have been restated to correctly reflect the growth share grants and forfeitures that took place during
the year ended 31 December 2021. Derivative financial assets 7,681 9,294
Total financial assets measured at fair value 1,719,973 1,245,775

The outstanding options end of 2022 weighted average remaining contractual life by exercise price is shown below.
Financial assets measured at amortised cost
Cash and cash equivalents 10,581,018 7,052,609
Pool Exercise price Weighted average remaining contractual life Bonds with government and financial institutions – held to collect 982,367 —
£ years Trade and other receivables 287,168 198,750
1 0.00 8.03 Loans and advances to customers 203,580 17,816
2 0.03 5.23 Total financial assets measured at amortised cost 12,054,133 7,269,175
3 0.10 5.87 Financial liabilities measured at fair value
4 0.50 6.51 Customer liabilities in respect of commodities (94,484) (65,462)
5 0.75 6.89 Derivative financial liabilities (90,017) (2,454)
Total financial liabilities measured at fair value (184,501) (67,916)

6 13.93 6.75
Financial liabilities measured at amortised cost
7 22.34 7.66
Customer liabilities (12,498,704) (7,295,734)
8 29.00 4.12
Trade and other payables (139,150) (130,797)
9 32.00 5.27
Lease liability (9,641) (14,246)
10 32.37 8.86
Loans and borrowings (36) (122)
Total financial liabilities measured at amortised cost (12,647,531) (7,440,899)

Impact on Consolidated Statement of Comprehensive Income
The total share-based payment expense recognised in administrative expenses in the Consolidated Statement of Comprehensive *These comparative figures have been restated to include all financial assets and liabilities in the correct measurement categories
Income is as follows. (trade and other receivables, customer liabilities in respect of commodities, trade and other payables, and loans and borrowings).
The Company does not have any financial instruments as at 31 December 2022 (2021: £nil).
Group 2022 2021
£000 £000 Customer liabilities measured at fair value through profit or loss consist of Group-only customer liabilities in respect of contracts
relating to the commodities offering.
Equity-settled share-based payment charge 39,049 47,352
Customer liabilities at amortised cost consists of Group-only customer liabilities in respect of customer deposits (EEA) and
e-money.
28.2. Financial instruments measured at fair value Valuation techniques
The following table analyses financial instruments measured at fair value at the reporting date, by the level in the fair value hierarchy Derivative financial instruments are valued using valuation techniques that utilise observable inputs.
into which the fair value measurement is categorised. The amounts are based on the values recognised in the Consolidated
Statement of Financial Position. Foreign exchange contracts
Foreign exchange contracts include foreign exchange forward and swap contracts. These instruments are valued by either
Group Total Level 1 Level 2 Level 3 observable foreign exchange rates and observable or calculated forward points. With the exception of contracts where a directly
At 31 December 2022 £000 £000 £000 £000 observable rate is available which are disclosed as Level 1, the Bank classifies foreign exchange contracts as Level 2 financial
instruments.
Financial assets measured at fair value
Government bonds – held to collect and sell 1,712,292 1,712,292 — — Interest rate derivatives
Derivative financial assets 7,681 — 7,681 —
Total financial assets measured at fair value 1,719,973 1,712,292 7,681 — Interest rate derivatives include interest rate swaps. The valuation techniques include forward pricing and swap models, using
present value calculations by estimating future cash flows and discounting them with the appropriate yield curves incorporating
funding costs relevant for the position. These contracts are generally Level 2.
Financial liabilities measured at fair value
Customer liabilities in respect of commodities (94,484) (94,484) — — All derivative financial instruments between Group entities represent foreign currency swap contracts valued using direct and
Derivative financial liabilities (90,017) — (90,017) — indirect observable inputs.
Total financial liabilities measured at fair value (184,501) (94,484) (90,017) —
There were no changes to the valuation techniques during the period.
Total financial instruments measured at fair value 1,535,472 1,617,808 (82,336) —
Financial instruments not measured at fair value

At 31 December 2021*
Financial assets measured at fair value The carrying values of financial instruments not measured at fair value are a reasonable approximation of their fair value. The
Government bonds – held to collect and sell 1,236,481 1,236,481 — — following table sets out the fair values of financial instruments not measured at fair value and analyses them by the level in the fair
value hierarchy into which each fair value measurement is categorised.
Derivative financial assets 9,294 — 9,294 —
Total financial assets measured at fair value 1,245,775 1,236,481 9,294 —
Financial liabilities measured at fair value

Customer liabilities in respect of commodities (65,462) (65,462) — —
Derivative financial liabilities (2,454) — (2,454) —
Total financial liabilities measured at fair value (67,916) (65,462) (2,454) —
Total financial instruments measured at fair value 1,177,859 1,171,019 6,840 —
*These comparative figures have been restated to include the Group's customer liabilities in respect of commodities within
financial liabilities measured at fair value.
The Company does not have any financial instruments measured at fair value as at 31 December 2022 (2021: £nil).
Government bonds — held to collect and sell — represent holdings in investment in High Quality Liquid Assets ('HQLA'). These
investments are accounted for at fair value through other comprehensive income ('FVOCI'). Restricted bonds held in respect of
customers represent safeguarded funds related to the Group’s regulated e-money services.
For assets and liabilities that are recognised in the consolidated financial statements at fair value on a recurring basis, the Group
determines whether transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on
the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were
no transfers between the different levels during the current or prior reporting period.
Group Total Level 1 Level 2 Level 3 28.3. Treasury investments measured at amortised cost
At 31 December 2022 £000 £000 £000 £000

Cash and cash equivalents 10,581,018 — 10,581,018 —
£000 £000
Bonds with government and financial institutions – held to collect 982,367 982,367 — —
Bonds with financial institutions
Trade and other receivables 287,168 — 287,168 —
Switzerland 17,668 —
Loans and advances to customers 203,580 — — 203,580
Germany 26,275 —
Total financial assets measured at amortised cost 12,054,133 982,367 10,868,186 203,580
Spain 70,265 —
Finland 25,073 —
France 99,750 —
Customer liabilities (12,498,704) — (12,498,704) —
United Kingdom 88,883 —
Trade and other payables (139,150) — (139,150) —
Sweden 20,154 —
Lease liability (9,641) — — (9,641)
United States 83,644 —
Loans and borrowings (36) — — (36)
Total bonds with financial institutions 431,712 —
Total financial liabilities measured at amortised cost (12,647,531) — (12,637,854) (9,677)
Bonds and deposits with government institutions —

At 31 December 2021*
Belgium 87,876 —
France 616 —
Cash and cash equivalents 7,052,609 — 7,052,609 —
Germany 139,661 —
Trade and other receivables 198,750 — 198,750 —
Luxembourg 62,261 —
Loans and advances to customers 17,816 — — 17,816
Netherlands 499 —
Total financial assets measured at amortised cost 7,269,175 — 7,251,359 17,816
Spain 91,923 —
Sweden 3,314 —
United States 164,586 —
Customer liabilities (7,295,734) — (7,295,734) —
Total bonds and deposits with government institutions 550,736 —
Trade and other payables (130,797) — (130,797) —
Total gross carrying amount of treasury investments measured at amortised cost 982,448 —
Lease liability (14,246) — — (14,246)
Loss allowance (81) —
Loans and borrowings (122) — — (122)
Total treasury investments measured at amortised cost 982,367 —
Total financial liabilities measured at amortised cost (7,440,899) — (7,426,531) (14,368)
Impairment allowance for treasury investments measured at amortised cost

*These comparative figures have been restated to exclude certain receivables and the Group's customer liabilities in respect of
commodities from financial instruments measured at amortised cost. The figures have also been restated to include accrued A reconciliation of changes in the carrying amount and corresponding allowance for expected credit losses by stage for debt
liabilities and loans and borrowings within financial instruments measured at amortised cost. instruments measured at amortised cost is shown below:
The Company does not have any financial instruments not measured at fair value as at 31 December 2022 (2021: £nil).
Gross carrying Loss
Stage 1
amount allowance
At 1 January 2022 £000 £000
Increases due to origination and acquisition 982,448 (81)
Decreases due to bond maturity — —
At 31 December 2022 982,448 (81)
Gross carrying Loss 28.5. Hedge accounting

Stage 1
amount allowance
During 2022, a new macro fair value hedging strategy was adopted that uses interest rate swaps to hedge non-interest-bearing
At 1 January 2021 £000 £000
core deposits.
Increases due to origination and acquisition — —
Decreases due to bond maturity — — In the Group’s core deposits macro fair value hedge, macro hedge accounting is used to recognise fair value changes related to
At 31 December 2021 — — changes in interest rate risk in non-interest-bearing core deposit accounts and therefore reduce the profit or loss volatility that
would otherwise arise from changes in the fair value of the interest rate swaps alone.
The table below shows the fair value of the debt instruments measured at amortised cost by credit risk, based on the Revolut The table below sets out the accumulated fair value adjustments arising from the corresponding continuing hedge relationships.
Banks’ internal credit rating system, twelve-month Basel PD range and year-end stage classification. The amounts presented are
gross of allowance for expected credit losses.
At 31 December 2022 At 31 December 2021
Accumulated Accumulated Line item in the
31 December 2022 Carrying amount of amount of fair value Carrying amount of amount of fair value Consolidated
hedged items adjustments on the hedged items adjustments on the Statement of
12-month Basel Gross carrying Loss
Stage 1 hedged items hedged items Financial Position
PD range amount allowance
£000 £000 £000 £000
Internal rating grade £000 £000 £000
Customer liabilities in
Performing (2,321,605) 57,709 — — Customer liabilities
respect of deposits
High grade 0.00% - 0.50% 982,448 (81)
Total 982,448 (81)
Coverage ratio 0.01% The following table provides information about the hedging instruments included in the derivative financial assets and liabilities
line items of the Group's Consolidated Statement of Financial Position:
The Company does not have any financial instruments measured at amortised cost as at 31 December 2022 (2021: £nil).
At 31 December 2022 At 31 December 2021
Line item in the
28.4. Derivative financial instruments Consolidated
Notional amount Carrying amount Notional amount Carrying amount
Statement of
Financial Position
Group At 31 December 2022 At 31 December 2021 £000 £000 £000 £000
Carrying Carrying Carrying Carrying Interest rate swap –
Notional Notional Derivatives assets/
amount amount amount amount hedge of core 2,443,608 (50,598) — —
amount amount derivative liabilities
assets liabilities assets liabilities deposits
£000 £000 £000 £000 £000 £000
Derivatives in hedge accounting relationships
Interest rate swaps 5,357 50,598 2,443,608 — — — The below table sets out the outcome of the Group's hedging strategy to changes in the fair value of the hedged items and
hedging instruments, used as the basis for recognising ineffectiveness.
Foreign currency swaps — — — 2,171 — 172,257
Total derivatives in hedge accounting
5,357 50,598 2,443,608 2,171 — 172,257
relationships 31 December 2022
Derivatives not in hedge accounting relationships
Gains/(losses) attributable to the hedged risk Line item in the
Interest rate swaps — 383 909,729 — — —
Consolidated
Foreign currency swaps 2,284 39,026 3,600,053 6,394 2,143 783,771 Net fair value
Statement of
Macro fair value hedge Hedged items Hedging instruments gain/(loss)
Foreign exchange forward contracts 40 10 1,789 729 311 107,130 Comprehensive
Income
Total derivatives not in hedge accounting
2,324 39,419 4,511,571 7,123 2,454 890,901
relationships Hedged items Hedging Instruments £000 £000 £000
Total derivative financial instruments 7,681 90,017 6,955,179 9,294 2,454 1,063,158 Net gain on changes
Customer liabilities in in the fair value on
Interest rate swaps 57,709 (50,598) 7,111
respect of deposits hedging derivatives
and hedged items
The Company does not have any derivative financial instruments as at 31 December 2022 (2021: £nil).
31 December 2021 To manage credit risk appetite, the Group’s credit risk management policies and procedures require all counterparties giving rise to
credit risk to be assessed at least annually and assigned a credit risk limit commensurate with their risk profile, subject to approved
Line item in the
Gains/(losses) attributable to the hedged risk materiality thresholds. The Group’s Credit Risk function monitors adherence to limits and appropriate management of credit risks
Consolidated
Net fair value where deterioration is identified. Key decisions are subject to review and approval by the Assets and Liabilities Committee ('ALCO').
Statement of
gain/(loss)
Comprehensive
Macro fair value hedge Hedged items Hedging instruments Income
The Group’s exposure to financial institutions is expected to evolve over time alongside the Group’s expansion, with expectations
that a high-quality liquid assets portfolio will be established to support meeting regulatory large exposure thresholds alongside
Hedged items Hedging Instruments £000 £000 £000
potential licence approvals. The Group also expects substantial growth within the retail credit portfolio over the coming year.
Net gain on changes
Customer liabilities in in the fair value on
Interest rate swaps — — —
respect of deposits hedging derivatives
and hedged items
Net carrying amount £000 £000
Cash and cash equivalents 10,581,018 7,052,609
The net gain on changes in the fair value on hedging derivatives and hedged items. as disclosed in Note 8, of £7.4 million also
includes the clean fair value movement on interest rate swaps not designated in hedge accounting of £0.3 million. Government bonds – held to collect and sell 1,712,292 1,236,481
Bonds with government and financial institutions – held to collect 982,367 —
The maturity profile of the Group's hedging instruments used in macro fair value hedge relationships is as follows. Loans and advances to customers 203,580 17,816
Derivative financial assets 7,681 9,294
31 December 2022
Other assets 287,168 214,276
Less than one One to three Three to twelve One to five Undrawn commitment 31,500 7,963
Over five years Total
month months months years Total credit risk exposure 13,805,606 8,538,439
Interest rate swaps in hedge
£000 £000 £000 £000 £000 £000
accounting relationships
Notional Amount — — 1,372,405 1,071,203 — 2,443,608 The Company has £0.2 million of trade and other receivables as at 31 December 2022 (2021: £nil). Undrawn commitment relates
Average strike rate 2.32% to credit card and buy now pay later unused limits. The loss allowances for this item are included in the tables for the respective
products in the next section.
31 December 2021 Credit quality analysis
Less than one One to three Three to twelve One to five The following tables set out information about the credit quality of financial investments (financial investments at FVOCI and
Over five years Total
month months months years financial assets at amortised cost combined), and loans and advances to customers (split by retail consumer credit product)
Interest rate swaps in hedge without taking into account collateral or other credit enhancement. The amounts of the financial assets in the tables are expressed
£000 £000 £000 £000 £000 £000
accounting relationships in thousands of British pounds. There was no exposure for the buy now pay later product at the end of 2021.
Notional Amount — — — — — —
Average strike rate —% An explanation of the terms ‘Stage 1’, ‘Stage 2’ and ‘Stage 3’ is included in Note 4.13.
31 December 2022
29. Financial Risk Management Group 12 months PD Stage 1 Stage 2 Stage 3 Total
Treasury investments £000 £000 £000 £000
The Group is exposed to financial risks in the ordinary course of business. The Group divides these risks into the following Grades 1-4 0% - 0.5% 2,694,740 — — 2,694,740
categories: credit risk, liquidity risk and funding management, market risk and capital risk management.
Grades 5-6 0.5% - 1.3% — — — —
Grade 7-8 1.3% - 3% — — — —
29.1. Credit risk Grade 9 3% - 5% — — — —
Grade 10 5% - 8% — — — —
Credit risk is the risk of financial loss should the Group's borrowers or counterparties fail to fulfil their contractual obligations in full
Grade 11+ 8% - 100% — — — —
and on time. The Group is exposed to various credit risks in the course of its operations. The credit risk portfolio is mainly driven by
Gross carrying amount 2,694,740 — — 2,694,740
placements of corporate and client safeguarded funds with financial institutions, and to a lesser extent from a diversified portfolio
of highly rated fixed income instruments and retail lending. Revolut's operational exposures are predominantly with investment Loss allowance (81) — — (81)
grade rated institutions. The Group also has short-dated credit exposure for receivables due from card schemes and merchant Carrying amount 2,694,659 — — 2,694,659
acquirers used to process user card top-ups, as well as credit exposures to Crypto counterparties used to facilitate trading. ECL coverage % 0.003% — — 0.003%
The Group has retail credit risk relating to its consumer credit products. As at 31 December 2022, these products comprised of
loans, credit cards and buy now pay later across Lithuania, Poland, Ireland, Romania, and the USA.
Group 12 months PD Stage 1 Stage 2 Stage 3 Total 31 December 2021
Loans £000 £000 £000 £000 Group 12 months PD Stage 1 Stage 2 Stage 3 Total
Grades 1-4 0% - 0.5% 60,033 240 155 60,428 Treasury investments £000 £000 £000 £000
Grades 5-6 0.5% - 1.3% 22,861 893 158 23,912 Grades 1-4 0% - 0.5% 1,236,748 — — 1,236,748
Grade 7-8 1.3% - 3% 72,212 5,593 662 78,467 Grades 5-6 0.5% - 1.3% — — — —
Grade 9 3% - 5% 5,373 2,579 118 8,070 Grade 7-8 1.3% - 3% — — — —
Grade 10 5% - 8% 10,110 3,100 490 13,700 Grade 9 3% - 5% — — — —
Grade 11+ 8% - 100% 5,891 3,653 685 10,229 Grade 10 5% - 8% — — — —
Gross carrying amount 176,480 16,058 2,268 194,806 Grade 11+ 8% - 100% — — — —
Loss allowance (1,917) (1,174) (1,655) (4,746) Gross carrying amount 1,236,748 — — 1,236,748
Carrying amount 174,563 14,884 613 190,060 Loss allowance (267) — — (267)
ECL coverage % 1.09% 7.31% 72.97% 2.44% Carrying amount 1,236,481 — — 1,236,481
ECL coverage % 0.02% — — 0.02%
Group 12 months PD Stage 1 Stage 2 Stage 3 Total

Credit cards £000 £000 £000 £000 Group 12 months PD Stage 1 Stage 2 Stage 3 Total
Grades 1-4 0% - 0.5% 2,837 12 24 2,873 Loans £000 £000 £000 £000
Grades 5-6 0.5% - 1.3% 2,578 104 18 2,700 Grades 1-4 0% - 0.5% 5,356 33 10 5,399
Grade 7-8 1.3% - 3% 2,703 244 51 2,998 Grades 5-6 0.5% - 1.3% 3,941 61 4 4,006
Grade 9 3% - 5% 1,463 418 80 1,961 Grade 7-8 1.3% - 3% 2,741 198 16 2,955
Grade 10 5% - 8% 968 357 37 1,362 Grade 9 3% - 5% 1,232 137 5 1,374
Grade 11+ 8% - 100% 1,585 718 249 2,552 Grade 10 5% - 8% 384 49 1 434
Gross carrying amount 12,134 1,853 459 14,446 Grade 11+ 8% - 100% 493 186 17 696
Loss allowance (366) (266) (294) (926) Gross carrying amount 14,147 664 53 14,864
Carrying amount 11,768 1,587 165 13,520 Loss allowance (131) (43) (34) (208)
ECL coverage % 3.02% 14.36% 64.05% 6.41% Carrying amount 14,016 621 19 14,656
ECL coverage % 0.93% 6.48% 64.15% 1.40%
Weighted average loss

Group Gross carrying amount Loss allowance Net carrying amount
rate
Group 12 months PD Stage 1 Stage 2 Stage 3 Total
Negative customer
£000 £000 £000 Credit cards £000 £000 £000 £000
balances
Grades 1-4 0% - 0.5% 689 3 2 694
0-30 days past due 40% 6,520 (2,608) 3,912
Grades 5-6 0.5% - 1.3% 875 16 3 894
30-60 days past due 60% 1,394 (836) 558
Grade 7-8 1.3% - 3% 812 14 11 837
60-90 days past due 75% 1,177 (883) 294
Grade 9 3% - 5% 452 44 7 503
90-365 days past due 81% 12,298 (9,942) 2,356
Grade 10 5% - 8% 120 44 — 164
> 365 days past due 100% 9,026 (9,026) —
Grade 11+ 8% - 100% 68 149 15 232
Gross carrying amount 30,415
Gross carrying amount 3,016 270 38 3,324
Loss allowance (23,295)
Loss allowance (79) (63) (22) (164)
Carrying amount 7,120
Carrying amount 2,937 207 16 3,160
ECL coverage % 76.59%
ECL coverage % 2.62% 23.33% 57.89% 4.93%
Weighted average loss Loss allowance

Group Gross carrying amount Loss allowance Net carrying amount
rate
The following tables illustrate the migration of expected credit loss ('ECL') allowances across Stages 1, 2, and 3 for credit products,
Negative customer
£000 £000 £000 net of various adjustments, reconciling all changes of loss allowances from the initial balance to the closing balance of the year.
balances
0-30 days past due —% 1,602 — 1,602
30-60 days past due 25% 1,315 (329) 987
Loans Stage 1 Stage 2 Stage 3 Total
60-90 days past due 50% 1,032 (516) 516
£000 £000 £000 £000
90-365 days past due 100% 8,176 (8,176) —
At 1 January 2021 4 — — 4
> 365 days past due 100% 11,138 (11,138) —
Transfer to Stage 1 — — — —
Gross carrying amount 23,263
Transfer to Stage 2 (1) 1 — —
Loss allowance (20,159) Transfer to Stage 3 — — — —
Carrying amount 3,105 Net remeasurement of loss allowance (1) 1 11 11
ECL coverage % 86.66% New financial assets originated or purchased 134 43 24 201
Financial assets that have been derecognised (1) — — (1)
Write-offs — — — —
Credit risk concentration
Other movements (5) (2) (1) (8)
An analysis of the Group’s credit risk concentrations for financial investments and loans and advances to customers is provided in At 31 December 2021 130 43 34 207
the following table. The amounts in the table represent net carrying amounts.
At 1 January 2022 130 43 34 207
Transfer to Stage 1 17 (16) (1) —
Group At 31 December 2022 At 31 December 2021
Transfer to Stage 2 (14) 14 — —
Customers Customers
Wholesale Wholesale Transfer to Stage 3 (12) (7) 19 —
(Retail and Business) (Retail and Business)
Net remeasurement of loss allowance (48) 44 316 312
£000 £000 £000 £000
New financial assets originated or purchased 1,862 1,100 1,289 4,251
Europe (excluding UK) 613,903 — 852,811 —
Treasury Financial assets that have been derecognised (19) (4) — (23)
UK 1,111,954 — 383,670 —
investments
Write-offs — — (2) (2)
Other 968,802 — —
Other movements 1 — — 1
Europe (excluding UK) — 200,814 — 17,816
Loans and
At 31 December 2022 1,917 1,174 1,655 4,746
advances to UK — — — —
customers Other — 2,766 — —
Total 2,694,659 203,580 1,236,481 17,816
Credit cards Stage 1 Stage 2 Stage 3 Total 29.2. Liquidity risk and funding management
£000 £000 £000 £000

Liquidity risk is the risk that the Group cannot meet its financial obligations when they fall due or is only able to do so at excessive
At 1 January 2021 5 — — 5
cost. Funding risk is the risk that Revolut does not have sufficient stable sources of funding to meet its financial obligations
Transfer to Stage 1 — — — — when they fall due or can do so only at excessive cost. Risk arises when assets maturing during a particular period are lower
Transfer to Stage 2 (1) 1 — — than corresponding liabilities maturing during the same period. An unexpected increase in assets or a decrease in liabilities can
Transfer to Stage 3 — — — — also create liquidity risk. The Group is, or may in the future be, exposed to a number of liquidity and funding risks, including
retail funding run-off, wholesale funding reduction, pre-funding, marketable and non-marketable assets, contingent off-balance
sheet exposures and commitment drawdowns, intraday requirements, collateral requirements, funding concentration, and foreign
New financial assets originated or purchased 79 59 14 152
exchange. These risks are managed by the Treasury function, with control and oversight provided by the Risk Management
Financial assets that have been derecognised (1) — — (1) function, the Assets and Liabilities Management Committee and the Management Board. The Group's key liquidity policy is to
Write-offs — — — — maintain a portfolio of unencumbered, high-quality cash instruments and securities that are readily convertible to cash to ensure
Other movements — (3) (1) (4) that it can meet all of its financial obligations in business-as-usual circumstances and in stress conditions. The Group complies
At 31 December 2021 79 64 23 166 with this policy by holding surplus cash in the form of overnight deposits with banks and a portfolio of high quality liquid assets.
Maturity analysis for financial assets and financial liabilities

At 1 January 2022 79 64 23 166
Transfer to Stage 1 14 (14) — — The table below summarises the maturity profile of the Group’s financial assets and liabilities. Whilst customer liabilities are
Transfer to Stage 2 (9) 10 (1) — presented as on demand, the observed behavioural characteristics are more closely aligned to the durations of the asset portfolio.
Transfer to Stage 3 (2) (9) 11 —
31 December 2022
New financial assets originated or purchased 295 116 164 575
Three to
Financial assets that have been derecognised (7) (4) — (11) Carrying Up to three One to five Over five
Group Total On demand twelve
Write-offs — — — — amount months years years
months
Other movements 12 9 2 23
£000 £000 £000 £000 £000 £000 £000
At 31 December 2022 366 266 294 926
Financial assets
Cash and cash equivalents 10,581,018 10,581,018 10,438,866 142,152 — — —
Government bonds – held to
The loss allowances for existing assets remained stable while the overall year-on-year increase of loss allowances was 1,712,292 1,712,292 — 200,305 1,113,395 — 398,592
collect and sell
predominantly driven by the recognition of provisions for new financial assets originated or purchased during the financial year,
Bonds with government and
due to the organic growth of the portfolio.
financial institutions – held to 982,367 982,367 — — 8,400 973,967 —
collect
Debtors are stated after provision for impairment. The following tables show movement in the ECL provision for trade receivables
Trade and other receivables 287,168 287,168 20,358 259,183 5,943 1,684 —
and negative customer balances. The provision for impairment recorded for other debtor balances is £nil (2021: £nil).
Loans and advances to
203,580 203,580 — 30,382 38,631 118,666 15,901
customers
Trade Receivables Negative Customer Balances Derivative financial assets 7,681 7,681 — 2,312 5,369 — —
£000 £000 Total financial assets 13,774,106 13,774,106 10,459,224 634,334 1,171,738 1,094,317 414,493
At 1 January 2021 — 13,270 Financial liabilities
Charged — 9,296 Customer liabilities 12,593,188 12,593,188 12,593,188 — — — —
Written-off — (2,407) Trade and other payables 139,150 139,150 — 131,853 7,297 — —
At 31 December 2021 — 20,159 Derivative financial liabilities 90,017 92,710 — 39,031 22,961 30,718 —
Charged 210 38,316 Lease liability 9,641 9,943 — 1,335 3,894 4,714 —
Written-off — (35,180) Loans and borrowings 36 36 — 36 — — —
At 31 December 2022 210 23,295 Total financial liabilities 12,832,032 12,835,027 12,593,188 172,255 34,152 35,432 —
Net liquidity gap (2,133,964) 462,079 1,137,586 1,058,885 414,493
Cumulative liquidity gap (2,133,964) (1,671,885) (534,299) 524,586 939,079
The loss allowances for existing assets remained stable while the overall year-on-year increase of loss allowances was
predominantly driven by the recognition of provisions for new financial assets originated or purchased during the financial year,
due to the organic growth of the portfolio.
31 December 2021* Foreign exchange risk, including commodities
Three to
Carrying Up to three One to five Over five The Group provides foreign exchange to its customers via multi-currency wallets that allow spending in different currencies. It is
Group Total On demand twelve
amount months years years thus exposed to currency exchange rate fluctuations. The Group is exposed to foreign exchange risk arising from various corporate
months
activities and stemming from revaluation of contractual cash-flows or assets and liabilities denominated in foreign currencies.
£000 £000 £000 £000 £000 £000 £000
The foreign exchange exposure is monitored on a daily basis to ensure the effective management of this risk.
Financial assets The foreign exchange exposure of the banking book arises from the Treasury function activities. This includes profit on the banking
Cash and cash equivalents 7,052,609 7,052,609 7,052,609 — — — — products, interest earned on nostro balances and various costs (all in non-functional currency).
Government bonds – held to
1,236,481 1,236,481 — — 1,236,481 — — The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date
collect and sell
Trade and other receivables 198,750 198,750 3,105 195,645 — — —
are as follows:
Loans and advances to

17,816 17,816 — 3,200 449 7,767 6,400
customers
Group Monetary assets Monetary liabilities Net position
Derivative financial assets 9,294 9,294 — 9,294 — — —
At 31 December 2022 £000 £000 £000
Total financial assets 8,514,950 8,514,950 7,055,714 208,139 1,236,930 7,767 6,400
GBP 1,296,224 (3,364,041) (2,067,817)
Financial liabilities
EUR 8,954,383 (6,017,588) 2,936,795
Customer liabilities 7,361,196 7,361,196 7,361,196 — — — —
USD 1,516,886 (1,844,962) (328,076)
Trade and other payables 130,797 130,797 — 130,797 — — —
Other currencies 2,093,370 (1,576,130) 517,240
Derivative financial liabilities 2,454 2,454 2,454 — — — —
Total 13,860,863 (12,802,721) 1,058,142
Lease liability 14,246 15,196 — 1,261 4,391 9,403 141
Loans and borrowings 122 122 — — 122 — —
At 31 December 2021 £000 £000 £000
Total financial liabilities 7,508,815 7,509,765 7,363,650 132,058 4,513 9,403 141
GBP 2,340,409 (1,918,135) 422,274
Net liquidity gap (307,936) 76,081 1,232,417 (1,636) 6,259
EUR 4,484,902 (3,537,844) 947,058
Cumulative liquidity gap (307,936) (231,855) 1,000,562 998,926 1,005,185
USD 970,028 (1,060,768) (90,740)
Other currencies 737,748 (965,712) (227,964)
*These comparative figures have been restated to include all financial assets and liabilities (trade and other receivables, trade and Total 8,533,087 (7,482,459) 1,050,628
other payables, current tax liability, and loans and borrowings).
The Company does not have any financial instruments as at 31 December 2022 (2021: £nil). The Group uses currency derivatives to manage currency risk. Please refer to Note 28.4 for details about Group's derivative
positions.
29.3. Market risk The Group also provides customers the ability to acquire commodities and cryptocurrencies. As the Group acts in a broker
capacity, it is only exposed to price fluctuations for these instruments during the course of trade settlement.
Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market
variables such as in interest rates, credit spreads, commodity prices, equity prices and foreign exchange rates. The Company does not have any monetary assets or liabilities as at 31 December 2022 (2021: £nil).
The Group’s market risk management policies and procedures provide effective and robust mitigation. The Group monitors its Foreign currency sensitivity analysis
exposures continually, using automated Key Risk Indicators ('KRIs') and associated processes reviewing metrics such as Value at
Risk, FX stress tests for crypto currencies, FX profit and losses and interest rate risk. The Group makes hedging transactions as The Group’s foreign currency risk is managed centrally by the Group’s Treasury team and the Market Making execution desk. FX
appropriate. Key decisions are subject to review and approval by the Asset and Liability Committee ('ALCO'). risk is monitored on an ongoing basis by using a stress testing approach broadly equivalent to Value at Risk but focused on risk
drivers specific to Revolut’s business model:
The market risks for the Group have remained stable and well contained. While the Group has grown significantly, the processes
have remained robust, accurate and reliable. The Group expects the processes and market risk exposures to remain broadly
⚫ FX risk arising from open non-GBP currency positions that include both fiat and crypto currencies, and,
consistent over the next year, although the Group anticipates that market risk will grow over time as the Group further rolls out its
credit offering, increasing its exposure to interest rate risk, and as its investment portfolio grows and includes more types of liquid ⚫ Interest rate risk arising from instruments that are accounted for at fair value.
assets. The Group is exposed to the market risks below.
Under the severe stress test, a loss of £67.7 million (2021: £19.4 million) would arise if the EUR depreciated by 9.7%, USD depreciated
by 10.3% and JPY depreciated by 8.9% against GBP.
Hedge on net investment in foreign operations Interest rate risk
The Group hedges the currency risk of its net investment in its euro-denominated foreign operation in Lithuania using GBP:EUR Interest rate risk in the banking book ('IRRBB') is the risk that the Group’s Consolidated Statement of Financial Position and
foreign currency swaps entered into with a third party. profitability is structurally exposed to unexpected movements in interest rates. This risk stems from maturity and repricing
mismatches between assets and liabilities, which would materialise with changes in the shape of the yield curve ('gap risk'), or
The hedge of net investment in foreign operation was discontinued in May 2022 when the hedging instruments matured. The from interest rate related options embedded in those that might affect future cash flows ('option risk'), or with changes in the
cumulative gains or losses recorded in equity remain in the net investment in foreign operation reserve until the foreign operation relationship between various yield curves ('basis risk').
is disposed of.
To quantify the IRRBB, the Group uses two metrics: net interest income ('NII') sensitivity and economic value of equity ('EVE')
Derivatives designated in net investment hedging relationships: sensitivity. NII is computed as the impact of parallel shock in interest rates on the net interest income generated by the banking
book items based on their repricing profiles. EVE is assessed through a measurement of changes in the net present value of the
interest rate sensitive instruments (excluding Common Equity Tier 1 ('CET1') instruments and other perpetual own funds) over their
Changes in fair value of hedging instruments used for measuring remaining life resulting from interest rate movements assuming six different shock scenarios.
Carrying Amount
hedge ineffectiveness
Hedge In line with regulatory guidelines and internal judgment, a floor is prescribed for downward shocks to stop the simulated interest
ineffectiveness Reclassified rates from being unrealistically negative.
Effective portion recognised in profit into profit or
Carrying amount Outstanding notional
FX Swaps recognised in OCI or loss into other loss into other Both metrics are managed against a control framework, which is defined with set limits in place. The Treasury function is
income Revenue responsible for IRRBB management on an on-going basis using mitigation approaches such as the use of hedging and dynamic
adjustment of in-app rate offerings to influence uptake behaviour. Interest rate characteristics of funding are matched as far as
£000 £000 £000 £000 £000 possible to lending and investments into securities. The Risk Management function closely monitors IRRBB exposures, proposes
At 31 December 2022 — — (1,275) — — limits and calculation assumptions, and performs stress testing. Any breach of the limit is escalated to the senior management
with mitigating actions taken.
At 31 December 2021 2,404 174,680 (3,365) — —
The following table shows the sensitivities under NII and EVE approach at the Group consolidated position.
The following table shows the maturity of the hedging instruments:
Group 2022 2021
Up to three Three to twelve Net interest income based approach £000 £000
FX Swaps Carrying amount On demand One to five years Over five years
months months 200 bps parallel increase 225,480 42,900
£000 £000 £000 £000 £000 £000 200 bps parallel decrease (135,290) (14,700)
At 31 December 2022 — — — — — —
At 31 December 2021 2,404 — 2,404 — — — Economic value of equity based approach
200 bps parallel increase 2,110 22,600
200 bps parallel decrease (17,540) (10,100)
29.4. Capital risk management
Capital risk is the risk that the Group and its individual entities do not hold adequate financial resources to support their business
activities based on its regulatory requirements and risk profile.
At the Group level, Revolut is not regulated as a banking group as at 31 December 2022, but has been following the banking
regulations to ensure the sufficiency of the quality and quantity of capital surplus. Revolut Bank UAB ('RBUAB'), Revolut's banking
subsidiary, is an EEA regulated bank with regulatory capital requirements in accordance with the EU Capital Requirements
Regulation ('CRR') and the Capital Requirements Directive ('CRD'). Both Revolut Group and RBUAB have the following controls in
place to ascertain capital risk is effectively managed.
⚫ The Internal Capital Adequacy Assessment Process ('ICAAP') is an annual exercise that aims to identify the adequate level of
capital required to execute the firms business plan over a specified planning period. This covers the stress tests on a few stress
scenarios, both externally prescribed and internally designed, to ensure enough capital buffers are in place to survive through
these scenarios.
Notes to the Consolidated Financial Statements 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Notes to the Consolidated Financial Statements 29 30 31 32 33 34 35
⚫ The use of Key Risk Indicators ('KRIs') to provide early-warning indications on upcoming stresses. These KRIs cover a wide
range of factors that could increase capital risk, including but not limited to capital ratios, leverage ratios, and movements on
30. Notes to the Cash Flow Statement
those ratios. Different levels of risk appetite are set to KRIs, and prescribed actions are linked to the breach of each level to
provide immediate resolution to various events. Significant non-cash transactions from investing and financing activities are as follows:
⚫ The list of available and feasible management actions is continuously reviewed to ascertain that should the stress happens,
Revolut is able to restore its capital position.
Group 2022 2021
⚫ Revolut continuously review its investment portfolios to ensure the changes in the market conditions are understood and the
portfolios are adjusted to align with the risk appetite. £000 £000
Acquisition of right-of-use assets 747 302
⚫ The investments in subsidiaries are reviewed quarterly to make sure all the subsidiaries are and will continue to be adequately
capitalised.
Reconciliation of movements of liabilities to cash flows arising from financing activities

As of 31 December 2022, the total capital requirement of RBUAB (in accordance with the regulatory requirements) is equal to 10.9%
for CET1 capital ratio and 14.4% for total capital ratio.
Loans and Lease
Group Total
borrowings liability
2022 2022 2021 2021 £000 £000 £000
Actual Required Actual Required At 1 January 2022 122 14,246 14,368
Actual common equity Tier 1 (CET1) capital 325,918 160,467 76,715 2,268 New leases entered into during the year — 747 747
Other capital instruments — 51,510 — — Lease payments made in the year — (5,639) (5,639)
Total capital 325,918 211,977 76,715 2,268 Unwinding of discount 3 550 553
Impact of movement of foreign exchange rates 9 58 67
Other — (321) (321)
Risk-weighted assets 1,472,060 20,580
Loans repaid (98) — (98)
CET1 capital ratio 22.1% 372.8%
At 31 December 2022 36 9,641 9,677
Total capital ratio 22.1% 372.8%
At 1 January 2021 81,812 24,927 106,739

The RBUAB has complied in full with all of its regulatory capital requirements during 2022 and 2021. Changes to existing lease agreements — (206) (206)
Revolut Ltd, Revolut's biggest non-banking subsidiary, is an FCA regulated e-money institution, and its capital is subject to the
New leases entered into during the year — 232 232
Payment Services Directives 2017 (PSD2), and regular Financial Resources Review by the FCA.
Existing leases derecognised — (5,520) (5,520)
To manage its capital risk, the controls are as follows: Lease payments made in the year — (5,640) (5,640)
Unwinding of discount — 900 900
⚫ Perform quarterly bottom up forecast on e-money balance and manage capital position to meet the associated requirements Impact of movement of foreign exchange rates (2,402) (447) (2,849)
plus internal management buffer. Loans repaid (79,410) — (79,410)
⚫ Sensitivity analysis and scenarios on e-money balance and associated capital requirements are performed monthly to Loans included in acquisitions 122 — 122
understand the potential capital needs in the entity. The capital resources and management actions are then reviewed to At 31 December 2021 122 14,246 14,368
ensure that under each scenario, the capital surplus remains positive.
⚫ The use of KRIs to provide early-warning indications to monitor the timely movement in e-money balances and capital position.
31. Capital and Other Commitments
As at 31 December 2022, the total committed but undrawn facilities in respect of consumer credit cards and loans were £31.5
million (2021: £7.7 million).
The Group and the Company does not have any other material commitments, capital commitments, or contingencies at 31
December 2022 and 31 December 2021.
Notes to the Consolidated Financial Statements 29 30 31 32 33 34 35 Notes to the Consolidated Financial Statements 29 30 31 32 33 34 35
32. Transactions with Related Parties 33. Events after the Balance Sheet Date
Related parties of the Group and the Company include subsidiaries and key management personnel. Key management personnel US investment advisor licence
include all persons across the group who together have authority and responsibility for planning, directing and controlling the
activities of the Group. In February 2023, Revolut was granted an investment advisor licence by the Security & Exchange Commission which will support
the growth of Revolut's US Wealth and Trading business.
Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. Information for key management personnel compensation and particulars of Liquidity facility
transactions with related parties are tabulated below, in accordance with the requirements of IAS 24 Related Party Disclosures.
In April 2023, Revolut entered into a £75.0 million liquidity facility with an external lender to provide diversification in funding as the
business grows globally. The share capital of Revolut NewCo UK Ltd has been provided as a security for the Agreement. As a result,
2022 2021* should an event of default occur the share capital of the Revolut NewCo UK Ltd would transfer to the lender. The facility remains
£000 £000 undrawn and there are no plans to draw upon it.
Wages and salaries 3,082 2,060

Brazil expansion
Social security costs and other benefits 519 275 In May 2023, Revolut was granted authorization by the Central Bank of Brazil to operate as a Direct Credit Society (SCD) in the
Contributions to defined contribution pension schemes 64 9 country. The strategic licence will allow Revolut to expand its portfolio of products and services in the Brazilian market.
Total compensation to key management personnel 23,468 15,163
New Zealand expansion
In July 2023, Revolut launched its app and services in New Zealand following successful completion of testing.
*The total compensation paid to key management personnel has been restated to include additional compensation remitted to
investment vehicles controlled by Director KMP members and paid to certain non-Director KMP members, which more accurately
Board member appointment
represents the aggregate value of compensation fairly received or receivable by KMP members. This restatement resulted in
changes to wages and salaries (previously reported as £0.7 million), share-based payments (previously reported as £3.1 million),
In November 2023, Revolut announced the appointment of Dan Teodosiu to the Board as a Non-Executive Director. Please see the
social security cost and other benefits (previously reported as £nil) and contributions to defined contribution pension schemes
Board of Directors section on page 60 for Mr Teodosiu's biography.
(previously reported as less than £0.1 million).
During the year ended 31 December 2022, the aggregate value of related party transactions other than key management personnel
compensation was £nil (2021: £nil). 34. Controlling Party
The Company is owned by a number of private shareholders and companies, none of whom own more than 25% of the issued
share capital of the Company. Accordingly, there is no parent entity nor ultimate controlling party by virtue of shareholding. Nik
Storonsky is considered a person with significant control ('PSC').
35. Capital (unaudited)
Per Capital Requirements Regulation ('CRR'), Revolut Group Holdings ('RGH') is not subject to prudential consolidation requirements
as at 31 December 2022. The capital requirements only apply on an individual basis, mainly from Revolut Bank UAB and Revolut Ltd,
as well as other smaller regulated entities.
As at 31 December 2022, Revolut Group Holdings Ltd had total available capital to invest into entities, all of which qualifies as
Common Equity Tier 1 ('CET1'), of £1.2 billion (2021: £1.1 billion).
Glossary
FCA Financial Conduct Authority, the regulator of financial conduct in the UK
IBAN International Bank Account Number, an internationally agreed system of identifying bank accounts that allows
cross-border transactions.
Adjusted EBITDA EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortisation. Adjusted EBITDA also excludes
Share-based Payments. It is a widely used measure of core profitability. ICAAP Internal Capital Adequacy Assessment Process, the process to determine that the firm has adequate levels of
capital to mitigate risks in order to execute its forward-looking business plan.
Administrative Expenses The ongoing costs incurred from the day-to-day running of the business
ILAAP Internal Liquidity Adequacy Assessment Process, the process to determine that the firm has adequate levels of
liquidity to mitigate risks in order to execute its forward-looking business plan.
APP Authorised Push Payments, electronic payments where a customer initiates and authorises the transfer of funds
from their account to another party. It is often used for online banking and mobile payments.
KPI Key Performance Indicator, a quantifiable measure of performance relating to a specific objective.
Auditor An organisation or individual responsible for reviewing a company’s financial records and expressing an opinion
regarding whether those records are free from material misstatement KRI Key Risk Indicator, a measure of exposure to a specific risk at a given time.
Balance Sheet A statement of financial position that provides a picture of a company’s assets, liabilities and owners’ equity. It gives KYC Know Your Customer, a regulatory requirement in the financial industry. It involves verifying the identity of customers
an indication of a company’s financial health. to prevent fraud, money laundering and other illegal activities by collecting and verifying personal information.
Bank Deposits The sum of balances in customer accounts on Revolut Bank UAB (our European entity) — excludes investments Liquidity The ease with which an asset or security can be converted to ready cash
such as Stocks, Crypto, Commodities and Savings.
Material Risk Taker A staff member’s professional activities are deemed to have a material impact on a company's risk profile or the
BNPL Buy Now Pay Later, a way to buy goods on credit and pay for them at a future date, often in instalments assets of a company in accordance with applicable regulations.
Control Function A function (including, but not limited to, a risk management function, compliance function and internal audit function) Merchant Acquiring Merchant acquiring is the process of enabling businesses to accept payments from customers, such as debit and
that is independent from the business it controls and that is responsible for providing an objective assessment of credit card transactions, at the point of sale.
a company's risks, and for reviewing and reporting on those risks.
Management Information Management Information ('MI'), the reporting that conveys data points to leadership for effective management.
Debenture A type of long-term debt instrument representing a long-term borrowing by a company. It acknowledges a debt
and provides specific terms for interest and principal payments. Debenture holders are essentially creditors of the
issuing entity. Peer-to-Peer Payments Also known as P2P, a mechanism by which a customer can transfer funds from their bank account to another via
the internet
Deposits The sum of balances in customer accounts, excluding savings and investments (e.g. Crypto, Trading, Commodities).
There are two types of Deposits: 1. E-money Deposits and 2. Bank Deposits. POS Point of Sale, often used to describe the terminal in retailers where payment is taken
Direct-to-card Transfers Direct-to-card transfers enable the direct and immediate deposit of funds onto a debit or credit card, allowing Revolut Bank UAB Our legal entity in Lithuania that operates our Bank for customers in the EEA
users instant access to the transferred funds.
Revolut Ltd Our legal entity in the UK, primarily for UK and Swiss customers
DTA Deferred Tax Assets ('DTAs') and liabilities arise where there are temporary differences between the carrying
amount of an asset or liability and its value for tax purposes. Revolut has recognised net deferred tax assets in the
Risk Appetite Statement The Board Risk Appetite Statement ('RAS') is the expression of the level of risk that Revolut is prepared to accept in
FY22 period, mainly consisting of tax losses and future deductions for equity-based compensation. DTAs may only
order to deliver on its vision and strategy.
be recognised to the extent that it is probable that there are sufficient future taxable profits; Revolut is therefore
able to recognise DTAs in the group entities for which this criteria applies.
ROI Return on Investment, a measurement of an investment’s gains against its costs. It is a performance measure used to
calculate the efficiency of an investment.
Earnings Earnings is another word for profit or net income. It is traditionally the bottom line of the income statement (also
known as profit or loss statement).
Safeguard Safeguard or Safeguarding means customers' funds are segregated from the the EMI’s own funds to ensure that any
financial turbulence at the EMI will not put customer money at risk. Customer funds are deposited into a client money
E-money Deposits The sum of balances in customer accounts on Revolut Ltd (primarily UK and Swiss customers) — excludes
bank account held on behalf of customers. The Group maintains client accounts with a range of global tier 1 banks.
investments such as Stocks, Crypto, Commodities and Savings
Unsecured Personal Loans Loans that don’t require the customer to offer any form of security to the lender as collateral. They are granted based
E-money Institution E-money Institutions ('EMIs') are regulated by the Financial Conduct Authority (FCA) and must safeguard customer on a customer’s creditworthiness.
funds
Company Information
Revolut Group Holdings Ltd
Company Name
Martin Gilbert (Chair)

Directors
Nikolay Storonsky (Nik) (CEO & Co-founder)
Vladyslav Yatsenko (Vlad) (CTO & Co-founder)
Michael Sherwood (Independent Non-Executive Director and

Chair Remuneration Committee)
Caroline Britton (Independent Non-Executive Director and

Chair Audit Committee)
Ian Wilson (Independent Non-Executive Director)
John Sievwright (Independent Non-Executive Director and

Chair Risk & Compliance Committee)
Dan Teodosiu (Independent Non-Executive Director)
Thomas Hambrett
Company Secretary
12743269
Registered Number
7 Westferry Circus
Registered Office Canary Wharf
London
England
E14 4HD
BDO LLP
Independent Auditors 55 Baker Street
London
England
W1U 7EU
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76 Independent Auditor’s Report

90 Notes To The Consolidated

#1 FINANCE APP REVOLUT BANK 35M CUSTOMERS

By downloads October 2023

Revolut Annual Report 2022 2 Revolut Annual Report 2022 3

2022: Another REVENUE DEPOSITS EMPLOYEES

MONTHLY OUR AWARDS

Revolut Annual Report 2022 4 Revolut Annual Report 2022 5

Statement we eagerly anticipate the continuation of this important work.

Revolut Annual Report 2022 6 Revolut Annual Report 2022 7

Revolut Annual Report 2022 8 Revolut Annual Report 2022 9

In a year when many companies scaled down headcount or

our Dream Team We improved our employee engagement: introducing new

These initiatives were also recognised externally, with Revolut

Revolut Annual Report 2022 10 Revolut Annual Report 2022 11

Chief Financial Doubled Down on

Sales & Marketing

Revolut Annual Report 2022 12 Revolut Annual Report 2022 13

We continued to focus on making improvements to our financial systems, processes

£-20M £-1M £0.5M

Revenue Gross Profit Adjusted EBITDA1 Gross Profit Margin

Revolut Annual Report 2022 14 Revolut Annual Report 2022 15

Shoot for the Moon

Jump in With Both Feet

⚫ Enjoy the challenge, celebrate achievements, and have fun.

Revolut Annual Report 2022 16 Revolut Annual Report 2022 17

⚫ Act on underperformance promptly. Monitor it, sort it and remedy it.

Be Radically Honest, Direct, and Respectful

⚫ Step up, speak up, encourage other Revoluters to do the same.

Start With “WHY?”

Revolut Annual Report 2022 18 Revolut Annual Report 2022 19

Act Like an Owner

⚫ It is never 'someone else’s job or problem'.

Commit and Execute

Put Customer First Launched Crypto Trading across EEA

⚫ Focus on, and think through every single detail.

⚫ Make decisions on what to build and what to kill.

First expansion to Australia and Singapore

Launched Trading - offering millions of

Launched Donations - partnering with

Revolut Annual Report 2022 20 Revolut Annual Report 2022 21

Launched Open Banking in UK and EEA

⚫ Junior (<18) accounts

Launched first out-of-app services with ⚫ Deposit protected savings

$800 million Series E funding

⚫ Cashback when booking travel accommodation

⚫ Consumer lending services in eligible countries, including

Launched Revolut Reader - Revolut

Launched Revolut Pay - online merchant

Revolut Annual Report 2022 22 Revolut Annual Report 2022 23

⚫ Increasing our highly specialised customer support team

⚫ Providing deeper knowledge and assistance across 14

⚫ Reducing customer waiting time to 2 minutes for 90% of

↑ +71% ⚫ Industry recognition for our incredible customer support

341M At the start of the year, we strengthened our Customer

Revolut Annual Report 2022 24 Revolut Annual Report 2022 25

We laid strong foundations for our Latin American expansion

Revolut Annual Report 2022 26 Revolut Annual Report 2022 27

Our Business Model Non-financial