Fintech firm Revolut hit by £25m loss after hiring spree

Firm gave near 80% pay increase to founder despite uncertainty over approval of UK banking licence

Revolut swung to a 25m loss in 2022 after shelling out more on staff and a near 80% pay jump for its founder, despite uncertainty over the approval of the fintech firm's UK banking licence.

The company, which became the UK's most valuable fintech firm in 2021, detailed the loss in its delayed annual report on Friday, marking a return to the red after reporting its first-ever annual pre-tax profit - worth 39m - a year earlier.