Revolut has dealt with its accounting issues from earlier this year, reducing some of the pressure it was facing regarding receiving a banking licence.
The payments company reported a loss last year due to escalating costs outweighing gains from increased interest rates, according to its delayed annual accounts.
BDO, the group's auditor, indicated that prior concerns regarding Revolut's internal controls have now been "resolved".
This development could alleviate regulatory pressure concerning a crucial decision on the fintech firm's UK banking licence.
BDO had earlier cautioned that a substantial portion of Revolut's 2021 revenues might be "materially misstated" due to IT control inadequacies.
The most recent accounts state that these issues have been addressed, and sufficient audit evidence was obtained for 2022 balances.
Revolut's CEO, Nik Storonsky, said: “Looking ahead, our focus is on continued growth across all our markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world.”
The company reported a pre-tax loss of £25.4 million in 2022, in contrast to the previous year's £40 million profit primarily driven by surging cryptocurrency trading.
Despite administrative expenses rising and challenges in its wealth and foreign exchange division, Revolut achieved a 45% year-on-year increase in revenue to £923 million.
The fintech attracted 9.8 million new customers in 2022, recording a 71% surge in customer deposits.