Fintech
Revolut Revenue Increases 95% as 12M Customers Added
The revolution Revenues rose 95% last year as it continues its bid to secure a UK banking licence.
The London-based FinTech has released its 2023 report annual report On Tuesday (July 2), the company’s revenue reached $2.2 billion in 2023, up from $1.1 billion in 2022.
Additionally, Revolut’s pre-tax profit hit a record $545 million, as the company acquired 12 million new customers last year (the third most profitable year for the fintech), bringing its customer base to 45 million by June 2024.
“We remain committed to our ongoing application for a banking licence in the UK, as well as bringing the Revolut app to new markets and customers around the world,” said the CEO Nik Storonsky.
“While we have reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we know it.”
Revolut has been seeking a banking license in its home country since 2021. As explained here last year, the company’s size has been a factor in the delay, as has its financial reporting, as Revolut has suffered delays in finalising its accounts for 2021 and 2022, raising concerns among UK regulators.
Last month, the Financial Times reported that Revolut was plan a stock sale and seeking a valuation of more than $40 billion while trying to sell employee stock and other existing shares worth about $500 million. The company was valued at $33 billion in 2021.
In April, an investment fund overseen by Schroders increased its stake in Revolut, and that stake implied that the fintech’s valuation was rose from $17.7 billion at $25.7 billion.
According to a report published at the time by Bloomberg News, Schroders believed Revolut had made “solid progress” over the past year and cited the international expansion of its services as one of the reasons for increasing its stake.
For example, Revolut this year started offering cryptocurrency trading services for professional traders in the UK, as well as phone plans for its British customers.
The company was expanding geographically Additionally, Charlie Short, Revolut’s head of growth, said in May that the company is targeting accelerated growth in markets such as Australia, New Zealand and Singapore.