Revolut revenues rise by 95% last year due to its continued pursuit of a British banking license. According to the 2023 annual report released by the London-based FinTech on Tuesday, the company’s revenue for 2023 was $2.2 billion, up from $1.1 billion in 2022. The record profit before levy was $545 million.
Additionally, the company grew by 12 million new customers last year, which was the third year the FinTech has made a profit, bringing their customer base as of June 2024 to 45 million.
“We remain committed to our ongoing U.K. banking license application in addition to bringing the Revolut app to new markets and customers around the world,” said CEO Nik Storonsky.
“Revolut Heralds High Growth: “We Expect Our Priorities to Change Often”-CEO Storonsky: Even as we 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’ve known it.”
In its home country, Revolut has been looking to gain a banking license since 2021. As we discussed last year here, U.K. regulators were concerned about the size of the bank, as well as the nature of its financial reporting. But U.K. regulators were able to delay the issuance of the bank’s 2021 accounts while Revolut was able to delay the reporting of its 2022 accounts.
It now appears that Revolut has acknowledged a Financial Times report last month that it is planning a share sale that values the company at more than $40 billion. The bank intends to sell roughly $500 million worth of employee and existing shares.
Last April, Schroders-driven investment trust increased its shares of Revolut, and the latter’s expanded share implied that the FinTech had had its value increased from $17.7 billion to $25.7 billion.
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s Bloomberg News reported, Schroders perceived that Revolut had managed to show ‘solid progress’ during the previous year, and the company’s expansion of its services around the globe was named among the trust’s reasons for increasing its share.
.revolut has also started providing crypto trading service to the professional traders in the U.K this year as well as supplying phone plans to their British customers.
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his year, the company has been enhancing its geographical locations with Charlie Short, the firm’s head of growth, stating in May that.revolut is concentrating on expanding its reach on markets like Australia and New Zealand, as well as Singapore faster.
