Revolut, the UK-based fintech giant, has reported a remarkable financial performance for the last financial year, with revenues soaring by 95% to $2.2 billion (£1.8 billion) and a record profit before tax of $545 million (£438 million).
The UK headquartered company added 12 million new customers globally, reaching a total of 38 million by the end of 2023, and continued its expansion into new markets, including Brazil and New Zealand.
This marks Revolut’s third consecutive year of profitability, with a net profit margin of 19%.
CEO Nik Storonsky highlighted the company’s commitment to delivering exceptional products and customer experiences, while also pushing for further global expansion and maintaining a strong focus on securing a UK banking license.
Nik Storonsky, CEO of Revolut said:
“This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere. Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2bn in 2023 and a record profit before tax of $545m. With a net profit of $428m, 2023 was our third profitable year in a row.
“Every day, our products create value for new customer segments and new global 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. 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.”
As Revolut reached 45 million customers by mid-2024, it remains on track to surpass 50 million by the end of the year, continuing its mission to redefine financial services globally.
Revolut’s diverse revenue streams, strong customer growth, and strategic reinvestment in new products and markets have positioned the company for sustained success in 2024 and beyond.
The UK-based fintech giant Revolut has also unveiled ambitious plans to expand its global operations, signalling a new phase of growth for the rapidly rising financial technology firm. The company announced that it will be adding new offices in key international markets, including the United States, Asia, and Europe.
As part of this expansion, Revolut will be hiring hundreds of new employees across various departments, with a strong focus on software development and customer service roles. This move reflects Revolut’s ongoing commitment to scaling its innovative digital banking platform globally, aiming to enhance its services and reach more customers worldwide.
The expansion will not only strengthen Revolut’s presence in the global fintech market but also contribute significantly to job creation in the tech sector, further cementing the UK’s reputation as a leading hub for fintech innovation.
The Annual Report can be viewed online or downloaded in PDF format at: revolut.com/financial-statements/
