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Report: Revolut Aims for $1.9 Billion in Revenue for 2023

Revolut payment card

British FinTech Revolut is reportedly on track to bring in $1.9 billion in revenue for the year.

The startup’s monthly revenue averaged roughly $158 million in the first half of the year, Bloomberg News reported Wednesday (Dec. 20), citing an investor presentation. According to that report, those numbers would put Revolut on a path to generate revenue that exceeds the $1 billion it brought in last year.

Meanwhile, sources tell Bloomberg that Revolut has been adding up to 300,000 users weekly, giving it nearly 40 million customers worldwide.

The report calls the results a “rare reprieve” for Revolut investors following a wild year for the company, which has struggled to nail down a banking license in its home country. This year also saw the company’s auditors warn that they were “unable to satisfy ourselves” about the completeness of some of Revolut’s revenue information for its 2021 accounts.

Bloomberg adds that Revolut is months late in filing an audited version of last year’s accounts, although those results are anticipated to come soon.

A spokesperson for Revolut declined to comment when reached by PYMNTS Wednesday.

The report, citing sources familiar with the matter, said regulators originally told Revolut to expect the licensing process in the U.K. to take two years. The company’s efforts are now nearly three years old, with Revolut working to fulfill requirements from the Bank of England’s Prudential Regulatory Authority (PRA).

“In 2024, you want to be able to put Bank at the end of your name,” Meaghan Johnson, a FinTech consultant, told Bloomberg. “If they do finally get over that challenge of UK regulation, it opens up a whole lot of new product areas they can delve into.”

As noted here in October, the departure of a number of top executives at Revolut led the PRA to request that the company expand its board to include members who have a background in the technology and banking worlds.

The company has also been held up by some external factors, such as banking turmoil earlier this year following the collapse of several lenders. And the current economic climate — which has seen a downturn in venture funding — has raised concerns about FinTech firms’ ability to raise cash when needed.