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Revolut Revenues Jump 95% With Addition of 12 Million Customers

Revolut’s revenues jumped 95% last year as it continues to pursue a British banking license.

The London-based FinTech released its 2023 annual report Tuesday (July 2), showing the company’s revenues reaching $2.2 billion in 2023, up from $1.1 billion in 2022.

In addition, Revolut’s profit before tax was a record $545 million, with the company adding 12 million new customers last year — the FinTech’s third profitable year — bringing their customer base to 45 million as of June 2024.

“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.

“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.”

Revolut has been trying to obtain a banking license in its home country since 2021. As covered here last year, the company’s size has been a factor in the delay, as well as its financial reporting, as Revolut suffered delays in finalizing its accounts for 2021 and 2022, raising concerns among U.K. regulators. 

Last month, the Financial Times reported that Revolut was planning a share sale and seeking a valuation of more than $40 billion as it tried to sell about $500 million worth of employee shares and other existing shares. The company had been valued at $33 billion in 2021.

In April, an investment trust overseen by Schroders upped its stake in Revolut, and that stake implied that the FinTech’s valuation had climbed from $17.7 billion to $25.7 billion.

According to a report from Bloomberg News at the time, Schroders believed Revolut had achieved “solid progress” in the past year and pointed to the company’s international expansion of its services as one of the reasons for increasing its stake.

For example, Revolut this year has begun offering crypto trading services for professional traders in the U.K., as well as phone plans for its British customers. 

The company has been expanding geographically as well, with Charlie Short, Revolut’s head of growth, saying in May that the firm is targeting accelerated growth in markets such as Australia, New Zealand and Singapore.