British fintech Revolut reported record revenues and swung to a pre-tax profit last year as it continues to work towards gaining its UK banking licence.
Revenues reached £1.8 billion in 2023, a 95% increase from the previous year, per an annual statement published today.
The popular disruptive payments platform made a pre-tax profit of £438 million, swinging from a loss of £25 million the previous year.
This came as alongside a significant increase in its employee headcount, rising from less than 6,000 in 2022 to over 8,100 by the end of 2023 as the startup took a more aggressive approach to its expansion.
High interest rates spurred the record set of results, as well as Revolut’s expansion strategy, which saw services rolled out to new markets including Brazil and New Zealand, as well as launching a significant app update, Revolut 10.
The company's customer base grew from 26.2 million to 38 million by year-end, marking a 45% increase, with monthly active customers surging 47% and total customer balances swelling 38% to £18.2 billion.
In tandem with the publication of these results, co-founder and chief executive Nikolay Storonsky told CNBC that he is confident that Revolut will secure a British banking licence “sooner or later”.
Revolut has been trying to obtain a licence since 2021.
"We are continuing to work closely with the PRA [Prudential Regulation Authority] on our UK bank licence application,” Revolut added in today’s report.
Revolut is currently working on a share sale that would reportedly value the firm at around $40 billion (£32 billion).