Revolut Posts Record $545 Million Profit and Revenue Surge to £1.8 Billion in 2023

Jul 2, 2024, 08:10 AM

London-based fintech firm Revolut has posted its financial results for 2023, showing a significant surge in profits and revenue. The company reported a record profit of $545 million and a revenue increase to £1.8 billion, nearly doubling from the previous year. This growth was driven by a substantial rise in interest income, which grew to £500 million from £83 million in 2022. Revolut's CEO expressed confidence in securing a UK bank license, bolstered by the company's strong financial performance. The firm also saw a notable increase in customer balances, reaching $22.7 billion, and added a record 12 million new customers in 2023. Additionally, Revolut's accounts received a clean bill of health from auditor BDO. The company reported a pre-tax profit of £438 million, equating to a 24% profit margin.