Revolut profits soar as CEO remains hopeful of UK banking licence

Revolut has posted a record pre-tax profit of £438m off the back of a 95% surge in revenue as the British fintech’s chief executive remains confident in securing a UK banking licence.

The group posted revenue of £1.8bn for the year ended 31 December 2023. The results, released on Tuesday, represent Revolut’s third successive year of profit.

Revolut said its growth was partly down to its focus on income diversification. The company has long had the aim to create a ‘super app’ containing every financial service users might need.

Its recent product launches include RevPoints, a loyalty card offering; an AI scam detection tool; and a cryptoasset staking feature, though late last year the firm temporarily paused its crypto services due to regulatory concerns.

The London-headquartered firm also benefited from rising interest rates. Income from interest increased more than fivefold to £500m.

The company also said its customer base had grown to 38 million at the end of 2023 and 45 million as of last month.

“Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, said Revolut CEO Nikolay Storonsky.

“Every day, our products create value for new customer segments and new global markets.”

Storonsky added that the company remained “committed to our ongoing UK banking licence application”, which has faced numerous delays since it was first submitted in 2021.

Speaking to CNBC, Storonsky said regulators are “still working on it” and that “hopefully sooner or later we’ll get it”.

Storonsky has previously been critical of UK regulators’ approach, describing the banking licence process as “long and tiring”.

Revolut last month moved its headquarters to Canary Wharf, positioning itself as a direct neighbour to some of the world’s largest banks.

The post Revolut profits soar as CEO remains hopeful of UK banking licence appeared first on UKTN.

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