Revenues have reached a remarkable £1.8 billion at Revolut.

A record for the neobank, it marks a huge 95% jump in turnover compared with the previous year.

The London firm’s profit before tax topped £438m in the 12 months to 31st December 2023 after it added 12m new customers globally, reaching 38m. It has since added seven million more to reach 45m in June 2024.

It is on track to surpass 50m customers by the end of FY24.

Revolut has now been net profitable for three years in a row. Its revenue diversification means no single product stream or country accounted for more than 30% of total revenue in 2023.

Net profit margin for the year was 19%, which Revolut said reflects the inherent efficiency and scalability of its business model, improved partner unit costs and continued growth of high-margin revenue streams.

Revolut expanded into new markets in 2023, including Brazil and New Zealand, bringing its global footprint to 38 countries.

It recently announced a deal to move its global HQ to the YY building in Canary Wharf

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“This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere,” said Nik Storonsky, CEO. 

“Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2bn in 2023 and a record profit before tax of $545m. With a net profit of $428m, 2023 was our third profitable year in a row.

“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. 

“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.”

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