Revolut FY revenues surge, working on UK banking licence

2nd Jul 2024 08:02

(Sharecast News) - Neobank and fintech group Revolut posted a sharp increase in annual revenues on Tuesday as it continues to work towards obtaining a UK banking licence.

Revolut said revenues surged 95% in 2023 to reach £1.8bn, giving the group a net profit of £344.0m, as it expanded operations to the likes of Brazil and New Zealand and saw its customer base grow 45% to 38.0m. Monthly active users rose nearly 47% and customer balances increased 38% to £18.2bn.

The British firm made a marked increase in its employee headcount, jumping from 6,000 at the end of 2022 to more than 8,000 as the clock wound down on 2023.

Revolut also said it was confident that it was secures a UK banking licence "sooner or later", something it has been trying to do since 2021.

Reporting by Iain Gilbert at Sharecast.com