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Revolut’s Revenue Surge Bolsters IPO and Banking License Prospects

Revolut’s Revenue Rapid Growth Penetrated in FinTech Market.

Revolut's Revenue Nearly Doubles, Signals Public Listing Ambitions

Revolut Ltd., a rapidly growing UK-based fintech, announced that its revenue for 2023 nearly doubled to £1.8 billion ($2.2 billion), catapulted by a sixfold increase in interest income to £500 million up from £83 million in 2022. This dramatic growth, highlighted in the company’s latest financial accounts, reflects both the expansion of its customer base and increased market penetration.

Financial Health and Licensure Aspirations

According to a report by Bloomberg, the financial accounts received a clean bill of health from auditor BDO, reinforcing investor confidence. This positive assessment is pivotal as Revolut has been diligently working to secure a UK banking license—an endeavor beset by delays in previous years, largely attributed to delayed financial statements.

CEO Nik Storonsky emphasized that the company is poised for continued robust growth, projecting exponential expansion in 2024 and beyond. Revolut added 12 million new customers over the past year, boosting its global user base to 38 million by the end of 2023 and 45 million by June 2024. Meeting the statutory deadline for filing financial results is a key checkpoint for obtaining the banking license, pivotal for expanding Revolut’s product offerings in its home market.

Growth Amidst Challenges

Even with these gains, Revolut faces notable challenges. The firm reported a surge in credit losses, which tripled to £46.6 million. This increase was partly a consequence of the company's expansion into personal loans and credit cards across multiple European markets, including France, Germany, Spain, and Ireland. Despite these rising credit losses, Revolut reported a record profit before tax of £438 million and a substantial increase in its loan book from £204 million to £528 million.

Chief Financial Officer Victor Stinga noted the company’s progress in aligning its financial processes with the standards expected from publicly listed companies. This alignment strengthens Revolut’s potential


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