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Revolut announces record $545m profit for 2023

Revolut Annual Financial Report 2023: Key Points

  1. Record Financial Performance:
    • Revenue Growth: Revenue surged by 95%, from $1.1 billion in 2022 to $2.2 billion in 2023.
    • Profit Before Tax: Achieved a record profit before tax of $545 million.
    • Net Profit: Net profit of $428 million with a net profit margin of 19%.
    • Third Consecutive Profitable Year.
  2. Diversified Business Model:
    • No single product stream or country accounted for more than 30% of total revenue in 2023.
    • Core Revenue Streams:
      • Subscriptions: Increased by 53% to $303 million.
      • Foreign Exchange and Wealth Services: Rose by 46% to $491 million.
      • Cards and Interchange Revenue: Climbed by 59% to $605 million.
  3. Customer Growth:
    • Added 12 million new customers in 2023, totaling 38 million by year-end.
    • Revolut’s app is the most downloaded in the finance category across Europe.
    • Customer Acquisition: 70% of new retail customers join organically or through referrals.
  4. Product Expansion:
    • Introduction of new products like IBAN solutions and personal loans across key European markets boosted user base.
  5. Future Growth and Expansion:
    • Poised for exponential growth in 2024 and beyond.
    • Committed to ongoing UK banking licence application.
    • Expansion into new markets, including operations in Mexico after receiving a banking licence.
    • Plans to increase global workforce by 40%, aiming for a headcount of 11,500 by the end of 2024.
    • Targeting over 50 million customers by the end of FY24, having reached 45 million in June 2024.

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