Revolut Annual Financial Report 2023: Key Points
- 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.
- 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.
- 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.
- Product Expansion:
- Introduction of new products like IBAN solutions and personal loans across key European markets boosted user base.
- 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.
