Revolut’s 2023 Revenues Surge to $2.2bn, Profits Hit Record $545m

Revolut’s 2023 revenues soared by 95% to $2.2bn (£1.8bn) from $1.1bn (£0.92bn) in 2022. Profit before tax reached a record $545m (£438m), with a net profit margin of 19%. The company added 12 million new customers globally, bringing the total to 38 million by the end of 2023 and reaching 45 million in June 2024. Customer balances increased by 38% to $23bn (£18.2bn), and paid subscriptions grew by 41%.

Nik Storonsky, CEO of Revolut, emphasized the company’s commitment to delivering superior products and customer experiences, which fueled their impressive financial performance.

“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. Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance,” said Nik Storonsky.

Revolut’s diversified revenue model and expansion into new markets drove sustainable growth, with no single product or country accounting for more than 30% of total revenue in 2023. The company continued to innovate, launching personal loans, credit cards, and Money Market Funds in various European countries, and expanding local IBAN offerings.

As of June 2024, Revolut remains poised for exponential growth, with plans to surpass 50 million customers by the end of FY24. The company also launched new features like eSIMs, RevPoints loyalty program, and Revolut Robo-Advisor.