Report: Revolut 2023 set to double previous year figures


Revolut is set to smash its 2022 revenue in financial results for 2023 according to Bloomberg, which cited an investor presentation containing unaudited financial results.

According to the business news outlet, London-based fintech and neobank Revolut is set to report revenue of $1.5bn in 2023, around double the £850m in revenue it outlined for the 2022 financial year.

Founded in 2015, Revolut has since become one of Europe’s fastest growing fintech startups, with its operations encompassing debit cards, virtual cards, a currency exchange, stock trading and cryptocurrency.

The diverse offering available on the group’s platforms has made it a popular one-stop-shop for many consumers interested in financial services and products, leading to it accumulating a global user base of over 30 million.

However, one core goal continues to elude the firm, that being a UK banking licence. Despite its extensive financial operations, much of which encompass the usual activities of banking firms, Revolut has been unable to secure the licence.

Back in October, the Financial Times (FT) reported that the company had entered into a partnership with SoftBank – which had previously invested in the company – in a move to clear the way for it to gain the licence, acquisition of which could help provide a stronger platform for its global expansion plans.

Amidst these licencing difficulties, reports of the firm’s financial performance may come as a relief for many investors in the rapidly growing – but not always smoothly growing – fintech firm.