Revolut announces record profits of USD$545 million in 2023

Revolut announces record profits of USD$545 million in 2023

With record profits of USD$545 million in 2023, Revolut‘s revenues increased by 95% to USD$2.2 billion (£1.8 billion, AUD$3.4 billion), up from USD$1.1 billion (£0.92 billion, AUD$1.7 billion) in 2022.

Globally, the company’s profit before tax reached USD$545 million (£438 million, AUD$820 million).

Nik Storonsky, CEO of Revolut said, “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, delivering revenues of over $2.2 billion in 2023 and a record profit before tax of $545 million. With a net profit of $428 million, 2023 was our third profitable year in a row.

“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”