Revolut nearly doubled its revenue and hit record profits last year

2 Jul 2024

Image: Revolut

The company attracted 12m new customers globally in 2023 and aims to expand its presence further in Ireland this year.

Revolut has shared its 2023 earnings and managed to nearly double its revenue in a year, while growing its customer base significantly in multiple countries.

The fintech’s gross revenue for 2023 was roughly €2.1bn, a 95pc increase from the €1.1bn it earned in 2022. Meanwhile, it hit record profits before tax of €503m last year and its net profit was €395m, up from €7m in 2022.

Revolut said its net profit margin for the year was 19pc and attributed this to a scalable business model and growth into high-margin revenue streams. The company also brought in 12m new customers globally, bringing its total customer count at the end of the year to 38m. It has 45m as of June 2024.

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

“Even as we reached 45m 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.”

Revolut said it has diversified its revenue streams, as no single product stream or country accounted for more than 30pc of total revenue in 2023. The fintech also saw the number of customers using its paid subscription services grow by 41pc last year.

The UK-based company has a strong presence in Ireland and claims to have more than 2.8m customers in the country. Revolut said its customer base in Ireland grew by more than 21pc last year, rising from 2.2m in 2022 to 2.7m at the end of 2023. It aims to reach the milestone of 3m customers in Ireland by the end of this year.

Revolut has brought new services to Ireland this year, as it launched a new security feature at the end of June and expanded its debit card loyalty programme to the country. Recent reports suggest the company could be valued at $40bn in a share sale. But there are some problems for the fintech, as it is still waiting to secure a banking license in the UK.

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Leigh Mc Gowran is a journalist with Silicon Republic