Revolut released its Annual Report for the year ending 31 December 2023.
Revolut delivered record profits and revenue growth, while navigating an increasingly complex geopolitical, macro-economic, and regulatory environment.
Group revenue increased by 95% from US$1.1b (£0.92b) in 2022 to US$2.2bn (£1.80bn).
Revolut has now been net profitable for three years in a row. Profit before tax was US$545m (£438m), and net profit grew to US$428m (£344m), up from US$7m (£6m) in 2022. The Net profit margin for the year was 19%, reflecting the inherent efficiency and scalability of Revolut’s business model, improved partner unit costs, and continued growth of high-margin revenue streams.
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 US$2.2b in 2023 and a record profit before tax of US$545m. With a net profit of US$428m, 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.”