Revolut nearly doubled its revenue last year and significantly increased its profit

The revenue of the British fintech company Revolut in 2023 nearly doubled, and the company’s profitability also rose sharply. According to the financial results published today, Revolut generated 2.1 billion euros last year, which is an increase of as much as 95 percent compared to the previous year when revenues amounted to 1.1 billion euros.

Although gross profit, or profit before tax, amounted to 503 million euros, which is less than 750 million euros in 2022, and even less than 507 million euros in gross profit from 2021, Revolut recorded a record jump in net profit to as much as 395 million euros, compared to just 7 million euros in the previous year.

Third profitable year

Commenting on the business results, Nik Storonsky, CEO of Revolut, emphasized that 2023 was the ‘third profitable year in a row’ for the company, which was founded in 2015 in the United Kingdom as a startup.

– This year we have taken the biggest steps yet in our mission to deliver the best product and the best user experience to our customers around the world. Our user base is expanding at an impressive rate, and our diversified business model continues to achieve exceptional financial results – said Storonsky.

Revenue diversification (where no single Revolut service or market accounts for more than 30 percent of total revenue), opening new markets (Brazil and New Zealand), and greater engagement of existing as well as new users have led to this growth in financial indicators. Storonsky added that they remain ‘committed to the goal of obtaining a banking license in the United Kingdom’ while bringing the Revolut app to new markets.

Last year, Revolut attracted a record 12 million new users, bringing the total to 38 million in 2023 across 38 different countries. By June 2024, that number had already reached 45 million. But Revolut does not intend to stop there, said Storonsky, announcing exponential growth this year as well.

Increasing number of users in Croatia

In Croatia alone, Revolut was used by more than 380 thousand users last year, and by the end of June this year, the number of users had already exceeded 400 thousand. There are more private and business users of Revolut in Croatia, and the number of payments and transactions at ATMs has also increased.

As stated in Revolut’s press release, more than 70 percent of these transactions were executed within Croatia, indicating that Revolut is increasingly being used as a card for daily spending in the Croatian market. This is confirmed by the fact that Croatian users deposited more than 160 million euros into their Revolut accounts by December 31, 2023, which is an increase of 77 percent in 2023 compared to 2022.

The company also increased the total deposits of all users from 15.2 billion euros to 21 billion euros. Thanks to this, and considering the increase in interest rates, Revolut’s interest income rose to 575 million euros during 2023 compared to 97 million euros in 2022. Additionally, there is an increasing number of users subscribing to Revolut’s services (an increase of 41 percent).