British fintech company Revolut announced a record pretax profit of £438 million ($553.81 million) for 2023, driven by strong user growth and a surge in interest-related income. This marks a significant improvement from a £25.4 million pretax loss in 2022. Revenues nearly doubled to £1.8 billion, bolstered by a rise in interest income from £83 million in 2022 to £500 million in 2023.
These timely results, the first on schedule in three years, follow previous delays that attracted regulatory scrutiny. Interim CFO Victor Stinga emphasized improved financial controls as part of their public listing preparations, though no IPO timeline was given. Revolut seeks a $40 billion valuation in an upcoming $500 million share sale, up from $33 billion in 2021.
Revolut’s UK banking license application, pending for three years, is reportedly progressing well, according to UK CEO Francesca Carlesi. CEO Nikolay Storonsky expressed confidence in securing the license.