Global: Revolut Achieves Remarkable Revenue Surge in 2023

Revolut, the UK-based fintech giant, is poised to generate $1.9 billion in revenue this year, nearly doubling its previous 12-month figure of $1 billion, as reported by Bloomberg.

According to an investor presentation, Revolut’s monthly revenue maintained an average of $158 million during the first half of the year. The substantial increase in revenue is attributed to robust customer growth, with approximately 300,000 users joining the platform weekly, contributing to Revolut’s extensive customer base of nearly 40 million.

This revenue surge is particularly significant for Revolut, which holds an estimated valuation of £26 billion, especially considering the challenges it faced earlier this year. The company encountered delays in filing its annual accounts for the second consecutive year, with the 2021 accounts eventually filed in March. Auditor BDO expressed concerns about the verification of £477 million in revenue, citing challenges related to the configuration of Revolut’s internal IT systems.

Despite these hurdles, Revolut’s revenue growth is a positive development for the company. Notably, Revolut is still awaiting a UK banking license, a process that has extended for nearly three years. Some attribute the prolonged timeline to concerns at the Financial Conduct Authority (FCA) regarding auditing, compliance, and corporate culture matters.