/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Revolut sees bumper revenue growth in 2023

UK fintech giant Revolut is set to make $1.9 billion in revenue this year, nearly double the $1 billion it recorded in the previous 12 months, according to Bloomberg.

1 comment

Revolut sees bumper revenue growth in 2023

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The company's monthly revenue averaged $158 million in the first half of the year, says Bloomberg, citing an investor presentation.

The rise comes off the back of strong customer growth, with 300,000 users being added weekly, giving Revolut nearly 40 million customers.

The revenue growth is welcome news for Revolut - which is estimated to be worth £26 billion - after a difficult period.

Earlier this year it emerged that the company will delay filing its annual accounts for a second consecutive year.

The 2021 accounts were finally filed this March but auditor BDO flagged concerns that it could not verify £477m of revenue, nor vouch for their “completeness or occurrence”, due to the configuration of Revolut's internal IT systems.

Meanwhile, the company is still waiting on a UK banking licence, with the lengthy, nearly three-year-long process attributed by some to concerns at the FCA over auditing, compliance and corporate culture issues.

Sponsored [New Report] Payments Modernisation: The Big Survey 2024

Comments: (1)

A Finextra member 

Turnover is vanity,

Profit sanity,

Cash flow reality.

[On-Demand Webinar] Global Trade Based Financial Crime: Where Trade and Payments MeetFinextra Promoted[On-Demand Webinar] Global Trade Based Financial Crime: Where Trade and Payments Meet