Revolut Reports Record-Breaking Growth in 2023
Revolut, a leading digital financial services company, has announced a remarkable increase in its group revenues, exceeding 2 billion euros, representing a 95% growth compared to 2022. The company’s pre-tax profit reached 503 million euros, while its net profit grew to over 395 million euros, reflecting the inherent efficiency and scalability of Revolut’s business model.
Customer Growth and Diversification
In 2023, Revolut added nearly 12 million new customers globally, the largest year-over-year increase in the company’s history, bringing the total to 38 million. Revenue diversification continued to drive sustainable growth, with no product stream or country accounting for more than 30% of total revenue.
Financial Highlights
Total customer deposits increased from €15 billion to €21 billion, while interest income grew to €575 million compared to €97 million in 2022. The company’s transaction volume increased by 58%, reaching nearly 804 billion, with monthly transactions totaling 590 million as of December 2023.
Market Expansion
Revolut expanded to new markets, including Brazil and New Zealand, bringing its global presence to 38 countries. The company has also seen significant growth in Spain, with 18 products launched and one million customers added in just one year.
Looking Ahead to 2024
As of June 2024, Revolut has reached 45 million customers, representing an increase of 7 million in the first six months of the year. The company is on track to surpass 50 million customers by the end of fiscal year 2024.
Product and Service Expansion
Revolut has launched new products and services in the first six months of 2024, including eSIMs, RevPoints, and Revolut Robo advisor, among others. The company is also planning to expand its product portfolio in Spain, including the launch of internal savings accounts, incentives for salaried users, integration with Bizum, and becoming a collaborating entity with the Tax Agency.