Financial application Revolut has released its 2023 annual report, with a revenue growth of 95% compared to the previous year, achieving a record profit of $54.5 billion.
In 2023, Revolut’s revenue reached $2.2 billion, nearly double the $1.1 billion in 2022. Customer balances also grew to $23 billion, with paid subscriptions increasing by 41%.
This success is attributed to Revolut’s expansion strategy, which attracted 120,000 new customers globally by 2023, bringing the total customer base to 450,000.
Despite operating in a challenging geopolitical, macroeconomic, and regulatory environment, Revolut maintained profitability for the third consecutive year in 2023. Its accelerated growth benefited from diversified revenue streams, market expansion, and increased customer engagement.
Read more:
Robinhood is considering launching cryptocurrency futures in the US and Europe.
Revenue sources include $60.5 billion from “Cards and Transactions,” a 2022 growth of 59%, and service revenue reaching $49.1 billion from “Forex and Wealth,” up 46%. Interest income also significantly increased from $6.21 billion the previous year to $10.2 billion in 2023.
By July 2024, Revolut became the most downloaded financial application in Europe, ranking first in 2 countries, including Italy with 500,000 customers. Supported by a $20.24 billion marketing investment announced in March 2024, the app aims to cover a total of 1 million customers globally by XNUMX.
