Financial application Revolut has released its 2023 annual report, with a 95% revenue increase from the previous year, achieving a record profit of $54.5 billion.
In 2023, Revolut achieved revenues of $2.2 billion, nearly double the $1.1 billion recorded in 2022. The net profit margin increased by 19% on an annual basis. Client balances also grew to $23 billion, and paid subscriptions increased by 41%.
This success is attributed to Revolut’s expansion strategy, which brought in 12 million new customers globally in 2023, bringing their total to 45 million.
Despite operating in a challenging geopolitical, macroeconomic, and regulatory environment, Revolut has maintained net profitability for three consecutive years. In 2023, its accelerated growth was due to a diversified revenue model, market expansion, and increased customer engagement.
Revenue streams included $605 million from “Cards and Transactions,” 59% more than in 2022, and $491 million from “Forex and Wealth,” a 46% increase. Interest income also saw significant growth, reaching $621 million in 2023 from $102 million the previous year.
As of June 2024, Revolut has become the most downloaded financial application in Europe, leading in 17 countries, including Italy, where it boasts 2 million customers. The app aims to reach a total of 50 million customers worldwide in 2024, supported by a $450 million marketing investment announced in March 2024.