Financial application Revolut has released its 2023 annual report, showing a 95% revenue growth compared to the previous year, achieving a record profit of $54.5 billion. The company concluded 2023 with revenues of $2.2 billion, nearly double the $1.1 billion recorded in 2022. Net profit margins increased by 19% annually. Client balances also grew to $23 billion, with subscription payments rising by 41%.
This success is attributed to Revolut’s expansion strategy, which in 2023 attracted 12 million new customers globally, 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, accelerated growth was driven by a diversified revenue model, market expansion, and increased customer engagement.
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Revenue streams included $605 million from “Cards and Transactions,” up 59% from 2022, and $491 million from “Forex and Wealth,” a 46% increase. Interest income also grew significantly, reaching $621 million in 2023 from $102 million the previous year.
By June 2024, Revolut became the most downloaded financial app 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 by 2024, supported by a $450 million marketing investment announced in March 2024.
