Financial application Revolut has released its 2023 annual report, with revenue growing by 95% compared to the previous year, reaching a record profit of $54.5 billion.
Revolut’s revenue for 2023 reached $2.2 billion, almost doubling the $1.1 billion in 2022. Customer balances also grew to $23 billion, and paid subscriptions increased by 41%.
This success can be attributed to Revolut’s expansion strategy, which attracted 120,000 new customers globally by 2023, bringing the total customer count to 450,000.
Operating in a challenging geopolitical, macroeconomic, and regulatory environment, Revolut has maintained net profits for three consecutive years. In 2023, its accelerated growth was fueled by a diversified revenue model, market expansion, and increased customer engagement.
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Revenue sources include $60.5 billion from the “Cards and Transactions” segment, a 2022% increase from the previous year, and service revenue reaching $49.1 billion from “Forex and Wealth,” up by 46%. Interest income also saw significant growth, rising from $6.21 billion in the previous year to $10.2 billion in 2023.
By July 2024, Revolut had become the most downloaded financial application in Europe, ranking number one in two countries, including Italy with 500,000 customers. Supported by the $20 billion marketing investment announced in July 2024, the application aims to cover a total of 1 million customers globally by 2024.
