Revolut Achieves Record Profit Amid Ongoing Banking Licence Wait

Revolut, the UK fintech giant, has reported a record profit in 2023 despite the continued delay in obtaining a British banking licence. Profit Soars: The company saw a pre-tax profit of £438 million last year, a significant increase from a loss of £25 million in 2022, with revenue soaring to £1.8 billion. Impressive Expansion: Revolut has been on an aggressive expansion spree, establishing offices in new markets such as Brazil and New Zealand in 2023. The fintech player added a whopping 12 million customers last year, surpassing a total of more than 45 million users. Outpacing Rivals: Compared to its competitors like Monzo and Starling, Revolut's growth rate has been remarkable with nine million and three million customers respectively. However, the company is still restricted from offering lending products without a banking licence. Licence Pending: Despite filing for a licence in 2021, Revolut is still awaiting approval, claiming it will be granted 'any day now.' Currently classified as an electronic money institution in the UK, the firm holds a European banking licence from Lithuania, enabling it to offer loans in several European countries. Strategic Moves: Revolut doubled its advertising budget to £241 million last year to fuel further expansion in Europe and recently shifted its global headquarters to Canary Wharf to support future growth. Promising Future: Nikolay Storonsky, the CEO, stated that despite reaching 45 million global customers in 2024, Revolut is poised for exponential growth in the upcoming years, revolutionizing the financial services industry.