Revolut announces record profits of USD$545 million in 2023

Revolut announces record profits of USD$545 million in 2023

With record profits of USD$545 million in 2023, Revolut‘s revenues increased by 95% to USD$2.2 billion (£1.8 billion, AUD$3.4 billion), up from USD$1.1 billion (£0.92 billion, AUD$1.7 billion) in 2022.

Globally, the company’s profit before tax reached USD$545 million (£438 million, AUD$820 million).

Nik Storonsky, CEO of Revolut said, “This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers everywhere.

“Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2 billion in 2023 and a record profit before tax of $545 million. With a net profit of $428 million, 2023 was our third profitable year in a row.

“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”

Australia leads the way in customer growth

Revolut in Australia has demonstrated exponential growth throughout 2023 and even stronger in 2024 so far. Revolut in Australia was Revolut’s leading performing market by customer growth, monthly active customer and has proven critical to Revolut’s global expansion strategy. The success, evident in its strong customer acquisition and product adoption rates, has enabled Revolut in Australia to increase investment back into its customers through releasing a number of innovative products tailored towards the Australian customers. On average, Revolut’s Australian arm released one new product every two months, but even despite the rapid growth, the Australian CEO emphasised the companies’ focus on scaling sustainably.

Annual revenue in Australia more than doubled, increasing 166% between 2022 and 2023, with deposit balances growing by 61% to reach over £61,500,000 (AUD$115 million) by the end of 2023.

Revolut Australia also more than doubled its total customer base, to increase by 112%.

Matt Baxby, Australia and New Zealand Chief Executive Officer, Revolut, said, “Revolut’s exceptional global performance in 2023 is mirrored in, and supported by, the rapid growth and success of Revolut in Australia. This success, evident in our customer growth and product adoption, reflects the strong appetite among Australians for innovative, transparent, and cost-effective financial solutions. As we continue to enhance our product offering, grow our operations and customer numbers in Australia, we remain committed to scaling sustainably by creating a seamless, safe and secure place for Australians to manage their entire financial lives both at home and abroad. The APAC region, and Australia in particular, remains a key focus for Revolut’s global expansion strategy. The sky’s the limit for us in Australia – we’re excited about the opportunities that lie ahead in 2024 and beyond.”

The results underscore Australia’s position as a key growth market for Revolut, aligning with the company’s global strategy to revolutionise financial services and expand its presence in the Asia-Pacific region. The substantial growth across all key metrics demonstrates the strong appetite among Australians for Revolut’s innovative, transparent, and cost-effective solutions.