Revolut CEO Confident in UK Bank License as Profits Soar to $545M

Revolut CEO Confident in UK Bank License as Profits Soar to $545M
Revolut CEO Confident in UK Bank License as Profits Soar to $545M

Hey FinTech Fanatic!

Revolut’s CEO and co-founder, Nikolay Storonsky, expressed optimism about securing a UK banking license soon, despite delays since their 2021 application.

The FinTech giant reported a record pre-tax profit of $545 million for 2023, driven by user growth and revenue diversification.

Storonsky highlighted that Revolut’s size has prolonged the approval process compared to smaller institutions. A UK banking license would enable Revolut to offer loans, expanding beyond its current capabilities as a licensed electronic money institution. A key hurdle was resolved when Revolut aligned its share structure with regulatory requirements, facilitated by a deal with SoftBank.

2023 marked a significant year for Revolut, swinging from a pre-tax loss of £25.4 million in 2022 to a profit of £438 million. Revenues surged by 95% to £1.8 billion, attributed to a record 12 million new customers and strong performance in card fees, foreign exchange, wealth, and subscriptions.

CFO Victor Stinga credited this growth to customer expansion, robust revenue lines, and a significant increase in interest income, now comprising 28% of revenues.

Revolut prioritized financial discipline in 2023, maintaining lower administrative expense growth compared to revenues and adopting a "zero-based budgeting" approach. The company invested $300 million in advertising and marketing, with significant focus on business banking solutions, dedicating about 900 employees to B2B sales.

Additionally, board member Martin Gilbert indicated that an IPO might be on the horizon within a year.

This all looks pretty impressive to me. What do you think?




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