Revolut: record profits of 545 million dollars in 2023

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Revolut, the financial super app, has published its revenues for the year 2023, revealing record profits of 545 million dollars. The fintech company has been in net profit for three consecutive years. 

Revolut app doubles its revenues in 2023 with record profits of 545 million dollars

Revolut, the super financial app, has published its annual report for the year 2023 with revenues that have increased by 95% compared to the previous year. Not only that, the fintech company has outdone itself also in terms of profits, recording a record of 545 million dollars. 

Specifically, Revolut closed 2023 with 2.2 billion dollars (1.8 billion pounds) in revenue, almost double the 1.1 billion dollars of 2022. The net profit margin also increased by 19% compared to the previous year. 

Along with its revenues and profits, the balances of its clients have also increased up to 23 billion dollars, while paid subscriptions have recorded a +41%. 

This was also possible due to the expansion strategy of the financial super app, which allowed it to attract 12 million new customers globally in 2023 alone. Currently, Revolut has a total of 45 million customers worldwide. 

In this regard, Nik Storonsky, CEO of Revolut, stated: 

“This year we have made enormous strides in our mission to provide the best product and the best customer experience, combined with great value, everywhere. Our customer base is expanding at impressive rates and our diversified business model continues to drive exceptional financial performance.”

Revolut app and the performance of 2023 that recorded record profits

The challenges won by the financial super app of Revolut seem to be getting bigger and bigger. 

Among others, in fact, Revolut has achieved these great financial results in an increasingly complex geopolitical, macroeconomic, and regulatory context.

Yet, Revolut has been in net profit for three consecutive years. Only in 2023, its accelerated growth was driven by a diversified revenue model, expansion into new markets, and increased customer engagement. 

From here, here come the related revenue streams, such as the 605 million dollars from “Cards and transactions” products, up 59% compared to 2022. Or, the 491 million dollars from “Forex and Wealth” services, up 46%.

Interest income also grew to 621 million dollars in 2023 compared to 102 million dollars the previous year. 

Dizzying numbers that confirm Revolut’s leading position. In fact, in June 2024, Revolut is the most downloaded app in the Finance category in Europe, ranking first in 17 countries. In Italy, for example, Revolut has become the largest neobank with 2 million customers.

For this ongoing 2024, the financial super app aims to reach 50 million total customers worldwide. In this regard, last March 2024, the company announced its $450 million investment in marketing precisely to achieve its goal.

The loyalty program for debit cards

Revolut seems unstoppable and just last week launched its new loyalty program for debit cards: RevPoints.

In practice, through RevPoints, users can earn points while spending with the app and obtain rewards in travel, accommodations, experiences, and more. 

Among the airlines to choose from to use your RevPoint, there are Flying Blue (which includes Air France, Air Europa, Delta, Etihad Airways, KLM, etc.), Avios, and others. Alternatively, RevPoint can be redeemed for discounts on holiday accommodations and experiences by directly accessing the “Lifestyle” section of the Revolut app.