Revolut to make $1.9 billion in revenue in 2023 — nearly double compared to last year
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Revolut, the fintech giant headquartered in the UK, is expected to see $1.9 billion in revenue in 2023. The figure will be nearly twice as high as the revenue recorded in 2022, which was at around $1 billion.
Revolut’s 2023 records great success in userbase growth and earnings
On average, Revolut saw monthly revenue of around $158 during the first half of this year, according to a report published by Bloomberg. According to the report, Revolut’s major rise in revenue can be attributed to strong customer growth which the firm also saw over the past 12 months.
Revolut saw around 300,000 new users being added weekly, resulting in nearly 40 million customers at this time. With more users using the firm’s platform, it saw greater revenue, which is quite welcome news for the company.
According to current estimates, Revolut’s worth is currently at around £26 billion. However, it is worth noting that the company has seen quite a difficult period prior to seeing an improvement, which then led to the growth in earnings.
Earlier in 2023, reports emerged stating that Revolut would have to delay filing its annual accounts for a second year in a row. The accounts from 2021 were then finally filed in March. However, BDO, which served as the auditor for Revolut, reported concerns about £477 million in revenue, which the company was unable to verify. BDO also said that the firm could not vouch for the “completeness of occurrence” due to the configuration of the internal IT systems at Revolut.
Revolut still waits on the UK banking license
Right now, Revolut is still waiting to receive a banking license in the UK, which is a long process that has lasted for about three years now. The complications involved with completing it arise from certain concerns that the UK financial regulator, the Financial Conduct Authority (FCA) has expressed.
The FCA believes that there are problems regarding auditing, compliance, and even corporate culture, all of which have slowed down the process of granting the company the license it desires. Given the fact that banking licenses in the UK are typically granted within 12 months from the moment a company applies for one, the fact that it has been three years for Revolut shows how insistent the FCA is about resolving the mentioned issues first.
Apart from that, Revolut also saw a hacking attack in early 2022, which used a flaw in its payment system. As a result, criminals were able to steal over $20 million. After that, the fintech allegedly allowed as much as £1.7 million to be paid to accounts that the UK’s National Crime Agency had red-flagged.
