Revolut has released its 2023 financial accounts

Below are the main highlights:

Group revenues increased by 95% to $2.2bn (£1.8bn), from $1.1bn (£0.92bn) in 2022

This growth was consistent across all revenue streams of Revolute's diversified business model, with more customers engaging in more of its products:

• Cards & Interchange: $605m (£486m), up 59% from $379m (£306m); 

• FX & Wealth: $491m (£395m), up 46% from $334m (£270m);

• Subscriptions: $303m (£244m), up 53% from $196m (£159m);

Profit before tax reached $545m (£438m); net profit margin was 19% ($428 m)

Revolut added 12m new customers globally last year, totalling 38m in 2023 and reached 45m in June 2024. 70% of new retail customers joined organically

38% increase in customer balances to $23bn (£18.2bn) and 41% increase in paid subscriptions

Revolut has now been net profitable for three years in a row

2024 outlook

Continued customer growth: As of June 2024, Revolut has reached 45m customers globally, representing an increase of 7m in the first 6 months of the year. The company is on track to surpass 50m customers by the end of FY24

Expanding products and features: In addition to launching its existing suite of products in more markets, in the first six months of 2024, Revolut has launched several new products