Digital bank Revolut is reportedly expecting to make $1.9 billion in revenue for 2023, almost twice the $1 billion it made in the last 12 months. This, according to an update from Bloomberg.
The Fintech firm’s monthly revenue has averaged around $158 million during H1 2023, according to an investor presentation.
The increase in revenue for Revolut is attributed to solid client growth, with 300,000 customers being added on a weekly basis. Currently, Revolut is claiming about 40 million customers.
The growth in revenue may be considered a positive development for Revolut, which is valued at around £26 billion (following a challenging period).
As widely reported in 2023, it was revealed that the fintech firm would postpone filing its annual accounts for the second straight year.
Revolut’s 2021 accounts were submitted this March however auditing firm BDO identified concerns that it would not be able to verify £477 million worth of revenue, and could not confirm their “completeness or occurrence” because of the configuration of Revolut’s internal IT systems.
Notably, the Fintech firm is presently waiting on a UK banking license, with the extensive, almost 3-year-long process being attributed by industry participants to ongoing concerns at the UK’s Financial Conduct Authority (FCA) regarding auditing, compliance as well as corporate culture issues.
As covered in October 2023, Revolut, the financial super app with over 35 million customers globally, has been officially certified as a Great Place to Work.
Following participation in a certified study, “based on the strength of its employee experience, Revolut has been recognised as a Great Place to Work in eight countries around the world, including the UK, India, Poland, Lithuania, Romania, Hungary, Spain and Portugal.”
Alexander Dolgopolov, Chief of Staff at Revolut said:
“We are incredibly proud to have been certified as a Great Place to Work across a number of our markets. Whilst this is a terrific endorsement of our culture and workforce, we know there is always more to do and we will continue to work hard to ensure all our employees can thrive at Revolut. Earning this status comes as Revolut continues on its exciting growth trajectory, which is only possible as a result of the talent, hard work and commitment of Revoluters globally.”
The Great Place to Work recognition come as Revolut’s headcount “hits more than 7,500 employees, with expansion into new markets such as Brazil, India and New Zealand and new product and feature developments helping to drive global recruitment.”