Nikolay Storonsky, Revolut's CEO and co-founder, said the company is feeling confident about securing its British bank license"soon", after overcoming some key hurdles.Revolut released annual accounts Tuesday showing its full-year pre-tax profit rose to $545 million in 2023; the company cited strong user growth and revenue diversification.
"U.K. banking licenses are being approved for smaller companies," Storonsky said."They usually approve someone twice every year," and they typically tend to be smaller institutions."Of course, we are very large, so it takes extra time." Victor Stinga, Revolut's chief financial officer, said the company's growth stemmed from a record jump in user numbers — Revolut added 12 million customers in 2023 — as well as strong performance across all its key business lines, including card fees, foreign exchange and wealth, and subscriptions.