Financial Digest

Revolut makes record profit as wait for banking licence continues

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The fintech firm added 12 million customers and made £438 million in profit last year, but still cannot offer credit cards in UK.

Revolut made a record profit in 2023, as the UK fintech giant continues its long wait for a British banking licence

The London-based group has expanded aggressively in recent years, opening offices in new countries including Brazil and New Zealand in 2023.The rate of expansion has seen it far outstrip the growth of rival digital money firms like Monzo and Starling, which have roughly nine million and three million customers respectively.

On March 1 2023 it said it would be given the green light “any day now”, but that has still not happened. Revolut nearly doubled its advertising and marketing budget last year to £241 million as part of its plans to continue expanding in Europe.

 

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Revolut makes record profit as wait for banking licence continuesThe fintech firm added 12 million customers and made £438 million in profit last year, but still cannot offer credit cards in UK.
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