Revolut expects to hit $2b revenue mark this year despite setbacks

12:21 - 22 December 2023

Financial Services

Revolut said it is on track to reach $2 billion (€1.8b) in annual revenues this year despite a number of setbacks in 2023 that prompted shareholders to write down the value of their stake in the group.

The fintech, which published long-delayed results for 2022 on 22 December, said it added close to 10 million customers last year, driving deposits up by 71% in the year to end of December last.

Crucially, Revolut’s auditor said it had been able to obtain “sufficient appropriate audit evidence” after an issue with the fintech’s 2021 accounts that delayed their release was “resolved”.

When the 2021 results were eventually published in March, BDO said it was unable to satisfy itself on the “completeness and occurrence” of almost three-quarters of Revolut’s revenue in that financial year. The auditors have now said the 2022 financial statements “give a true and fair view of the state” of the group’s finances at the end of last year.

The fintech said that it had launched Revolut Bank in 20 countries across the European Economic Area, launching local Ibans in France, Spain, Ireland and the Netherlands in 2023.

“In spite of the challenging macroeconomic and geopolitical landscape, 2022 was an excellent year for Revolut,” said chairman Martin Gilbert. “We made significant investments in our products, technology, risk, compliance and governance, while exercising strict cost discipline. This strategy paid off as customers used our products more than ever before, with a 71 per cent increase in deposits and a 55 per cent increase in customers on paid plans.”

Revolut expects to hit $2b revenue mark this year despite setbacks

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