Revolut has released its annual report for the year ending 31 December 2023. However, much of the talking around the company it its delay gaining its banking licence in the UK.

When this has been written about, it is almost always referred to as a delay and not something that will never come. For all we know it could be tomorrow and render this article immediately outdated.

Revolut is certainly very hopeful the news will come soon.

In fact, Revolut is so confident in the inevitability of it coming into fruition, that the company has moved its global headquarters in the centre of Canary Wharf, committing to a ten-year lease.

The company received a full banking licence from the European Central Bank (ECB) in 2021 together with an EU banking licence in 2018, received through Lithuania. Since last year Revolut has been operating as a licenced bank in 30 countries.

Revolut celebrates positive numbers

Revenues increased by 95% to $2.2bn (£1.8bn). Profit before tax reached $545m (£438m) with the net profit margin at 19%.

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Revolut also added 12 million new customers globally last year and reached 45m in June 2024.

On the announcement of the results, Nik Storonsky, CEO of Revolut, said: “This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere. Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2bn in 2023 and a record profit before tax of $545m. With a net profit of $428m, 2023 was our third profitable year in a row.

“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”