scorecardresearch
Tuesday, July 2, 2024
Support Our Journalism
HomeTechRevolut posts bumper 2023 profit as CEO optimistic on UK bank licence...

Revolut posts bumper 2023 profit as CEO optimistic on UK bank licence approval, CNBC reports

Follow Us :
Text Size:

(Reuters) -British fintech firm Revolut posted a bumper pre-tax profit of 438 million pounds ($553.81 million) in 2023 on strong user growth and diversified revenue, up from a pre-tax loss of 25.4 million pounds a year ago, CNBC reported on Monday.

The company also showed revenues of 1.8 billion pounds, the report said, showing a bigger revenue than what Revolut previously forecast.

Revolut did not immediately respond to a Reuters request for comment.

This comes as the company seeks a more than $40 billion valuation in a $500 million share sale. That would cement its place as Europe’s most valuable startup.

The fast-growing fintech has applied for a UK banking licence but three years on is still waiting for approval.

In an interview with CNBC, Revolut CEO Nikolay Storonsky said he was optimistic of the company’s chances of being granted a banking licence in the United Kingdom.

Revolut has faced problems with its financial reporting previously, drawing scrutiny from regulators. The company delayed publication of both its 2021 and 2022 accounts, while the 2023 numbers were not due until September.

Britain’s fintech industry has faced a funding crunch in recent years, as investors have become more sceptical of sky-high pandemic-era valuations and put pressure on companies to become profitable.

($1 = 0.7909 pounds)

(Reporting by Elizabeth Howcroft in London and Utkarsh Shetti in Bengaluru; Editing by Alan Barona)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Subscribe to our channels on YouTube, Telegram & WhatsApp

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular