Revolut reportedly set for £1.5bn in revenue on higher European interest rates
Revolut is set to see revenue of more than £1.5bn in 2023, according to an investor presentation seen by Bloomberg, as the pan-European fintech receives a boost from higher interest rates.
A spokesperson for the company declined to provide a comment to City PM on the accuracy of the reporting.
Unaudited financials are said to show Revolut’s monthly revenue averaged some £125m in the first half of 2023, which would put it on track to surge past the £850m the firm said it earned in 2022.
Bloomberg reported that at the start of 2023, Revolut’s net interest income from its European business was triple the size of revenue from foreign exchange — helped by its EU banking licence.
Unnamed sources told Bloomberg that Revolut is adding as many as 300,000 users each week, with a total of almost 40m customers globally.
Investors have sought reassurance over Revolut’s financials after its auditors said in March that it could not fully verify three quarters of revenues in its delayed 2021 accounts due to the firm’s poor IT systems.
Despite years of trying, Revolut has not yet received a UK banking licence to make loans and boost growth in its home country.
Co-founder and chief executive Nikolay Storonsky told City PM last June that the approval process had been slow due to regulators’ sluggishness and said they lagged behind their international counterparts.
Revolut said earlier this year that a licence was “imminent”, but authorisation from the Bank of England’s Prudential Regulation Authority has not been forthcoming.
The firm has not let up, however, and last month appointed former Deutsche Bank and Barclays executive Francesca Carlesi as chief executive for its UK business.
Revolut, which was most recently valued at $33bn in 2021, is still months late on filing its audited accounts for 2022.
The firm was due to file them in September, nine months after the end of its financial year, but was granted an extension until the end of December.
City PM understands that the accounts are due to be filed in the coming days.