Revolut's 2023 Profit Soars; CEO Optimistic on UK Bank License, CNBC Reports

Reported about 1 year ago

British fintech company Revolut reported a significant pre-tax profit of £438 million in 2023, up from a pre-tax loss a year earlier, driven by user growth and diversified revenue. With revenues of £1.8 billion surpassing expectations, Revolut aims for a $40 billion valuation in a $500 million share sale, making it Europe's top startup. Despite facing delays in obtaining a UK banking license, CEO Nikolay Storonsky remains hopeful. The company previously faced regulatory scrutiny for financial reporting delays. Britain's fintech sector is navigating investor pressure for profitability amid challenging funding conditions.

Source: YAHOO

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