From CNBC: 2024-07-01 19:01:38

Revolut’s CEO Nikolay Storonsky is positive about the chances of getting a U.K. banking license after record profits. Regulators are still reviewing the application, noting delays due to Revolut’s large size compared to smaller institutions. A recent agreement with SoftBank resolved issues around share structure compliance.

The fintech company reported a jump in pre-tax profits to £438 million in 2023, up from a loss in the previous year. Revenue rose by 95% to £1.8 billion, driven by a record 12 million new customers. The CFO attributed growth to user numbers, strong business performance, and increased interest income stream.

Revolut focused on financial discipline in 2023, controlling operating expenses with a “zero-based budgeting” philosophy. While advertising and marketing investments have increased, the company is prioritizing business banking solutions. Administrative costs grew by 49%, significantly less than the nearly doubled revenues.

Read more: Revolut boss confident on UK bank license approval after record profit