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

:British fintech firm Revolut posted a bumper pre-tax income of 438 million kilos ($553.81 million) in 2023 on sturdy user boost and varied income, up from a pre-tax loss of 25.4 million kilos a 365 days within the past, CNBC reported on Monday.

The company also showed revenues of 1.8 billion kilos, the file said, showing an even bigger income than what Revolut beforehand forecast.

Revolut did now not straight reply to a Reuters request for comment.

This comes as the company seeks a more than $40 billion valuation in a $500 million portion sale. That could per chance cement its space as Europe’s most crucial startup.

The instant-rising fintech has applied for a UK banking licence but three years on is accrued ready for approval.

In an interview with CNBC, Revolut CEO Nikolay Storonsky said he became as soon as optimistic of the company’s possibilities of being granted a banking licence within the UK.

Revolut has confronted concerns with its financial reporting beforehand, drawing scrutiny from regulators. The company delayed e-newsletter of each and every its 2021 and 2022 accounts, whereas the 2023 numbers weren’t due till September.

Britain’s fintech industry has confronted a funding crunch in most up-to-date years, as buyers dangle become more sceptical of sky-excessive pandemic-technology valuations and put stress on corporations to make money.

($1 = 0.7909 kilos)