Revolut’s revenue nearly doubles, net profit soars in 2023 as customer base grows

SINGAPORE: Global fintech firm Revolut reported a list profit of US$545 million (S$739 million), with earnings almost doubling to US$2.2 billion in 2023, the company announced on Tuesday (Jul 2).

Salvage profit for final year soared to US$428 million, a whopping 6,000 per cent lengthen from the US$7 million it made in 2022.

Revolut operates a multi-forex e-pockets for funds and remittances. Users can furthermore switch shares, switch-traded funds, commodities and crypto.

Its chief financial officer Victor Stinga told CNA in an interview on Monday that the three drivers of its earnings had been buyer improve, strong performances in its merchandise and improved hobby earnings.

In phrases of profitability, irascible margin – the proportion of a company’s earnings that stays after issue bills are subtracted – elevated from 70 per cent to 76 per cent.

“We repeatedly exercise what we call a zero-sinister budgeting philosophy, so we might perchance perchance like to elaborate each expense,” acknowledged Mr Stinga.

With the exception of the worth of advertising and advertising, bills elevated easiest by 29 per cent final year – in contrast with a 95 per cent lengthen in earnings, he acknowledged.

“We take it as a appropriate signal of the effectivity that this industry can scale fleet with out scaling your expense sinister,” he added.

The improve in shuttle after the COVID-19 pandemic elevated interrogate for Revolut’s companies and products in Singapore, acknowledged Mr Matt Baxby, the company’s Asia-Pacific CEO.

“Following the pandemic, 2023 saw a sturdy rebound in shuttle worldwide. Revolut’s foul-border transaction files exhibits that Singaporeans no longer easiest travelled repeatedly in 2023, but furthermore to many diverse destinations,” he acknowledged.

In step with the International Air Transport Affiliation, air traffic final year reached 94.1 per cent of pre-pandemic ranges.

Final year, one more multi-forex e-pockets operator, YouTrip, acknowledged shuttle propelled its improve after the pandemic.

GROWING NUMBER OF CUSTOMERS

Revolut had Forty five million prospects globally as of June, the company announced. Of these, 7 million started the utilization of its merchandise this year.

For the rotund year of 2023, Revolut added 12 million prospects.

“The corporate is heading in the suitable direction to surpass 50 million prospects by the cease of FY24,” it added in an announcement.

The different of Revolut prospects in Singapore grew by almost 77 per cent from 2022, with month-to-month active users rising as properly.

Extra than half of Singapore users are between the ages of 18 and 34. The ultimate improve in users is amongst 18- to 24-year-olds.

Revolut declined to present the trusty different of prospects it has in Singapore, but acknowledged that it has “bigger than thousands and thousands of users” in the nation.

YouTrip acknowledged it has bigger than a million users in Singapore, and that it saw a 68 per cent lengthen in users used 60 and above from 2023 to 2024.

Wise, one more multi-forex e-pockets operator, acknowledged its native buyer sinister grew 30 per cent year-on-year.