Revolut group revenue increased by 95% from $1.1bn in 2022 to $2.2bn over the course of the past year, aided by record customer recruitment and higher interest rates.

Over the year, Revolut added almost 12m new customers globally, the highest YoY increase in the company’s history, bringing the total to 38m in 2023 as the company diversified its product range and expanded into new markets. Over this time, total customer balances increased from $16.4bn to $22.7bn.

In a further boost to the bottom line, an increasing number of customers have adopted Revolut’s services through paid subscriptions, with 41% growth in customers opting for a paid plan.

Nik Storonsky, CEO of Revolut comments: "Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2bn in 2023 and a record profit before tax of $545m. With a net profit of $428m, 2023 was our third profitable year in a row."

Revolut is currently working with Morgan Stanley to sell about $500 million worth of existing shares, including those held by employees, in a bid to push its valuation up to $40 billion,  This comes after an investor revaluation earlier this year placed Revolut’s valuation at $25.7 billion, which was still down from its 2021 valuation of $33 billion.

If it were to reach its aims, it would surpass the market capitalisation of NatWest and Société Générale, and be matching Lloyds Banking Group.

Given the context, Storonsky says the firm remains "committed" to its ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world.

"Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond.”

Storonsky says the sheer size of the firm has complicated its bid to achieve a banking licence.

In an interview with CNBC, Storonsky said that the company is feeling more confident about securing authorisation, after overcoming some key hurdles in its more than three-year-long journey toward gaining approval from regulators.

“Hopefully, sooner or later, we’ll get it,” Storonsky said. Regulators are “still working on it,” he added, but so far haven’t raised any outstanding concerns with the fintech.