Fintech giant, Revolut, posts record earnings and suggests potential initial public offering (IPO) in the future
Revolut, the fintech company founded in 2015, continues its growth trajectory, adding 12 million customers in 2023, marking a nearly 45% increase in its customer base. The company's annual results, filed ahead of a September deadline, were the first to be published on time in three years, signalling a commitment to transparency.
Despite this progress, Revolut is still waiting for its UK banking licence, a crucial step that would allow the company to offer lending products such as credit cards, personal loans, and mortgages. The company is continuing to work closely with the Prudential Regulation Authority on its application.
CEO Nikolay Storonsky remains focused on bringing the Revolut app to new markets and customers worldwide. This global expansion is a key part of the company's strategy, as it aims to become a household name in finance.
In a move that could further solidify its position in the financial industry, Revolut has announced plans to possibly participate in a flotation on the London Stock Exchange. While the company has not provided a timeline for an Initial Public Offering (IPO), it has enhanced its financial controls in ways expected of listed companies.
Victor Stinga, the interim CFO of Revolut, mentioned that improving financial controls and bolstering the team is part of the journey towards the level required as a public company.
The progress of Revolut's UK banking licence application is not detailed in the information provided. However, UK CEO Francesca Carlesi stated that the application is progressing well.
Unlike rivals Monzo and Starling, details about their specific involvement or relation to the article are not provided.
Revolut made a pre-tax profit of £438 million last year, a significant milestone in the company's growth. The company's commitment to transparency and its ongoing efforts towards obtaining a UK banking licence and potential stock market flotation suggest a promising future for this fintech giant.
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