Revolut has seen its revenue jump by 95% to £1.8bn in the year to 31 December, after reaching £920m in the previous year.

The London-headquartered banking services firm also saw its profit before tax reach £438m in the same period, having recorded a loss of £25.4m in 2022.

The group, which has now been net profitable for three consecutive years, reported that its net profit margin for the year was 19%, reflecting the "inherit efficiency and scalability" of its business model.

Over the course of the year, Revolut welcomed almost 12 million new customers around the globe, the highest year-on-year increase in the company’s history, taking its total number of customers to 38 million.

Chair at Revolut, Martin Gilbert, said: "[Last year] was a strong year for Revolut. We generated record revenue once again, earning £1.8bn, representing a 95% increase year-on-year. Our customer base grew during 2023 from 26.2 million to 38 million at year end, a nearly 45% increase. Our customers showed increased trust in us, with total customer balances, including balances held by our customers with partner institutions, increasing from £13.2bn to £18.2bn. I would like to say a huge thank you to our customers for putting their trust in Revolut."

Looking forward, the firm said that as of June, it had reached 45 million customers, representing an increase of seven million customers in the first six months of the year.

Targeting over 50 million customers by the end of the year, Revolut said that it is also targeting the eSIMs market, in order to allow customers to buy phone data packages through the Revolut app, signifying its moves into non-financial services.

Chief executive officer and co-founder, Nik Storonsky, added: "Our customer base is expanding at impressive rates year after year, and our diversified business model continues to fuel exceptional financial performance.

"Everyday, our innovative financial products create value for new customer segments and new global markets. With that accelerating trajectory, along with the talent, experience, and intellect of our 10,000-person strong Dream Team, we continue to work towards becoming our customers' trusted primary financial services provider, simplifying all things money for the world."

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