Revolut Ltd. is on track to generate more than £1.5 billion ($1.9 billion) in revenue for the year as Europe’s most valuable startup benefits from rising interest rates across the continent, according to Bloomberg.
Monthly revenue averaged about £125 million in the first half of 2023, according to an investor presentation seen by Bloomberg that contained unaudited financials. That would put the firm on track to deliver revenue that’s far in excess of the £850 million it previously
Cryptocurrency activity, which had been a boon for the company in 2021, had dropped to less than 5% of overall volume on the platform.
Revolut is now adding as many as 300,000 users a week, according to people familiar with the matter. It’s allowed the company to amass nearly 40 million customers around the world, even as that growth has also continued to attract new rivals.
The startup, which was most recently valued at $33 billion in a 2021 funding round, still has yet to receive its banking license from UK regulators and the firm’s auditors warned in March they were “unable to satisfy ourselves” about the completeness of some of Revolut’s revenue data for its 2021 accounts.
The company is still months late with filing an audited version of its accounts for 2022, though those results are expected in the coming days.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: