Revolut has surged to a record profit of $545 million in 2023, boosting its long-term quest to secure a UK banking licence.

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.

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