Main UK-based neobank Revolut has made a report pre-tax revenue of £438m (US$553.1m) for the total yr 2023.
The fintech attributes these report returns to robust consumer progress charges and rising interest-related earnings.
The outcomes come as Revolut seeks a US$500m share sale at a valuation of US$40bn, up from the US$33bn valuation it hit in its 2021 fundraiser.
Certainly, these optimistic outcomes ought to assist markedly in fundraising efforts, with FY2023 income doubling year-on-year to £1.8bn (US$2.3bn), shattering preliminary forecasts.
Hovering curiosity earnings is the biggest contributor right here, rising to £500m (US$638m) in 2023 from £83m (US$106m) within the earlier yr.
Its 2023 outcomes are a marked enchancment on 2022 when Revolut made a pre-tax lack of £25.4m (US$32.4m).
File revenue the trail to US$500m fundraise
In June this yr, it was revealed that Revolut was searching for a US$500m share sale, together with shares held by its workers.
The valuation, however Revolut’s spectacular FY2023 earnings, would buck immediately’s development of a fintech funding crunch – as VCs have step by step withdrawn from the post-pandemic growth of fintech funding.
Elevating US$500m at a US$40bn valuation can be all of the extra spectacular given Revolut has but to obtain its full UK banking licence.
Chatting with CNBC, Revolut CEO Nikolay Storonsky stays optimistic the neobank can safe its licence in an effort that has to date stretched over three years.
