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The London-based fintech company swung to a £438m profit in 2023, having made a £25m loss a year earlier. But bosses have yet to persuade regulators to grant the company a UK banking license that would open the door to new income streams. A licence would allow Revolut to hold its customers’ deposits, which would help fund its own-branded loans and mortgages.
“We are pleased that Revolut’s transformation programme has now enabled us to return to a regular financial reporting schedule,” Revolut said. “We are confident we have set solid foundations that, in the long run, will support our expanding banking operations and will bring our financial processes in line with the standards expected from publicly listed companies.”
https://www.theguardian.com/business/article/2024/jul/02/revolut-record-profits-ipo-uk-licence
