Global fintech company Revolut recently released its Annual Report for 2023, showing record profit and revenue growth, but also increased customer base, particularly in Romania, where retail customers saw a 38% increase.
Revolut’s net profit margin for 2023 was 19%. The company’s major strengths are its diversified revenue model, expansion into new markets, and increased customer usage. No single market or business line contributed more than 30% of total revenues in 2023.
Importantly, throughout the year, Revolut added another 12 million new customers globally, the highest annual growth in the company’s history. By the end of 2023, the retail customer base had grown to 38 million users. 70% of the global customer base growth was achieved organically or through referral rewards used by existing users.
In Romania, Revolut had 3.39 million retail customers as of December 31, 2023, a 38% increase from December 31, 2022. Last year, Revolut Business also increased its corporate customer base by 171% in the local market.
As of December 31, 2023, Revolut customers in Romania had over EUR 750 million in their accounts, a 41% increase from 2022.
Globally, growth was consistent across all revenue-generating business segments, contributing to an increased customer usage rate. In December 2023 alone, an average of 590 million transactions were made, up 73%. More customers opted for Revolut’s paid plans (subscriptions), leading to a 41% increase in the base of paying customers.
As of June 2024, Revolut was the most downloaded app in the Finance category in Europe, ranking first in 17 countries. The company continued to launch in new markets, including Brazil and New Zealand, bringing the number of markets where it offers services to 38.
In Europe, Revolut focused on primary banking services and doubled investments to support future growth, including new product development and expansion into underserved markets. Investments in advertising and marketing, amounting to USD 300 million (EUR 277 million), contributed to additional organic growth.
The company also expanded its B2B sales team, reaching over 900 employees by the end of 2023, aiming to provide better services to large corporate clients. The total group workforce grew by 38% year-on-year, reaching 8,152 employees.
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