London-based fintech company Revolut, led by CEO Nik Storonsky, reported a record pretax profit of €503 million (£438 million) in 2023, a significant increase from the previous year's £25 million loss.

Revenues doubled to €2.1 billion (£1.8 billion) with 12 million new customers, bringing the total to 45 million.

Key drivers of profits included new customers, higher interest rates, and growth in high-margin revenue streams like interest income, subscription revenue, and card revenues.

Revolut's chair, Martin Gilbert, indicated a potential London listing following upcoming changes to UK stock market listing rules, marking a shift from Storonsky's previous preference for a US listing.

The company is awaiting a decision on its UK banking license application as it expands into new markets like Brazil and New Zealand.

New features being offered include eSIMs and a loyalty program.

CEO Storonsky emphasized a commitment to delivering value and excellent customer experience globally, with a goal of surpassing 50 million customers by the end of FY24.