Praveen Paranjothi on Newnex: The classic startup promise that profit…

The classic startup promise that profit comes with scale appears to…

Praveen Paranjothi · 2024-07-02T07:24:33.000Z

The classic startup promise that profit comes with scale appears to be ringing true for Revolut in 2023. The fintech company reported financial results reveal a significant turnaround: full-year pre-tax profit soared to £438 million ($545 million) in 2023, compared to a pre-tax loss of £25.4 million in 2022. Group revenues surged by 95%, reaching £1.8 billion ($2.2 billion), up from £920 million ($1.1 billion) in 2022. Revolut added 12 million customers in 2023 https://www.cnbc.com/2024/07/02/revolut-boss-confident-on-uk-bank-license-approval-after-record-profit.html#:~:text=The%20fintech%20giant%20on%20Tuesday,(%241.1%20billion)%20in%202022.

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Praveen Paranjothi on Newnex: The classic startup promise that profit…