It says profit was boosted by higher interest rates and the addition of 12 million retail customers over the past 12 months
Revolut has targeted mortgages as a “core banking feature” in its “product roadmap,” as it swung to a full-year profit.
The UK-based digital bank, which has 45 million customers across 38 countries, posted a £438 million profit in 2023, following a £25 million loss a year back, as per its latest annual report.
It says profit was boosted by higher interest rates and the addition of 12 million retail customers over the past 12 months. Revenues climbed 95 per cent to £1.8 billion over the same period.
The fintech company says: There are a range of other core banking features in our product roadmap including mortgages and refinancing loans.
It points out: As we grow our lending book, in particular potentially offering residential mortgages, the materiality of our climate risk exposure may change.
It says that its “financial planning process, which provides forecasts for the next five years, will help us understand when our climate risk exposure may become material and when we would further improve our risk management capabilities”.
Nevertheless, despite operating as a licensed bank across 30 countries, the company does not have a UK banking license, even though it first applied for one in 2021.
The business has faced several accounting and reputational concerns over recent years.
Revolut, which was valued at $33 billion in 2021, said in its annual report that it had “enhanced” its financial controls in ways expected of “listed companies,” hinting at possible plans for an initial public offering (IPO) – plans that have been closely-watched by market observers for some time.
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