Revolut today appeared to soften its stance on a potential London stock market listing, as the challenger bank tabled record profits in 2023.

The Nik Storonsky-headed fintech reported profits of £438m in 2023, compared to a £25m loss the year previous.

Revenues surged from $1.1bn to $2.2bn while Revolut said it had added nearly 12m customers in the year, with customer numbers now totalling 45 million.

Profits at Revolut were boosted by new customers, higher interest rates and the “continued growth of high-margin revenue streams”.

Revolut’s interest income leapt to £500m in 2023 from £83m the year previous.

Other highlights include subscription revenue increasing by 53 per cent to $303m and cards and interchange revenues increasing 59 per cent to $605m.

Speaking to the FT, Revolut chair Martin Gilbert said he welcomed forthcoming changes to UK stock market listing rules.

He said:

“All the moves regulators are making are good, they’re allowing founder-led companies like Revolut to list here rather than just have no choice.

“But again let’s see how it all pans out, the proof will definitely be what happens in the future.” 

Gilbert’s comments contrast with Storonsky, who has previously criticised the UK as a place to run a business and said in the event of a listing, Revolut would choose the US.

In a bid to halt an alarming decline in UK listings, The FCA is looking to make changes to make it easier for companies to list in the UK, including merging the “premium” listing on the London Stock Exchange, with the less onerous standard listing.

Commenting on the results, Storonsky added: 

“This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere. 

“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. 

“Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”

Revolut is still awaiting a decision on whether it has been approved a UK banking licence.