Challenger bank Revolut saw its Irish customer base rise by more than 20% last year, ending 2023 with 2.7 million users following several expansions into the Irish banking market.
Unveiling its annual accounts for last year, the digital bank said it aims to reach 3 million Irish customers by the end of this year.
Recent months have seen several new Revolut products introduced in Ireland, including eSims, instant-access saving accounts, credit cards and insurance, with mortgages remaining “firmly in the pipeline,” the company said.
The fintech also reported a more than 50% annual rise in the number of Irish companies using Revolut Business in 2023.
Last year also saw Revolut’s overall revenue almost double, rising to €2.1bn following a surge in customer numbers and deposits.
The group’s net interest income grew to €589m from just €98m in the previous year, however, it was offset by a rise in credit losses across both lending and non-lending products.
Despite this, it posted record pre-tax profits totalling €503m last year, with its net profit rising by €7m to €398m. The group’s net profit margin was 19% in 2023, which it said reflected the efficiency and scalability of Revolut’s business model, improved partner unit costs, and continued growth of high-margin revenue streams.
The bank made a pretax loss of €30m in 2022 after a pretax profit of €47m in 2021.
“Revolut remains poised for exponential growth in 2024 and beyond,” said chief executive of Revolut, Nik Storonsky.
“Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance.”
The company added 12 million new customers globally last year with the total reaching 38 million by the end of 2023 and 45 million by June.
Last year also saw revolut expand its Irish operations, with the company increasing staff numbers by 10% between 2022 and 2023, and by almost a quarter in 2024 so far compared to 2023.
The company currently employs 175 people in Ireland, many of which work remotely outside of Dublin, the fintech said. The digital bank’s overall headcount increased by 38% to 8,152 in the year.
This is the first year that Revolut did not seek an extension on the submission of its annual accounts, which was seen as an important step in the fintech’s years-long battle to secure a UK banking license, a move which would allow them to expand its offerings in its home country.
Founded in 2015 by its current CEO and its CTO, Vlad Yatsenko, Revolut is one of a handful of fintech companies that has grown from its London headquarters over the past decade, offering financial and banking services without having physical branches.
Additional reporting from Bloomberg.