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Revolut revealed a major boom in its bottom line on Tuesday morning after the fintech giant poached a record amount of customers from its high street rivals.
The $75bn digital banking titan posted a 57 per cent surge in group-wide profit to £1.7bn.
It came as retail customers expanded by a record 16m as the London-born challenger continued to park its tanks on the lawns of the traditional global banking elite. Total customers swelled to 68.3m.
The growth helped accelerate the fintech’s revenue 46 per cent, hitting £4.5bn. Subscriptions served as a major source of this, with the area having the highest year-on-year revenue increase at 67 per cent to £708m.
Card payments surged 45 per cent to £1bn.
The fresh financial results come weeks after Revolut announced it had bagged a full-fat UK banking licence following a four-year wait for the final green light from the watchdog.
Nik Storonsky, Revolut’s founder and top boss, said: “As we transition into a truly global bank, we are proving that our technology-driven operating model continues to drive rapid expansion and record profitability”.
This is a breaking news story – more to follow.
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