(Reuters) -British fintech firm Revolut posted a bumper pre-tax profit of 438 million pounds ($553.81 million) in 2023 on strong user growth and diversified revenue, up from a pre-tax loss of 25.4 million pounds a year ago, CNBC reported on Monday.
The company also showed revenues of 1.8 billion pounds, the report said, showing a bigger revenue than what Revolut previously forecast.
Revolut did not immediately respond to a Reuters request for comment.
This comes as the company seeks a more than $40 billion valuation in a $500 million share sale. That would cement its place as Europe’s most valuable startup.
The fast-growing fintech has applied for a UK banking licence but three years on is still waiting for approval.
In an interview with CNBC, Revolut CEO Nikolay Storonsky said he was optimistic of the company’s chances of being granted a banking licence in the United Kingdom.
Revolut has faced problems with its financial reporting previously, drawing scrutiny from regulators. The company delayed publication of both its 2021 and 2022 accounts, while the 2023 numbers were not due until September.
Britain’s fintech industry has faced a funding crunch in recent years, as investors have become more sceptical of sky-high pandemic-era valuations and put pressure on companies to become profitable.
($1 = 0.7909 pounds)
(Reporting by Elizabeth Howcroft in London and Utkarsh Shetti in Bengaluru; Editing by Alan Barona)
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