Revolut has hinted at potential IPO plans in its latest report amid record-breaking profits of £438 million.

The FinTech giant said it was “pleased that Revolut’s transformation programme has now enabled us to return to a regular financial reporting schedule".

It added: “We are confident we have set solid foundations that, in the long run, will support our expanding banking operations and will bring our financial processes in line with the standards expected from publicly listed companies.”

Revenues at the FinTech also jumped 95 per cent year-on-year to a record high of £1.8 billion in 2023.

The bank attributed its success to higher interest rates in the UK as well as to
12 million new customers globally.

The past year saw Revolut open offices in New Zealand and Brazil, as well as kick off a mass hiring initiative.

The most recent financial year also saw Revolut launch several new initiatives, including a platform for professional crypto traders.

Revolut claims that it now has 65 million customers worldwide as of June 2024.

Chief executive Nikolay Storonsky said on Tuesday: '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."

Despite its ongoing popularity, its lack of a UK banking license means that Revolut is unable to lend money or provide credit like its peers Monzo and Starling.

The news comes after Revolut lost over £25 million in the previous financial year

---