Challenger bank Revolut - which is being steered by two Aberdonians - has reported record annual profits and hinted at plans for a stock market flotation.

The London-based fintech company, which has been waiting more than three years for its UK licence to be approved, swung to a £438million profit in 2023, having made a £25million loss a year earlier.

Profits were increased by higher interest rates and an ambitious expansion plan that helped to add 12 million customers to its user base last year. Revenues jumped 95% to £1.8billion in 2023, according to its latest annual report.

Aberdeen Asset management founder Martin Gilbert has chaired Revolut since 2020, and fellow University of Aberdeen graduate John Sievwright also sits on its board.

Mr Gilbert told the Financial Times yesterday that Revolut was at least a year away from a public listing and would “keep an open mind” on the venue.

Nik Storonsky, CEO of Revolut said: “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.

"Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2billion in 2023 and a record profit before tax of $545million.

“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, RRevolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”

The company last month announced plans to move its headquarters to one of the most prominent buildings in Canary Wharf, where it has been based since it was founded.

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