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Matt Baxby, CEO, Revolut
Revolut in Australia is finally in the black, five years after opening for business.
Revenues for CY2024 were $40.8 million, up 163% on 2023.
Pre-tax profit was $4.4 million.
Fee income “driven by our diversified revenue streams across FX, Payments, Subscriptions, Business and Lifestyle, grew by 145%” Revolut said.
“We’re getting a good sense of really strong momentum” Matt Baxby, CEO of Revolut in Australia told Banking DAy.
“This is our first year of profitability, and a pretty good profit too.”
Baxby was cagey on the progress of Revolut’s drawn out application for a banking authority in Australia.
“Our drivers for why that makes sense are important, and remain. To create a sustainable model, not just relying on warehouse funding” he said.
“There’s an important trust question as well.
“It unlocks more opportunities for us. At the same time [the lack of a banking licence] hasn’t slowed us down.
“The results today show a strong revenue model. We are committed to grow rapidly.”