Revolut will unveil bumper financial results today as its fight for a banking licence drags on.
The fintech business expects revenue for last year to be more than £1.6billion and for profit to beat £276million.
In a boost for its attempt to win over UK regulators, it is the first time in three years that Revolut has published its accounts on time.
But it comes 490 days after Revolut bosses said the company would secure a banking licence ‘imminently’.
Profit: Revolut, led by Nikolay Storonsky (pictured), is still waiting for a banking licence 490 days after claiming one would be issued ‘imminently’
On March 1 last year they said the company would get the go ahead ‘any day now’.
But regulators are yet to give the green light three years after Revolut applied – a source of embarrassment for founder and chief executive Nik Storonsky.
A banking licence would allow the app to expand services in Britain including taking deposits, making loans and offering credit cards and mortgages.
In 2021 Revolut was worth £26billion and was hailed as the most valuable fintech in the UK.
Now it is seeking a valuation of around £32billion in an employee share sale – a 20 per cent jump that would make Revolut larger than NatWest.
The regulatory delay sparked an outburst from Storonsky last year when he branded Britain an undesirable place to do business.
He said it had been a ‘long and tiring process’ and that Revolut would not choose London for a future public listing.
Analysts at the time dismissed his comments as a ‘tantrum’ and ‘sour grapes’.
Getting its accounts in order has been seen as a crucial step on the path to getting a licence.
But Revolut has failed to publish its finances on time two years in a row.
When 2021’s accounts were finally published in March last year, auditor BDO said it was not able to independently verify three-quarters of its £636million revenue.
The accounting firm warned that some information may be ‘materially misstated’.
In December last year Revolut published its 2022 results three months late.
Today’s accounts are the first set to be published following the appointment of Revolut’s UK boss Francesca Carlesi in November. She said earlier this year that the firm is ‘determined’ to get a banking licence.
‘We are determined to do the hard work to get there,’ she said.
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