Revolut reports record profit ahead of multi-billion valuation – London Business News | Londonlovesbusiness.com

Revolut has reported a record pre-tax profit of £438 million amid strong user growth as the fintech company is seeking a $40 billion valuation.

Revolut has suggested that they are aiming to publicly list the company, however the interim chief financial officer Victor Stinga will not comment on a timeline for an IPO, Reuters reported.

Stinga told Reuters, “Improving financial controls and making sure we bolster our team, being able to release these results within six months, is part of that journey. So we are taking steps in making sure that our control environment trends towards the level you require as a public company.”

The fintech company has applied for a banking licence in the UK, but Revolut is still waiting for approval three years on.

UK CEO Francesca Carlesi told Reuters the banking licence application is “progressing well,” but there is “a lot of steps.”

“We are by nature optimistic but you know at the same time, I really don’t think we should put any timeline to this,” she added.