Revolut's full UK banking licence and record £1.7bn profit are propelling its aggressive push into the US market. The London-based neobank reported a 57% jump in pre-tax profits to £1.7bn for 2023, alongside a 44% rise in card transaction fees to £1bn. Nik Storonsky, Revolut's CEO, has long stressed this UK licence as critical for scaling lending and competing with traditional banks. The company's revenue surged 44% to £4.5bn, driven by a 67% increase in subscription income to £708m and a 45% rise in card payment revenue to £1bn.

This financial strength underpins plans for a major US expansion, including a potential secondary share sale reportedly valuing Revolut at $100bn.