The UK-based digital bank, which has 45 million customers in 38 countries, posted a £438m profit in 2023, following a £25m loss a year ago, according to its latest annual report.

It says profit was boosted by higher interest rates and the addition of 12 million retail customers over the last 12 months. Revenues jumped 95% to £1.8bn over the same period.

The fintech firm adds: “There are a range of other core banking features in our product roadmap including mortgages and refinancing loans.”

It points out: “As we grow our lending book, in particular potentially offering residential mortgages, the materiality of our climate risk exposure may change.”

It adds that its “financial planning process, which provides forecasts for the next five years, will help us understand when our climate risk exposure may become material and when we would further improve our risk management capabilities”.

However, despite operating as a licensed bank in 30 countries, the firm does not have a UK banking license, even though it first applied for one in 2021.

The business has faced several accounting and reputational concerns over recent years.

Revolut, which was valued at $33bn in 2021, said in its annual report that it had “enhanced” its financial controls in ways expected of “listed companies,” hinting at possible plans for an initial public offering – plans that have been closely-watched by market observers for some time.