2 weeks Ago By Republished By Echobase.ai
British fintech firm Revolut just crossed a major milestone, reporting a record $1.5 billion in net profit for 2024, the unicorn startup announced Thursday. Profits surged 149% year over year, driven by strong performance across its business units.
According to figures published on its website, revenue jumped 72% to £3.1 billion ($4.0 billion), with the company’s wealth division—home to its stock and crypto trading services—posting the fastest growth, up nearly 300% to £506 million.
Subscription revenue also climbed, rising 74% to £423 million. Key highlights from Revolut’s 2024 performance: Global customer base grew 38% to 52.5 million, with total customer balances rising 66% to $38 billion (£30 billion).
Group revenue surged 72% to $4.0 billion (£3.1 billion), up from $2.
2 billion (£1.8 billion) in 2023. Profitability milestone: Fourth consecutive year of net profit.
Profit before tax hit $1.4 billion (£1.1 billion) , with net profit at $1.
0 billion (£790 million) and a net profit margin of 26% — up from 19% in 2023. The firm’s loan book expanded by 86% to £979 million, with customer deposits also seeing a lift. Together, they helped push interest income up 58% to £790 million.
Founded in 2015 by former Credit Suisse trader Nikolay Storonsky (CEO) and ex-Deutsche Bank developer Vlad Yatsenko, Revolut started with a simple goal: to strip away hidden fees and make financial services easier to use. Everything is handled through its app—no branches, no printed forms. “ 2024 was a landmark year for Revolut.
We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business. This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability,” Storonsky said. The London-based company was last valued at $33 billion in 2021, and it’s now gearing up to launch a full bank in the U.
K. later this year. The startup was later valued at $45 billion in August 2024 after a secondary share sale.
Revolut received a restricted banking license from the Prudential Regulation Authority last July. That kicked off a “mobilization” phase—a period where the company builds out its infrastructure before becoming fully operational. Revolut is still waiting on approval to migrate its 11 million U.
K. customers into the new banking entity. Once live, the bank will be able to offer products like loans, overdrafts, and eventually, mortgages—opening the door to a much broader set of revenue streams.
“Customers trust banks,” Revolut CFO Victor Stinga told CNBC . “So it means customers on this transition will use Revolut as a primary bank account.” He added that one of the biggest opportunities in becoming a licensed bank is access to government-backed deposit protection.
Through the Financial Services Compensation Scheme, U.K. bank customers can reclaim up to £85,000 if their lender collapses—something that builds trust and could help Revolut win more users.
Stinga also mentioned that lending is one of the company’s biggest focus areas going forward. Revolut already offers credit cards and personal loans in parts of the EU and hopes to bring similar products to the U.K.
Francesca Carlesi, Revolut’s U.K. chief, told The Wall Street Journal that getting full banking status in the U.
K. is a key part of its global expansion—and a step toward a future IPO. “My main strategic focus is making Revolut the primary bank for everybody in the U.
K.,” she said. The road ahead won’t be easy.
Rivals like Monzo and Starling have had a head start, securing their full banking licenses years ago. But with profits climbing and a banking license in progress, Revolut is now well-positioned to compete head-on. SEO Powered Content & PR Distribution.
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Source: https://techstartups.com/2025/04/24/british-fintech-unicorn-revolut-reports-record-1-4b-profit-ahead-of-u-k-bank-launch/ Affordable SEO Powered Toolkit. RankFaster Today.
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