2 weeks Ago
Revolut served more customers than HSBC Holdings Plc last year, helping the UK based fintech to boost revenue 72pc to £3.1bn (€3.6bn) and grow earnings.
The company's customer base grew by 38pc globally last year to reach 52.5 million by the end of 2024, Revolut said Thursday. This meant it overtook HSBC, which had 41 million customers last year according to the bank's annual report.
London-based Revolut said interest income grew to £790m last year from £500m in 2023, as more customers used the platform for savings and deposits. The company also offers foreign exchange, crypto and other trading services. "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," Chief Executive Officer Nik Storonsky said in the statement.
The company aims to expand further in the coming year as it prepares to complete its mobilization phase to become a fully-fledged bank in the UK. The firm expects to have 200 UK bank staff by year end, Bloomberg News previously reported. Revolut will launch its Mexican bank in the coming months, recently received its Prepaid Payment Instruments (PPI) license from India's central bank, and has 10 other license applications underway around the world.
"We're making strong progress towards 100 million daily active customers across 100 countries," Storonsky said. The accounts confirmed 2,200 current and former employees participated in the company's secondary share sale last year, allowing them to liquidate a portion of their vested equity. The event gave the firm a $45bn valuation.
Revolut confirmed its new backers include Coatue, Baillie Gifford, Goldman Sachs Alternatives, Mubadala and Affinity Partners. Auditor BDO signed off the accounts, without any of the caveats that had dogged Revolut in previous years. Revolut reported a record pretax profit of £1.
1bn, climbing from £438m. Combined credit losses in lending and non-lending products grew slightly to £51m from £46.6m.
(Bloomberg).
