British fintech giant Revolut has achieved a major financial milestone, reporting £1.1 billion ($1.5 billion) in net profit for 2024, marking a 149% increase from the previous year.
The company’s revenue also saw significant growth, surging 72% to £3.1 billion, driven by a combination of subscription services, wealth management, and interest income.
One of the standout contributors to this success was Revolut’s wealth unit, which includes stock trading, boasting a 298% jump in revenue. The firm’s loan book also expanded 86% to £979 million, further strengthening its financial position.
This growth comes at a pivotal moment for Revolut, as it prepares to launch its UK bank later this year after securing a banking licence in 2024.
Once fully operational, the bank will enable Revolut to offer traditional financial services, including loans, overdrafts, and mortgages, enhancing its appeal as a primary banking option.
Revolut’s UK CEO has emphasised that securing full banking authorisation is a crucial step toward global expansion and an eventual IPO.
As the company continues to evolve, it faces stiff competition from established players such as Monzo and Starling, both of whom secured banking licences years earlier.
Revolut’s remarkable financial performance signals its ambitions to become a dominant force in banking – a fintech powerhouse redefining modern finance.
About Revolut
Revolut is a British fintech company that provides digital banking services, including currency exchange, stock trading, cryptocurrency transactions, and personal finance management.
The name ‘Revolut’ suggests a revolution in financial services, aiming to simplify and modernise banking through technology.
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut started as a platform offering fee-free foreign exchange and has since expanded into a global financial super app.
It operates in multiple countries and serves millions of customers, offering both free and subscription-based banking services.