On Thursday, UK Fintech unicorn Revolut announced its net profit for the year ending Dec. 31, 2024, totaling £1.1 billion ($1.5 billion), up 149% year over year. This surge in profit is coming as the company prepares to fully transition into an operational bank later in the year after securing a banking license last summer.
Highlights of Revolut’s 2024 Financial Report
The company declared a pre-tax profit of £1.1 billion ($1.5billion), a 149% increase from the previous year with a revenue of £3.1 billion, up from £1.8 billion in 2023.
The company’s customer base also expanded to 52.5 million users globally while its customer balances increased to £30.2 billion with the vo;ume of transactions on the app surpassing £1 trillion ($1.3trillion).
A surge in crypto trading also helped the company in 2024 with Revolut’s wealth business, which comprises stock and digital asset trading, bringing in £506mn in revenues — a nearly fourfold increase on 2023.
Speaking on the profit surge, founder and chief executive Nik Storonsky said “2024 was a landmark year for Revolut” during which the London-based company secured a banking licence in its home market and a $45bn valuation.
“But we’re just getting started,” he said, adding that the company was now targeting 100mn daily active customers across 100 countries.
Revolut’s Journey to Full Banking
Revolut commenced its journey towards becoming a fully operational bank in 2018 after it secured a specialized banking license from the European Central Bank through the Bank of Lithuania in December 2018, which allowed the company to accept deposits and offer consumer credit within the EU.
Revolut was thereafter granted a full EU banking license in December 2021, enabling broader banking operations across the European Union. The company had earlier applied for a UK banking license to expand its services in its home market in early 2021.
After a three-year application process, Revolut received its UK banking license in July 2024, which cleared the company to offer loans, overdrafts, and other traditional banking services in the UK, Revolut therefore hopes to become fully operational as a traditional bank in July 2025.
