Revolut Reports Significant Revenue Growth and Record Profits

Revolut, the UK-based neobank, has announced impressive financial results for the last year, showcasing significant growth across all business sectors. The company's revenue surged by 72%, reaching £3.1 billion (approximately EUR3.7 billion), as detailed in their recently released financial statements.

This marks the fourth consecutive year of profitability for Revolut, with a notable increase in pre-tax profits from £438 million in 2023 to £1.1 billion (around EUR1.3 billion) in 2024. The primary driver behind this substantial profit increase was a rise in interest income, which grew by 58% year-on-year to £790 million (about EUR943 million), up from £500 million in 2023. The company attributed this growth to effective management of increased deposits and an expansion in its lending activities.

Revolut's customer base also experienced remarkable growth, expanding by 38% to 52.5 million users worldwide. This milestone has positioned the fintech firm ahead of the UK's largest bank, HSBC, which currently serves 41 million customers. The company's CEO highlighted that 2024 represented a pivotal year for Revolut, with nearly 15 million new users joining the platform. He emphasized that the diversification of services used by customers has directly contributed to the record growth and profitability.

Looking ahead, Revolut's leadership is set on ambitious goals, aiming for 100 million active daily users across 100 countries, with growth initiatives in the UK, Europe, and emerging markets. The firm received a restricted banking license in the UK last summer and anticipates achieving full banking status within the year. In the European Union, Revolut operates under a banking license from Lithuania.

In Germany, the neobank has introduced a German International Bank Account Number (IBAN) and a savings account offering, attracting approximately 2 million customers and gaining 90,000 to 100,000 new users each month.

Revolut is also planning further international expansion, with upcoming banking operations in Mexico and a recently secured license for prepaid payment instruments (PPI) in India. The company has ten additional license applications pending in various countries, indicating its commitment to broadening its global footprint.