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2w ago

Revolut Reports £1.1 Billion Profit as It Prepares for UK Bank Launch

The fintech giant saw a 149% profit surge in 2024, driven by crypto trading and wealth services, while targeting full UK banking operations by year-end.

Rio de Janeiro , Brazil - 3 May 2023; Nik Storonsky, Founder & CEO, Revolut, on Centre Stage during day two of Web Summit Rio 2023 at Riocentro in Rio de Janeiro, Brazil. (Photo By Piaras Ó Mídheach/Sportsfile for Web Summit Rio via Getty Images)
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Revolut logo is seen in this illustration taken July 29, 2024. REUTERS/Dado Ruvic/Illustration
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Overview

  • Revolut's pretax profit soared 149% to £1.1 billion in 2024, with revenues climbing 72% to £3.1 billion, fueled by interest income, card fees, and crypto trading growth.
  • The company's wealth division revenue surged 298%, supported by increased crypto trading and the launch of its own crypto exchange platform.
  • Revolut is finalizing preparations to launch full banking operations in the UK later in 2025 after securing a restricted banking license in July 2024.
  • CEO Nikolay Storonsky increased his ownership stake to over 25% in April 2025, as Revolut continues its expansion and eyes an eventual IPO.
  • The fintech now serves 52.5 million customers globally, with ambitions to reach 100 million daily users across 100 countries in its next growth phase.