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4d ago

Revolut Reports £1.1 Billion Profit as UK Banking Operations Near Launch

The fintech giant achieved record profits and customer growth in 2024, while progressing toward full UK banking status later this year.

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 surged 149% in 2024, reaching £1.1 billion, with revenue growing 72% to £3.1 billion.
  • Key drivers of growth included higher interest-rate income, card fees, and a 300% expansion in its Wealth segment, which includes trading and crypto products.
  • Customer numbers rose to 52.5 million in 2024, up from 38 million the previous year, while its lending book grew to £979 million.
  • The company remains in the mobilisation phase after securing a restricted UK banking licence in July 2024, with full operations expected in 2025.
  • CEO Nikolay Storonsky increased his ownership to over 25% in an April 2025 reorganisation, solidifying his leadership as Revolut prepares for an eventual IPO.