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American Focus > Blog > Economy > British fintech Revolut tops $1 billion in profit as revenue jumps 72%
Economy

British fintech Revolut tops $1 billion in profit as revenue jumps 72%

Last updated: April 24, 2025 4:31 am
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Revolut, the British fintech firm, has reached a significant milestone by surpassing $1 billion in annual profit for the first time. This achievement comes as the company gears up to launch its U.K. bank later this year, marking a pivotal moment in its almost decade-long journey.

For the year ending Dec. 31, 2024, Revolut reported a net profit of £1.1 billion ($1.5 billion), representing a remarkable 149% increase from the previous year. Revenues also saw a substantial growth of 72% year on year, totaling £3.1 billion, driven by strong performance across various revenue streams.

One of the standout performers for Revolut was its wealth unit, which includes its stock-trading business. Revenue in this segment surged by 298% to £506 million, while subscriptions turnover increased by 74% to £423 million. Additionally, the company witnessed significant growth in its loan book, which expanded by 86% to £979 million, contributing to a 58% rise in interest income amounting to £790 million.

The timing of Revolut’s financial success is crucial as the firm transitions to becoming a fully operational bank in the U.K. after securing a banking license last summer. The company received a banking license with restrictions from the U.K.’s Prudential Regulation Authority in July 2024, marking the start of the mobilization stage. This phase involves building out banking operations and infrastructure in preparation for a full launch, typically lasting around 12 months.

Revolut is currently awaiting regulatory approval to transfer all 11 million of its U.K. users to a new banking entity this summer. Once operational, the bank will be able to offer services such as loans, overdrafts, and mortgages, opening up new revenue streams for the company.

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Victor Stinga, Revolut’s chief financial officer, emphasized the importance of becoming a bank in the U.K., highlighting the ability to accept deposits protected by government guarantees. Licensed banks are covered by the Financial Services Compensation Scheme, providing customers with up to £85,000 in protection if a lender becomes insolvent. Stinga noted that this transition will lead customers to view Revolut as their primary bank account, instilling trust in the brand.

The move to becoming a U.K. bank also unlocks opportunities for Revolut to expand its product offerings, including credit cards and personal loans, similar to what it currently provides under a separate EU banking license. Francesca Carlesi, Revolut’s U.K. boss, views this transition as a strategic step towards global expansion and a future IPO, with the goal of making Revolut the primary bank for everyone in the U.K.

Despite the progress made by Revolut, it faces stiff competition from rivals like Monzo and Starling, who have already established themselves in the U.K. banking sector. Monzo obtained its full banking license in 2017, while Starling received its permit in 2016. Nevertheless, Revolut’s strong financial performance and upcoming bank launch position the company for continued growth and success in the fintech industry.

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