Revolut achieved $1 billion profit, revenue increased by 72%, received UK banking license.

From CNBC: 2025-04-24 02:18:00

Revolut announced surpassing $1 billion in annual profit for the first time in 2024, with net profit reaching £1.1 billion and revenue growing by 72% to £3.1 billion. The wealth unit saw a 298% revenue surge, while the loan book grew by 86% to £979 million, contributing to a 58% increase in interest income.

Revolut, a fintech firm, received a banking license with restrictions in the UK in July 2024, marking a significant step towards becoming a fully operational bank. The company is currently in the mobilization stage, working on building out its banking operations and infrastructure before a full launch, which is expected to take about 12 months.

Revolut’s CEO, Nikolay Storonsky, views the transition to a fully authorized UK bank as a crucial step in the company’s global expansion and eventual IPO. Once fully operational, Revolut will be able to offer loans, overdrafts, and mortgages, competing with established rivals Monzo and Starling who received full banking licenses in 2017 and 2016, respectively.

Read more: British fintech Revolut tops $1 billion in profit as revenue jumps