Profits at Revolut have surged to over £1bn as the UK financial super app prepares to roll out its UK banking services in 2025.
Founded by Nikolay Storonsky and Vlad Yatsenko in 2015 as a financial travel app, Revolut has since expanded into various services, including business banking, travel insurance, savings and stock trading.
Revolut posted £1.1bn in pre-tax profit according to financial results covering the year of 2024 released today, compared to the £438m the year before. Revenue also grew from £1.8bn to £3.1bn underpinned by growth in its two largest sources of revenue: fees earned on card payments and interest-incurring products.
Customer balances held with Revolut also increased by 66% from £18.2bn to £30.2bn as the fintech added 15m new customers.
Revolut’s results mean the neobank has now reported two consecutive years in the green. The company first hit profitability in 2021 after cashing in on the crypto trading boom but posted losses the year after amid a pullback in crypto trading.
It’s also the first set of results Revolut has posted since obtaining a UK banking licence in July. The UK fintech is currently in a ‘mobilisation’ period as it prepares to become a fully-fledged bank in its home country.
In the accounts, the fintech disclosed it’s “working hard to complete the setup of our processes before formally starting operations as a UK bank during 2025.” According to a Bloomberg report last month, Revolut is ‘hiring hundreds” of new bank staff as it prepares to exit the so-called mobilisation phase.
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