London’s biggest fintech company Revolut has more than doubled its profits to a record $1.4 billion (£1.1 billion).
The card payments, savings and crypto trading business, which has more than 10 million UK customers, said it had achieved a fourth consecutive year of net profitability.
Revolut made a £438 million pre-tax profit in 2023.
Group revenues rose 72% to $4.0 billion (£3.1bn), up from $2.2 billion (£1.8 billionn) in 2023. The global customer base grew by 38% to 52.5 million while total customer balances surged 66% to $38 billion (£30 billion).
Revenues in its "Wealth" business grew 300% year-on-year, driven by increased crypto trading and the launch of Revolut's crypto exchange.
Revolut was was founded in July 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko. It moves into new headquarter offices in Canary Wharf’s YY London building next month,
Revolut is now the most downloaded finance app in Europe, ranking first in 19 countries and in the top three in 26 countries across the continent.
CEO Storonsky, who owns about a quarter of the $45 billion business, said 2024 had been “a landmark year for Revolut.”
He added: “We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business.
WThis powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability.
"This performance earned us the status of Europe's most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory.
“But we’re just getting started. We’re making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets. This ambitious goal will keep us focused on revolutionising global financial access through innovative products and seamless user experiences."
The company said it is “poised for continued significant growth in 2025 and beyond, driven by further platform enhancements and global expansion.” Its goal is to achieving 100 million daily active users across 100 countries.
It expects to formally launch a UK bank this year after being granted a banking licence “with restrictions” by the City’s Prudential Regulation Authority after a three year wait last July. New products are expected to include mortgages.
This article was written by Jonathan Prynn from The Evening Standard and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.