Revolut profit tops £1bn as UK fintech’s rapid growth continues
Revolut more than doubled its profit before tax in the 2024 financial year, in what was a year of rapid growth for the UK fintech industry.
The fintech darling boosted pre-tax profit growth of 149 per cent to £1bn, up from £438m in 2023.
The British firm’s revenue surged 72 per cent to £3.1bn.
As it eyes further international expansion, the company’s customer base has grown by 38 per cent globally to reach 52.5m, topping some of the UK’s biggest lenders.
Interest income grew to £790m, up from £500m the year prior. This came despite the Bank of England whittling rates down to 4.5 per cent, from a post-financial crisis high of 5.25 per cent.
Nik Storonsky, chief executive of Revolut, said: “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.”
UK fintech soared in 2024
Revolut launched its own crypto exchange, dubbed Revolut X, last year, capitalising on increased trading activity in the cryptocurrency space.
The fintech is planning further expansion in 2025, as it gears up to complete its mobilisation phase, which will make the firm a fully-fledged bank in the UK.
Revolut expects to have 200 UK bank staff by the end of 2025, Bloomberg News previously reported.
The London-based business is just one of a fleet of UK fintechs that have reported explosive growth over the past couple of years.
British fintechs Zopa and Allica Bank have reported significant profit growth, with the latter being dubbed “Europe’s fastest-growing start-up.”
The industry has attracted anticipation for public market listings, with a series of top fintech names expected to float in the coming years.
Storonsky said in December a London-listing for Revolut was “not rational” given the US has “much more liquid [and] trading in the US is free.”
But, any planned floats may have been put on ice following President Donald Trump’s erratic tariff agenda sending markets into a frenzy.