Revolut Profit Surges, UK Bank Launch in 2025

Revolut reported a record pre-tax profit of approximately £1.1 billion ($1.4–$1.5 billion) for 2024, a 149% increase, and net profit above £790 million. Revenues climbed 72% to £3.1 billion ($4 billion), driven by strong growth in customer numbers, now at 52.5 million, overtaking HSBC, and robust activity in card payments, subscriptions, and its wealth segment, particularly crypto trading. The firm secured a UK banking license with restrictions, enabling expansion into new financial services such as credit cards, buy-now-pay-later, and mortgage products. CEO Nikolay Storonsky raised his stake to over 25% amid ongoing ownership changes. Revolut is advancing international expansion in countries like Mexico, Brazil, and India, and a formal launch of UK bank operations is scheduled for 2025. The company is also considering a potential IPO as it cements its position as Europe’s most valuable private tech company.