Revolut's Revenue Soars 72% as Fintech Giant Sets Sights on Global Domination
- DIP Market
- Apr 25
- 1 min read
Revolut Ltd. has reported a staggering 72% increase in revenue, reaching £3.1 billion ($4 billion), and substantial earnings growth, fueled by a growing customer base that now surpasses HSBC Bank. The British fintech firm's success is attributed to its expanding global presence and diversified service offerings.
Key Highlights:
Customer Growth: Revolut's customer base grew by 38% to 52.5 million in 2024, exceeding HSBC's 41 million customers. CEO Nik Storonsky aims for 100 million customers.
Revenue Diversification: Interest income rose to £790 million, driven by increased savings and deposits. Wealth revenues surged by 298% due to a crypto trading boom, and FX income increased by 58%.
Global Expansion: Revolut is preparing to become a fully-fledged bank in the UK, launch its Mexican bank, and expand in Asia-Pacific and the Middle East after obtaining a Prepaid Payment Instruments (PPI) license from India’s central bank.
Profitability: The company reported a record pre-tax profit of £1.1 billion, a significant increase from £438 million.
Employee Liquidity: A secondary share sale allowed 2,200 current and former employees to liquidate a portion of their vested equity, valuing the firm at $45 billion. New backers include Coatue, Baillie Gifford, Goldman Sachs Alternatives, Mubadala, and Affinity Partners.
Auditor Approval: Auditor BDO signed off the accounts without caveats, marking a departure from previous years.
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