Revolut has achieved a staggering surge in its pre-tax profit in the 2024 financial year, underscoring a period of explosive expansion for the British fintech sector.
The º£½ÇÊÓƵ's fintech gem reported an impressive 149% hike in pre-tax profits to £1 billion, a substantial climb from £438 million in 2023, as reported by .
Revenue for the company escalated by 72%, reaching £3.1 billion.
Amidst plans to enlarge its global footprint, Revolut now boasts a 38% increase in its worldwide customer base, tallying 52.5 million users and surpassing many of the º£½ÇÊÓƵ's leading banks.
Interest income also saw a rise, touching £790 million compared to the previous year's £500 million. This occurred in spite of the Bank of England trimming interest rates from 5.25%, a peak since the financial crisis, down to 4.5%.
Nik Storonsky, Chief Executive of Revolut, commented: "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 º£½ÇÊÓƵ, Europe, and our expansion markets. This ambitious goal will keep us focused on revolutionising global financial access through innovative products and seamless user experiences."
º£½ÇÊÓƵ fintech soared in 2024
In a demonstration of its innovative streak, Revolut debuted its very own cryptocurrency exchange, Revolut X, last year, tapping into the burgeoning activity in the digital asset trade.
The fintech giant is eyeing further expansion in 2025, as it prepares to wrap up its mobilisation phase and emerge as a fully operational bank in the º£½ÇÊÓƵ.
By the close of 2025, Revolut is projected to bolster its º£½ÇÊÓƵ bank workforce to 200 employees, as previously reported by Bloomberg News.
This London-headquartered enterprise is part of a vanguard of º£½ÇÊÓƵ fintechs experiencing rapid growth in recent years.
Peers such as Zopa and Allica Bank have also seen their profits soar, with Allica Bank earning the title of "Europe's fastest-growing start-up."
The sector is buzzing with anticipation over potential public market debuts, with several leading fintech firms poised to go public in the near future.
Despite this, Revolut's chief executive Nik Storonsky expressed scepticism in December about a London listing, stating it was "not rational" when compared to the US, which offers "much more liquid [and] trading in the US is free."
However, any plans for initial public offerings may be on hold due to the market turbulence triggered by former President Donald Trump's unpredictable tariff policies.
