Unchecked growth: Revolut with increased sales and record profits

The British neobank Revolut recorded significant growth in all business areas last year and increased its turnover by 72 percent to 3.1 billion British pounds (3.7 billion euros). This is according to the business figures published by the company on Thursday.

According to the figures, Revolut operated profitably for the fourth year in a row and also increased its profits significantly. Profit before tax rose from 438 million pounds in 2023 to 1.1 billion pounds (1.3 billion euros) in 2024. The main reason for the significant increase in profit was interest income. This rose by 58 percent year-on-year to 790 million pounds (943 million euros) compared to 500 million pounds in 2023. Revolut itself attributes this "to the effective management of increased deposits and the expansion of the lending business".

The customer base grew by 38 percent to 52.5 million customers worldwide. The fintech, which was founded just over ten years ago, thus outperformed the UK's largest bank HSBC, which has 41 million customers. "The year 2024 was a milestone for Revolut," said Nikolay Storonsky, CEO of Revolut, in the company statement. "We accelerated our customer growth and welcomed almost 15 million new users worldwide." Crucially, customers are using a wider range of services offered by Revolut. This combination "has directly contributed to our record growth, and our technology-driven operating model has translated this into record profitability," Storonsky said.

Ambitious plans

If the Revolut CEO has his way, this is by no means the end of the story. "We are only at the beginning. We are making great progress towards 100 million daily active customers in 100 countries, driven by growth in the UK, Europe and our expansion markets," Storonsky formulated ambitious goals.

The London-based fintech was granted a banking license with restrictions in the UK last summer. According to the unlisted company, it expects to be granted full banking status in the UK before the end of this year. In the European Union (EU), Revolut operates with a banking license from Lithuania. Last fall, the company introduced a German International Bank Account Number (IBAN) and an overnight money offer for its customers in Germany. Revolut established a branch in Berlin and registered it with the German Federal Financial Supervisory Authority (BaFIN). Neobank has around two million customers in Germany and is growing at 90,000 to 100,000 new customers per month, according to its figures.

Revolut also wants to expand further outside Europe. In the coming months, the fintech wants to start banking operations in Mexico; in India, it recently received a license for prepaid payment instruments (PPI) from the Indian central bank. Ten further license applications are in progress worldwide.

(akn)