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Revolut greater than doubled its income to £1bn final 12 months, as Europe’s most respected start-up surpassed 50mn prospects and benefited from a surge in cryptocurrency buying and selling.
In an annual report printed on Thursday, Revolut stated its pre-tax income had elevated from £438mn a 12 months earlier. Revenues rose to £3.1bn, from £1.8bn.
Revolut’s file income had been underpinned by progress in buyer numbers, which boosted its two largest sources of income: the charges it makes from card funds, and the curiosity it earns on deposit. It stated it added nearly 15mn new prospects final 12 months.
Founder and chief govt Nik Storonsky stated “2024 was a landmark 12 months for Revolut” of a 12 months wherein the London-based firm secured a banking licence in its dwelling market and a $45bn valuation.
“However we’re simply getting began,” he stated, including that the corporate was now concentrating on 100mn every day energetic prospects throughout 100 nations.
A surge in crypto buying and selling additionally helped the fintech final 12 months. Revolut’s wealth enterprise, which contains inventory and digital asset buying and selling — introduced in £506mn in revenues — a virtually fourfold improve on 2023.
The division lifted Revolut to its first annual revenue in 2021 when retail merchants had been speeding to get a slice of a crypto increase. Nonetheless, the corporate’s revenues from crypto deflated the next 12 months.
Though Revolut has attracted thousands and thousands of consumers to its modern cellular app, the fintech nonetheless faces a big problem in convincing them to make use of it for his or her main checking account. Gathering a crucial mass of deposits is a vital a part of the corporate’s plan to unlock funding for loans and compete with the biggest retail banks.
Revolut’s whole buyer balances rose from £18bn to £30bn in the course of the 12 months. The corporate — which reported a £979mn mortgage guide that features bank cards and buy-now-pay-later merchandise — secured a UK banking licence with restrictions in July final 12 months.
The licence, obtained after a protracted three-year course of with UK regulators, represented a milestone that may allow Revolut to roll out lending merchandise in its dwelling market. Revolut has stated it’s testing mortgages internally.
The corporate can also be looking for to broaden its ranks of paying subscribers. Income from charges on premium subscription plans, which supply a spread of perks, rose 74 per cent 12 months on 12 months to £423mn. It has additionally focused company prospects, with its enterprise providing now accounting for about 15 per cent of revenues.
