Nik Storonsky, the billionaire cofounder and CEO of Revolut, said his London-based fintech had a “landmark year” in 2024 as its profit surged 148% and its customer base jumped to 52.5 million users.
“We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services,” Storonsky said.
That engagement boosted Revolut’s pretax profit to $1.4 billion, its fourth consecutive year of profitability since the firm was founded in 2015. The fintech’s annual report published Thursday also showed that its revenue rose to $4 billion, a 72% jump from the previous year.
Revolut’s largest contributor to its topline last year was the $1 billion of interest it earned on deposits, which was 58% more than it had accrued in 2023. The fees it charged for card payments wasn’t far behind, accounting for $887 million of the fintech’s turnover last year.
Revolut’s wealth business was its fastest growing division last year, posting a 298% surge in revenues to $647 million as more of its customers used the platform for crypto trading.
“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,” Storonsky said.
The fintech’s billionaire cofounder said Revolut is making “strong progress” towards its target of serving 100 million customers across 100 countries.
Revolut’s report also revealed that Storonsky had increased his stake in the fintech during a reorganization of its ownership structure in April. He now owns, directly or indirectly, more than 25% of Revolut.
The fintech’s valuation reached $45 billion in a secondary share sale last year that attracted investments from Coatue, Durable Capital Partners, Dragoneer, Fidelity, Baillie Gifford, Goldman Sachs Alternatives, D1 Capital Partners, Mubadala and Affinity Partners. Just three years earlier, Revolut had been valued at $33 billion.
The Prudential Regulation Authority granted Revolut a U.K. banking license with restrictions in July last year, and the fintech said Thursday that it’s prioritizing the formal launch of its U.K. bank this year. The license means Revolut will be able to hold customer deposits, and offer lending products such as credit cards, personal loans, or mortgages.
Revolut was cofounded by Storonsky and Vlad Yatsenko in 2015 as a digital payments and money transfer business. The duo had both worked for various investment banks before launching their venture at the Level39 tech accelerator in Canary Wharf.
Revolut has grown to become the most downloaded finance app in Europe, ranking first in 19 countries and in the top three in 26 countries across the continent. It now employs 10,133 staff, handling 940 million transactions a month.
Revolut’s rapid growth and ambitious expansion plans has been fueling speculation in recent years over the possibility of a public listing in London or New York, but the fintech declined to provide any updates in its report.
A spokesperson for Revolut said, “Our focus is not on if or when we IPO, but on continuing to expand the business, building new products, and providing better and cheaper services to serve our growing global customer base.”
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