Revolut, a British neobank with Ukrainian roots, valued at $45 billion, significantly increased a number of key indicators in 2024 and ended the fourth consecutive year in the black.
Revolut, a British neobank with Ukrainian roots, valued at $45 billion, significantly increased a number of key indicators in 2024 and ended the fourth consecutive year in the black.
According to the annual report, in 2024 the company received a net profit of $1 billion, and its customer base grew by 38% to 52.5 million. Revenue for the year increased by 72% to $4 billion, TechCrunch reports.
This is the fourth consecutive year that Revolut has been profitable. 2024 was a big year for the company, with net income more than double 2023’s ($428 million) and it finally receiving a banking license in its largest market, the UK. A major secondary share sale has raised Revolut to a valuation of $45 billion.
Last year, the company also launched a cryptocurrency exchange, Revolut X, which allows you to buy and sell over 100 different tokens. Commissions range from zero to 0,09%, and investors must have a Revolut account to trade on the platform.
The company did not disclose Revolut X’s revenue figures, but there are indications that they are quite substantial. The exchange is part of Revolut’s Wealth group, whose revenue grew 298% to $647 million from $158 million in 2023. The Wealth division, which also includes revenue from savings products, is now the second-largest part of Revolut’s business after its card payments business (which grew 43% to $887 million last year).
The company said its two biggest priorities for 2025 would be to «formally» launch banks in the UK and Mexico (based on its licenses), as well as doubling its customer base to 100 million.
It is noted that Revolut previously had difficulty entering the US market, but the launch of its own cryptocurrency exchange and the US government’s steps aimed at liberalizing cryptocurrency activities may pave the way for the company to attract users with new products.
It could also help Revolut close a new funding deal, after reports emerged that the company may be nearing another $60 billion share sale and the potential launch of its stablecoin.
«We have no immediate plans or timeline to announce an IPO. We are currently focused on executing our strategy — driving growth, global expansion, and continuing to innovate for our customers,» a company representative said.
Recall that Revolut launched in Ukraine on February 11 with a limited range of services, as it did not have a license. The company plans to obtain a local license by the end of 2025, but registration of Ukrainian users has been available since the launch.
On February 27, the National Bank of Ukraine announced that the neobank Revolut was operating in Ukraine without a license. The company responded that it had informed the regulator about its plans to operate in the Ukrainian market.
In early April, it became known that Revolut had suspended registration of new Ukrainian users. However, current Revolut customers can continue to use the services without any changes.
