Revolut Reports Surge in Pretax Profit

By Elizabeth Howcroft and Tommy Reggiori Wilkes
LONDON (Reuters) – Revolut’s pretax profit surged 149% last year to 1.1 billion pounds ($1.46 billion) as the financial technology firm capitalized on a boom in crypto trading and increased revenue from interest rates and card fees, the company announced on Thursday.

Revenue at the London-based fintech rose to 3.1 billion pounds, up from 1.8 billion pounds in 2023. This growth was driven by interest income, card payments, and the company’s Wealth segment, which includes trading and crypto products.

The pretax profit was more than double the 438 million pounds recorded in 2023.

Revolut has emerged as the leading success story among the handful of European fintechs established in the past decade with a digital-only model. Valued at $45 billion last year, it rivals major European lenders and plans to expand into mortgages and consumer lending, positioning itself against traditional high-street banks while also aiming to grow its presence in the United States.

The increase in valuation followed Revolut securing a UK banking license, ending a three-year wait after experiencing challenges related to scrutiny over its internal accounting. The company indicated it expects to begin operations as a UK bank this year.

In its annual report, Revolut disclosed that CEO and co-founder Nikolay Storonsky increased his ownership in April 2025 by acquiring an “indirect, non-voting interest” during an ownership structure reorganization. Storonsky now owns, directly or indirectly, more than 25% of the company, although previous ownership details were not disclosed.

Revenues from its Wealth segment grew 300% year-on-year, driven by increased crypto trading activity and the launch of Revolut’s crypto exchange.

Revolut’s chief financial officer, Victor Stinga, refrained from commenting on the exact contributions of crypto to the Wealth revenues, stating, “Market volatility drives activity and this was the case across all asset classes.”

The company has previously indicated plans for a public listing but Stinga did not comment on any potential IPO timelines during Thursday’s announcement.

Customer numbers climbed to 52.5 million, increasing from 38 million in 2023, with business customers constituting 15% of the overall revenue.

Revolut reported 979 million pounds in customer loans on its balance sheet in 2024, up from 528 million pounds the previous year, indicating modest growth in customer lending.

Additionally, the company stated that it is heavily investing in protecting customers from fraud and scams, following reports indicating that Revolut had been involved in a higher number of fraud cases than any of the major UK high street banks. The fintech noted that social media platforms remain the main source of scams reported to it and urged for commitments from these platforms to reimburse victims.

Revolut’s Karma system, which tracks employee behavior in relation to risk and compliance, was expanded in 2024, affecting employee bonuses based on this points-based evaluation system.

Despite critiques of its working culture and high staff turnover, CEO Storonsky emphasized that the company’s “high-performance culture” contributes to its success. He stated, “Revolut remains poised for exponential growth.”
($1 = 0.7518 pounds)