Revolut profit tops £1bn as UK bank to launch this year

Revolut has revealed its annual profits have topped £1 billion, as the fast-growing fintech cashed in on demand for cryptocurrency trading and attracted more paying subscribers.

The company, which has become Europe’s most valuable start-up, is preparing to launch its UK bank this year.

It reported a pre-tax profit of 1.4 billion US dollars (£1.1 billion) for 2024, more than double the 438 million US dollars (£329 million) made in 2023.

This was driven by revenues within its wealth division which quadrupled year-on-year, thanks to increased crypto trading activity and the launch of Revolut’s own crypto exchange, it said.

The price of Bitcoin hit an all-time high in late 2024, topping 100,000 dollars (£75,100) before falling in recent months.

The group’s subscriptions revenue also soared 74% to £423 million as more customers took advantage of the money app’s paid plans.

Revolut’s most expensive Ultra plan costs £45 a month for perks including cashback, insurance, higher savings rates, and travel benefits such as access to airport lounges.

Customer balances also surged by two thirds to 38 billion US dollars (£28.6 billion) in 2024.

Revolut secured a banking licence in the UK last year, but it has been working to build and test the systems that will allow it to operate as a bank later in 2025.

A licence means the company will be able to hold customer deposits, and offer lending products such as credit cards, personal loans, or mortgages.

Until then, it is classified as an electronic money institution – and all customer money is deposited into accounts at a range of large, licensed banks.

The business has some 52.5 million customers around the world and has been valued at 45 billion US dollars (£33.8 billion), but waited three years to secure approval from regulators to operate as a bank in the UK.

It set up its global headquarters in London’s Canary Wharf and has expanded aggressively in recent years.

Nik Storonsky, Revolut’s chief executive, said 2024 was a “landmark year”, but that the group was “just getting started”.

“We’re making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets,” he said.