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 rode a wave in crypto trading and earned more from interest rates and card fees, the company said on Thursday.
Revenue at the London-based fintech rose to 3.1 billion pounds, up from 1.8 billion pounds in 2023, it said, driven by income from interest on the back of higher rates, card payments and the company’s “Wealth” segment, which includes trading and crypto products.
Its pretax profit was more than double the 438 million pounds in 2023.
Revolut has emerged as the most successful of the handful of European fintechs founded in the past decade with a digital-only model. It was valued at $45 billion last year, rivalling big European lenders, and it has plans to expand into mortgages and consumer lending to challenge high street lenders, as well as growing in the United States.
The valuation followed it securing a UK banking licence, ending a three-year wait after running into difficulty following scrutiny over its internal accounting. Revolut said on Thursday it expected to start operating as a UK bank this year.
In its annual report, Revolut also said its CEO and co-founder, Nikolay Storonsky, increased his ownership in April 2025 by acquiring an “indirect, non-voting interest” in the company during a reorganisation of its ownership structure.
Storonsky now owns, directly or indirectly, more than 25% of Revolut, the report said, without disclosing what he owned previously.
Revenues in its “Wealth” business grew 300% year-on-year, driven by increased crypto trading activity and the launch of Revolut’s crypto exchange.
Revolut chief financial officer Victor Stinga declined to comment on how much of the Wealth revenues came from crypto.
“Market volatility drives activity and this was the case across all asset classes,” he told Reuters.
The company has previously signalled its intention to do a public listing, but Stinga declined to comment on Thursday on the timeline for a possible IPO.
Customer numbers grew to 52.5 million, up from 38 million in 2023, and business customers made up 15% of the company’s revenue.
Revolut remains small for customer lending, reporting 979 million pounds of customer loans on its balance sheet in 2024, up from 528 million the year before.
The company also said it was investing heavily in protecting customers from fraud and scams. That follows several media reports last year which said Revolut was named in more cases of fraud than any of the major UK high street banks.
Revolut has said social media platforms remain the biggest source of scams reported to it, and has called for them to commit to reimbursing victims.
“Revolut remains poised for exponential growth,” CEO Storonsky said.
($1 = 0.7518 pounds)
(Reporting by Elizabeth Howcroft and Tommy Reggiori Wilkes; Editing by Chris Reese and Louise Heavens)
