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Home Cryptocurrency

Revolut, the $45B neobank, posts $1B profit in 2024

newszabi@gmail.com by newszabi@gmail.com
April 29, 2025
in Cryptocurrency
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Revolut, the $45B neobank, posts $1B profit in 2024
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Revolut, the $45 billion neobanking startup based within the U.Okay., could have put its IPO plans on ice, however its steadiness sheet is wanting fairly scorching.

The corporate reported internet revenue of $1 billion (£790 million) in 2024, whereas its buyer base grew by 38% to 52.5 million, in accordance with its annual report. Revenues elevated 72% to $4 billion (£3.1 billion) within the 12 months.

The message right here is one in every of robust progress general.

That is Revolut’s fourth straight 12 months of being within the black. 2024 was an enormous 12 months for the corporate — its internet revenue greater than doubled what it earned in 2023 ($428 million), and it lastly secured a banking license in its house market of U.Okay., which is its largest. It moved as much as a $45 billion valuation on the again of an enormous secondary share sale. And it launched a crypto alternate, Revolut X. 

Some have thought the alternate can be a precursor to Revolut launching its very personal stablecoin. From what we perceive, it is going to span a number of jurisdictions past Europe and its MiCA crypto area, and it’s taking a while to arrange on account of that complexity.

The corporate didn’t get away income numbers for Revolut X particularly, however it’s wanting like a little bit of a juggernaut. The alternate is a part of Revolut’s Wealth group, which noticed income develop 298% to $647 million from simply $158 million in 2023. Wealth, which additionally contains income from its financial savings merchandise, is now the second-largest a part of Revolut’s enterprise after the reduce it makes on card funds (that enterprise was up 43% to $887 million final 12 months). 

“2024 was a landmark 12 months for Revolut,” stated CEO and co-founder Nik Storonsky (pictured above), in a press release. “We not solely accelerated our buyer progress, welcoming almost 15 million new customers globally, however critically, we additionally noticed prospects partaking extra deeply by adopting a wider vary of our providers throughout each our retail providing and Revolut Enterprise.”

Wanting forward, the corporate stated two of its largest priorities for 2025 can be to “formally” launch banks within the U.Okay. and Mexico (on the again of its licenses) in addition to to double its buyer base to 100 million. 

That’s far more constructive information than the recent revelation that Rippling is suing Revolut to reveal who transferred cash to the so-called “Deel Spy,” allegedly seeded in Rippling’s ranks to report on inside workings.

That new crypto alternate may find yourself taking part in a job there. Revolut has discovered it difficult to interrupt into the U.S. market thus far, however the U.S. authorities’s strikes to unlock exercise round cryptocurrency may pave the way in which for Revolut to drive up customers by means of the newer merchandise.

That would additionally assist Revolut shut the deal on new financing, too, following studies that it could be approaching one other share sale at a $60 billion valuation, on high of launching that stablecoin.

Revolut declined to touch upon future secondary fundraises, and was equally non-committal as regards to a public providing.

“We have now no rapid plans or timeline to announce relating to an IPO,” a spokesperson stated. “Our present focus is firmly on executing our technique — driving progress, increasing globally, and persevering with to innovate for our prospects.”



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