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Revolut , the$45 billionneobanking startup founded in the U.K. , may have put its IPO plan on chalk , but its balance plane is looking pretty hot .
The society account net profit of $ 1 billion ( £ 790 million ) in 2024 , while its customer Qaeda grew by 38 % to 52.5 million , according to itsannual composition . Revenues increase 72 % to $ 4 billion ( £ 3.1 billion ) in the year .
The message here is one of potent growth overall .
This is Revolut ’s quaternary straight year of being in the black . 2024 was a handsome year for the caller — its nett gain more than doubled what it earned in2023($428 million ) , and it finallysecured a banking licensein its home market of U.K. , which is its biggest . It moved up to a $ 45 billion valuation on the back of a big subaltern share sale . And it launched a crypto rally , Revolut X.
Some have thought the exchange would be a precursor to Revolut launching its very own stablecoin . From what we understand , it will span multiple jurisdictions beyond Europe and itsMiCAcrypto region , and it ’s remove some fourth dimension to gear up up as a result of that complexness .
The ship’s company did n’t break out revenue numbers for Revolut X specifically , but it ’s looking like a second of a juggernaut . The exchange is part of Revolut ’s Wealth group , which go steady revenue grow 298 % to $ 647 million from just $ 158 million in 2023 . Wealth , which also admit revenue from its saving products , is now the secondly - largest part of Revolut ’s business after the cut it give on card payment ( that business was up 43 % to $ 887 million last year ) .
“ 2024 was a landmark year for Revolut , ” said CEO and co - founder Nik Storonsky ( envision above ) , in a statement . “ We not only accelerated our customer ontogenesis , welcoming nearly 15 million fresh exploiter globally , but critically , we also saw customers engage more deeply by take a wider range of our service across both our retail oblation and Revolut Business . ”
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Looking ahead , the fellowship said two of its big priorities for 2025 will be to “ officially ” launch bank in the U.K. and Mexico ( on the back of its licenses ) as well as to double its customer basis to 100 million .
That ’s much more positive intelligence than therecent revelationthat wavelet is action Revolut to unwrap who transplant money to the so - call “ Deel Spy , ” allegedly seed in Rippling ’s social status to report on internal works .
That Modern crypto exchange could end up playact a role there . Revolut has launch it challenging to break into the U.S. grocery up to now , but the U.S. governance ’s moves to dislodge up activity around cryptocurrency could pave the manner for Revolut to repel up users through the newer mathematical product .
That could also help Revolut exit the lot on new financing , too , postdate reports that it might be approach another share sale at a $ 60 billion valuation , on top of launching that stablecoin .
Revolut decline to comment on succeeding secondary fundraises , and was as non - committal on the subject of a public offering .
“ We have no immediate plans or timeline to announce regarding an IPO , ” a interpreter said . “ Our current focus is firmly on executing our scheme — driving growth , expanding globally , and keep to innovate for our customers . ”
