Revolut, one of Europe's leading financial technology firms, achieved record-breaking financial results in 2024, with pretax profits surging by 149% to £1.1 billion ($1.46 billion). This growth was driven by multiple factors, including a boom in crypto trading activity, increased revenue from higher interest rates, and card fees, as well as the rapid expansion of its "Wealth" segment, which encompasses trading and cryptocurrency products. Overall revenue rose from £1.8 billion in 2023 to £3.1 billion in 2024, solidifying its position as a major player in the global fintech industry.

Revolut has gained prominence as one of the most successful European fintech companies, boasting a digital-only business model. The company's valuation reached $45 billion in 2024, putting it on par with major European lenders. Revolut has ambitious plans to disrupt traditional high street lenders by expanding into mortgages and consumer lending, alongside its established services.

The company's strong financial results come on the heels of securing a UK banking license, a process that took three years and involved intense scrutiny over its accounting practices. Revolut confirmed it expects to begin operating as a UK bank within 2025, further cementing its competitive edge in the financial sector.

Notably, CEO and co-founder Nikolay Storonsky increased his ownership stake in April 2025, gaining an "indirect, non-voting interest" in the firm during a restructuring of its ownership. Storonsky now owns over 25% of Revolut, although the company has not disclosed his previous ownership percentage.

In 2024, revenues from the "Wealth" business surged 300% year-on-year, fueled by high levels of activity in cryptocurrency trading and the successful launch of Revolut's crypto exchange. While CFO Victor Stinga declined to specify the proportion of Wealth revenues attributable to crypto, he acknowledged that market volatility has driven activity across all asset classes, contributing to the firm's robust performance.

Despite hints at a public listing, Revolut has not provided a timeline for an IPO. Customer numbers soared to 52.5 million, up from 38 million in 2023, with business customers accounting for 15% of the firm's revenue. Revolut's lending business remains relatively small, with customer loans growing from £528 million in 2023 to £979 million in 2024.

In response to growing concerns over fraud, Revolut has been investing heavily in customer protection. The company acknowledged media reports indicating it was implicated in more fraud cases than traditional UK high street banks. Social media platforms remain the primary source of scams targeting Revolut customers, and the fintech has called on these platforms to commit to reimbursing victims.

To bolster internal accountability, Revolut expanded its "Karma" system, which tracks employee behavior around risk and compliance processes. This points-based system directly influences employee bonuses. While Revolut’s work culture has faced criticism and high staff turnover, CEO Storonsky defended the firm's "high-performance culture," emphasizing its role in driving success.

Storonsky expressed confidence in the company's trajectory, stating, "Revolut remains poised for exponential growth." With a rapidly expanding customer base, substantial investment in innovation and security, and ambitious plans for further market disruption, Revolut appears well-positioned to maintain its dominance in the fintech space. ($1 = 0.7518 pounds)