Summary:
Revolut reports a $1 billion profit in 2024.
Customer base grows by 38%, reaching 52.5 million users.
Revenues increase by 72% to $4 billion.
Wealth group revenue skyrockets by 298%.
Plans to double customer base to 100 million by 2025.
Overview of Revolut's Performance
Revolut, the $45 billion neobanking startup from the U.K., has reported a staggering net profit of $1 billion (£790 million) in 2024. This impressive figure comes as the company's customer base surged by 38%, reaching 52.5 million users. According to their annual report, revenues also saw a remarkable 72% increase, totaling $4 billion (£3.1 billion).
Strong Growth and Achievements
2024 marks the fourth consecutive year of profitability for Revolut. The net profit for this year more than doubled compared to 2023, when it earned $428 million. Notably, the company has secured a banking license in the U.K., its largest market, which has contributed to its soaring valuation. Additionally, Revolut launched a new crypto exchange, Revolut X, which is expected to expand across multiple jurisdictions.
Wealth Growth and Future Plans
Revolut's Wealth group has also shown tremendous growth, with revenues increasing by 298% to $647 million. CEO and co-founder Nik Storonsky stated, "2024 was a landmark year for Revolut," emphasizing the deep engagement of new users with the company's services.
Looking ahead, Revolut aims to launch banks in the U.K. and Mexico and plans to double its customer base to 100 million by 2025. Despite facing challenges in the U.S. market, the company is optimistic about capitalizing on the evolving cryptocurrency landscape.
Funding and IPO Speculations
Reports suggest Revolut may be considering another share sale at a $60 billion valuation. However, the company remains non-committal regarding an IPO, focusing instead on executing its growth strategy and innovating for customers.
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