RevolutThe $ 45 billion Neobanking Startup founded in the uk, may have put its iPo plans on ice, but its balance sheet is looking pretty hot.
The company reported net profit of $ 1 billion (£ 790 million) in 2024, while its customer base green grew by 38% to 52.5 million, according to its annual reportRevenues Increased 72% to $ 4 Billion (£ 3.1 billion) in the year.
The message here is one of strong growth overall.
This is revolut’s fourth strawth year of being in the black. 2024 was a big year for the company – Its network more than what it is earned in 2023 ($ 428 million), and it finally secured a banking license in its home market of uk, which is its biggest. It moved up to a $ 45 billion Valuation on the back of a big secondary share sale. And it launched a crypto exchange, Revolut x,
Some have thought the exchange would be a precursor to revolut launching its very own stablecoin. From what we go understand, it will span multiple jurisdictions beyond europe and its Mica Crypto region, and it’s taking some time to set up as a result of that complexity.
The company didn’t out break out revealed numbers for revolut x specifically, but it’s looking like a bit of a juggernaut. The exchange is part of revolut’s wealth group, which Saw Revenue Grow 298% to $ 647 Million from just $ 158 million in 2023. Wealth, which also incines revists from The second-largest part of revolut’s business after the cut it makes on card payments (That business was up 43% to $ 887 million last year).
“2024 was a landmark year for revolut,” said Ceo and Co-Founder Nik Storonsky (Pictured Above), in a statement. “We not only Accelerated Our Customer Growth, Welcoming Nearly 15 Million New Users Globally, But Critically, We also Saw Customers Engaging More Deeply by Adopting a Wider Services across bot our retail offering and revolut business. “
Looking ahead, the company said two of its biggest priorities for 2025 will be to “formally” launch banks in the uk and mexico (on the back of its licenses) as well as to do 100
That’s much more positive news than the recent revival That rippling is suing revolut to disclose who transferred money to the so-called “deel spy,” Allegedly seeded in rippling’s ranks to report on internal works.
That New Crypto Exchange Cold End Up Playing a Role There. Revolut has found it challenging to break into the US market up to now, but the US government’s moves to free UP activity Around Cryptocurrency count Pave the Way For Revolut to DRIVES Newer products.
That also help revolut close the deal on new finance, too, following reports that it might be approaching another share sale sale at a $ 60 billion Valuation, on top of launching taplecoin.
Revolut declined to comment on future secondary fundraises, and was well non-committal on the subject of a public offering.
“We have no immediane plans or timeline to announs a ipo,” a spekesperson said. “Our current focus is firmly on Executing our strategy – Driving growth, expanding globally, and continuing to innovate for our customers.”