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Digital banking platform Revolut posted a net profit of £1.1 billion ($1.5 billion) for 2024, marking a 149% year-over-year increase and crossing the $1 billion annual profit mark for the first time.
The milestone comes as the fintech firm moves closer to becoming a fully operational bank in the UK, following the receipt of a restricted banking license in July 2024. The company is currently in the “mobilization” phase, a preparatory stage before full authorization, which includes building out its infrastructure and systems.
Revolut’s annual revenue rose to £3.1 billion, a 72% increase, driven by growth across its trading, lending, and subscription businesses. Its wealth division — including crypto and stock trading — saw revenue surge by nearly 300% to £506 million. Interest income also rose by 58%, supported by an 86% growth in the company’s loan book and higher customer deposits.
Once fully licensed, Revolut plans to offer regulated banking products such as personal loans, overdrafts, and mortgages in the UK. The transition also means that customer deposits will be protected under the Financial Services Compensation Scheme, which guarantees deposits up to £85,000 per person.
The company aims to migrate its 11 million UK users to its new banking entity by the second half of 2025. Executives say the move will allow Revolut to compete more directly with established digital banks like Monzo and Starling, both of which secured full UK banking licenses several years ago.
Revolut’s leadership views the UK banking license as a strategic stepping stone toward global expansion and a future public listing. With full regulatory approval still pending, the company continues to work closely with the UK’s Prudential Regulation Authority and Financial Conduct Authority.
The launch of its UK banking arm could pave the way for new revenue streams — particularly in lending — as Revolut positions itself to become the primary bank for a wider share of its customer base.
