Revolut enjoyed record profits last year, underlining the company’s growing dominance in European fintech and potential to expand abroad.
Europe’s biggest fintech is enjoying a victory lap after securing a full UK banking licence earlier this month, following a five-year tussle with regulators. In recent weeks, Revolut has set its sights on a major US expansion, with a potential upcoming secondary share sale reportedly set to value the company at $100bn.
Pre-tax profits at the London-based neobank jumped 57% to £1.7bn, while revenues climbed from £3.1bn to £4.5bn. The company said growth was fuelled by a sharp increase in customers — up to 68.3m from 52.5m — alongside rising income from card payments, subscriptions and interest on deposits.
Fees from card transactions rose 45% to £1bn, while interest income hit £974m. Subscription revenues also surged 67% year-on-year to £708m, highlighting the strength of its premium offering.
Cofounder and CEO Nik Storonsky has long described winning a full UK banking licence as critical to the company’s next phase of growth.
The approval allows Revolut to scale lending in its home market and compete more directly with incumbent banks, while also strengthening its hand internationally, where regulators are thought to have been waiting for a UK licence before granting their own.
Earlier this month, Sifted reported that Revolut had applied for a US banking licence and recruited former Visa exec Cetin Duransoy to oversee its stateside operations. The company has had a European banking licence since 2018, which it obtained via authorities in Lithuania.
