Revolut Defies IPO Delay With Record $1B Net Profit

UK-based fintech giant Revolut achieved a record $1 billion (£790 million) net profit in 2024, driven by a massive 38% surge in its global customer base to 52.5 million users. Despite putting its highly anticipated initial public offering (IPO) on hold, the neobank’s latest financial disclosure reveals unprecedented growth across its primary business sectors.

Unprecedented Revenue Growth and Key Milestones

According to its latest annual report, Revolut’s total revenues skyrocketed by 72%, reaching $4 billion (£3.1 billion) over the twelve-month period. This milestone marks the digital bank’s fourth consecutive profitable year, showcasing a highly sustainable business model in a competitive fintech landscape.

The company’s performance in 2024 represents a dramatic acceleration compared to previous years. The $1 billion net profit more than doubled the $428 million recorded in 2023. Key operational achievements during the year included securing a crucial banking license in its primary UK market, reaching a $45 billion valuation via a major secondary share sale, and launching Revolut X, a dedicated cryptocurrency trading platform.

The Surge of Revolut X and Wealth Services

While industry speculation suggests that Revolut X could lay the groundwork for the company to issue its own stablecoin, the expansion remains complex. The rollout is designed to span multiple global jurisdictions outside of Europe’s MiCA (Markets in Crypto-Assets) regulatory framework, requiring meticulous setup and compliance mapping.

Although Revolut did not disclose individual revenue figures for Revolut X, the platform operates under the broader Wealth division, which has emerged as a major growth engine. Wealth revenues surged by an astonishing 298%, climbing to $647 million from $158 million in 2023. This division, which also encompasses interest-bearing savings products, is now Revolut’s second-largest revenue stream, trailing only card payment processing fees, which grew 43% to $887 million.

“2024 was a landmark year for Revolut,” stated CEO and co-founder Nik Storonsky. “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 range of our services across both our retail offering and Revolut Business.”

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Looking Ahead: 2025 Targets and Regulatory Hurdles

For 2025, Revolut has set ambitious expansion targets. The company plans to formally launch full-scale banking operations in both the UK and Mexico using its newly acquired licenses. Furthermore, the neobank aims to double its global user base, targeting a milestone of 100 million customers.

Navigating Legal Disputes and US Market Ambitions

These aggressive growth plans contrast with recent legal complications. Revolut is currently facing a lawsuit from Rippling, which seeks to identify the individual responsible for transferring funds to an alleged corporate spy operating within Rippling’s organization.

Despite these distractions, the company’s cryptocurrency initiatives could serve as a vital gateway to the challenging US market. Anticipated regulatory shifts in the United States favoring digital assets may allow Revolut to leverage its crypto products to accelerate user acquisition in the region.

This strategic positioning could also facilitate upcoming funding rounds. Recent reports indicate that the company may be preparing for another secondary share sale at a projected $60 billion valuation, alongside the potential launch of its proprietary stablecoin.

When questioned about future fundraising or public market debuts, Revolut remained cautious. “We have no immediate plans or timeline to announce regarding an IPO,” a company spokesperson confirmed. “Our current focus is firmly on executing our strategy — driving growth, expanding globally, and continuing to innovate for our customers.”