# Revolut Soars to $1 Billion Profit in 2024, Solidifying Neobank Dominance

## Revolut Soars to $1 Billion Profit in 2024, Solidifying Neobank Dominance

Revolut, the UK-based neobank valued at a staggering $45 billion, is proving its staying power. While whispers of an IPO may have quieted, the company’s latest financial report paints a picture of robust growth and profitability. In 2024, Revolut announced a net profit of $1 billion (£790 million), a significant leap forward that underscores its position as a leading player in the fintech space.

The company’s annual report reveals impressive gains across the board. Revolut’s customer base expanded by 38%, reaching 52.5 million users worldwide. This surge in adoption translated into a 72% increase in revenue, climbing to $4 billion (£3.1 billion) for the year. This marks the fourth consecutive year of profitability for Revolut, with 2024’s net profit more than doubling 2023’s $428 million.

Beyond the impressive financial figures, 2024 was a year of strategic wins for Revolut. The company finally secured a coveted banking license in the UK, its home market, which should further boost user confidence and expand its service offerings. This move coincided with a secondary share sale that propelled the company’s valuation to $45 billion.

Revolut also diversified its product portfolio with the launch of Revolut X, a dedicated cryptocurrency exchange aimed at experienced traders. While the company hasn’t disclosed specific revenue figures for Revolut X, it’s clear the platform is contributing to the company’s overall success. Revolut’s Wealth group, which includes Revolut X and savings products, experienced explosive growth of 298%, generating $647 million in revenue, a significant jump from $158 million in 2023. Card payment revenues continue to be a major contributor, up 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.”

Looking ahead to 2025, Revolut has ambitious goals. The company plans to formally launch banks in the UK and Mexico, leveraging its recently acquired licenses. Furthermore, Revolut aims to double its customer base to a massive 100 million users.

Despite the recent lawsuit from Rippling demanding disclosure of funds transferred to a “Deel Spy,” Revolut’s future appears bright. The launch of Revolut X and the increasing acceptance of cryptocurrency in the US could provide a crucial avenue for growth in the American market, a region where Revolut has faced challenges.

Rumors of another share sale at a $60 billion valuation and the potential launch of a stablecoin further fuel speculation about Revolut’s future. However, the company remains tight-lipped about these plans.

“We have no immediate plans or timeline to announce regarding an IPO,” a Revolut spokesperson stated. “Our current focus is firmly on executing our strategy – driving growth, expanding globally, and continuing to innovate for our customers.”

For now, Revolut is laser-focused on solidifying its position as a global fintech leader, leaving the question of an IPO for another day. With strong growth, increasing profitability, and ambitious expansion plans, Revolut is poised to continue disrupting the traditional banking landscape.