UK-based fintech firm Revolut just hit a billion-dollar growth spurt. For the first time, it has been above $1 billion in profit per year. This victory represents a monumental watershed moment for the nearly decade-old startup. This is has been doing work to become a fully authorized U.K.
Revolut’s recent surge in popularity is highlighted by the fintech’s stunning 72% revenue growth y-o-y to £3.1 billion. The firm’s financial performance overall, the firm’s interest income jumped considerably to £790 million (+58% YoY). A significant increase in customer deposits has strengthened its financial markets, leaving the company fully positioned to ramp up growth ahead.
Francesca Carlesi, the U.K. chief executive of fintech unicorn Revolut, called this shift incredibly important. “My main strategic focus is making Revolut the primary bank for everybody in the U.K.,” she stated. This new mission pushes the firm to judicially place itself between industry, the educational universe and the football world. It’s crucially so as they prepare for their highly anticipated debut initial public offering (IPO).
Revolut’s move to becoming a fully-fledged bank started last year when it applied for a banking licence in 2021. In July 2024, the U.K.’s Prudential Regulation Authority issued Revolut a banking license with significant caveats. This important move is an essential first step for development in the booming U.K. market. It’s equally important in the company’s plans for global expansion.
For fintech firms already competing in the challenging U.K. Competitors such as Monzo and Starling have already taken the UK by storm, placing intense competitive pressures on the banking landscape. Monzo received its full banking license in 2017. Starling received its own permit in 2016. As Revolut navigates this competitive environment, its recent financial performance positions it favorably to attract new customers and retain existing ones.