British fintech company Revolut has announced a significant achievement, reporting its annual profit surpassing $1 billion for the first time. This milestone marks a crucial step towards its anticipated initial public offering (IPO). For the year ending December 31, 2024, Revolut's net profit reached £1.1 billion (approximately $1.5 billion), reflecting a 149% increase from the previous year.
Revolut's revenue saw a substantial rise of 72% year-over-year, totaling £3.1 billion. The company's wealth division, which includes its stock trading services, experienced remarkable growth with revenue soaring by 298% to £506 million. Additionally, subscription income increased by 74% to £423 million.
Revolut's lending operations also showed significant expansion, with an 86% increase, reaching £979 million. The surge in customer deposits contributed to a 58% rise in interest income, amounting to £790 million.
