Food
The British fintech company, now active in around 30 countries, continued its rapid growth last year. Revenue rose by 72 percent to £3,1 billion, according to the annual report published on Thursday. That equates to approximately 3,41 billion francs.
Pre-tax profit increased by an impressive 149 percent to £1,09 billion, while net profit rose by 130 percent to £790 million.
By the end of 2024, Revolut’s global customer base had grown by 38 percent to 52,5 million. In comparison, HSBC, the UK’s largest bank, recently reported 41 million customers.
The total transaction volume amounted to approximately £1 trillion, with 940 million transactions processed in December alone.
Broader Range of Services
We not only accelerated our customer growth and added almost 15 million new users globally, but also achieved deeper customer engagement, as our clients increasingly used a broader range of our services—both in the retail space and through Revolut Business, said CEO and co-founder Nik Storonsky.
The company had already presented ambitious growth plans for the current year. We are making great progress towards our goal of 100 million daily active customers in 100 countries, Storonsky said.
Expansion into Mexico, License for India
In the coming months, Revolut will launch its Mexican bank, and it recently received its license for prepaid payment instruments (PPI) from the Reserve Bank of India. Ten additional license applications are currently pending worldwide.
Usage of Revolut has grown not only in the UK and Ireland but across Europe, including Southern Europe and the Nordic countries. The company also plans to expand in the Asia-Pacific region and the Middle East.
Costs Rise, Workforce Expands
Costs rose by 50 percent in 2024 to £1,4 billion, with personnel expenses increasing by 60 percent to £794 million. The number of employees reached 10,133 by year-end, up from 8,152 previously.
Swiss Ambitions
In Switzerland, Revolut’s growth reached 29 percent among private customers and 41 percent among business clients last year. Swiss customers made nearly 70 million card and ATM transactions, a 30 percent increase from 2023. Domestic transactions rose by 29 percent.
In early April, Switzerland head Julian Biegmann said that since March, Revolut has served over 1 million private customers in Switzerland. The neobank is represented in Zurich and Geneva with a total of 10 employees.
In the UK, the privately held company, which claims a valuation of $45 billion, operates with a restricted banking license. Its EU operations are based on a full license in Lithuania. In Switzerland, Revolut recently enabled services such as QR code payments via a «virtual» Swiss IBAN.
