Fintech company Revolut to initiate British banking services this year with soaring profits
Revolut's UK Banking Adventure: A Long, Bumpy Road
After a Painstaking Wait, Revolut Expects to Start Operating as a UK Bank in 2025. The fintech firm's profits and revenues skyrocketed in 2024, thanks to a boom in crypto trading, higher interest rates, and increased card fees.
Revolut's journey to securing a UK banking license didn't come easy. The company initially applied in 2021, but the process took over three years, filled with numerous hurdles. Finally, in July 2024, the Prudential Regulation Authority granted Revolut its long-awaited banking license.
In a statement on Thursday, Revolut said it was working tirelessly to set up its processes, aiming to officially start operations as a UK bank in 2025.
The firm's profits soared by an astounding 149% in 2024, reaching £1.1 billion. Revenue increased to a hefty £3.1 billion, up from £1.8 billion in 2023.
The surge in revenue was primarily driven by card payments, income from interest on higher interest rates, and the incorporation of trading and crypto products in Revolut's wealth arm.
Customer numbers also grew significantly, reaching 52.5 million, up from 38 million in 2023.
Nikolay Storonsky's Expanded Ownership
Revolut's ace CEO and founder, Nikolay Storonsky, increased his ownership in April 2025 by acquiring an 'indirect, non-voting interest' in the company during a reorganization of its ownership structure. Storonsky now owns, directly or indirectly, more than 25% of Revolut, a significant jump from previous ownings.
Storonsky expressed his satisfaction with 2024, calling it a "landmark" year for the business. He also noted that Revolut was making strong progress towards 100 million daily active customers across 100 countries.
Revolut's Early Years and Other Finance Highlights
Revolut was established in London a decade ago as a foreign exchange and money transfer service provider. In December 2018, the company was granted an EU banking license and an EMI license from the European Central Bank via the Bank of Lithuania. This move allowed Revolut to accept deposits and offer consumer credit, expanding its product offerings significantly.
Meanwhile, online-based bank Zopa Bank doubled its pre-tax profit in 2024, demonstrating another successful year in the evolving financial services landscape. Zopa pocketed £34.2 million in the 2024 financial year, compared to £16.8 million in the previous year. Revenue grew by 30.2% to £303.4 million, fueled by a 60% increase in its deposits base to £5.5 billion.
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Note: Details included in this article are based on available information and may not cover all aspects of Revolut's operations, financial performance, or strategic decisions.
[[1] BBC News (2021). Revolut gets European banking licence through Lithuania. [2] Revolut (2024). Revolut Annual Report 2024. [3] Business Insider (2021). Revolut launches retail media platform to compete with Amazon. [4] The Block Crypto (2021). Revolut reportedly applying for UK banking license and considering US bank charter. [5] Reuters (2021). Revolut granted full banking licence in Europe.]
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- How to choose the best (and cheapest) stocks and shares Isa
- From 2025, Revolut embarks on a new chapter as a UK bank, marking a significant milestone in its banking journey.
- In a strategic move, CEO Nikolay Storonsky increased his ownership in Revolut, now owning more than 25% of the company.
- The boom in corporate profits and revenue during 2024 was largely attributed to increased card payments, income from higher interest rates, and the introduction of trading and crypto products in Revolut's wealth arm.
- The personal-finance sector witnessed an impressive performance by Zopa Bank in 2024, with pre-tax profits doubling and revenue growth reaching 30.2%.
- Revolut initially applied for a UK banking license in 2021, a process that spanned over three years and was filled with numerous challenges.
- Expert guidance on choosing the best and cheapest stocks and shares Isa can be found in This is Money, proving to be a useful resource for investors.
