British fintech Revolut tops $1 billion in profit as revenue jumps 72%

Revolut CEO Nikolay Storonsky at the Web Summit in Lisbon, Portugal, Nov. 7, 2019. Pedro Nunes | Reuters LONDON — British fintech firm Revolut on Thursday announced it topped $1 billion in annual profit for the first time, a major milestone for the company as it readies the launch of its U.K. bank later this year. Revolut, which offers a range of banking and financial services via an app, said that net profit for the year ending Dec. 31, 2024, totaled £1.1 billion ($1.5 billion), up 149% year over year. Revenues at the company increased 72% year on year to £3.1 billion, driven by growth across different revenue streams. Revolut's wealth unit — which includes its stock-trading business — saw outsized growth, with revenue surging 298% to £506 million, while subscriptions turnover jumped 74% to £423 million. Revolut also saw significant growth in its loan book, which grew 86% to £979 million. Coupled with a jump in customer deposits, this contributed to a 58% increase in interest income, ... Read full article.