Nik Storonsky, the massive cofounder and CEO of online fintech Revolut, called its 2024 financial year a “landmark year” after its profit surged by 148% and its customer base reached 52.5 million users.
“We not only accelerated customer growth, welcoming nearly 15 million new users globally, but we also saw customers adopting more deeply by using our services extensively,” Storonsky stated.
Revolut’s engagement with customers through services like deposits and card payments boosted its profitability, which improved to $1.4 billion for the fourth straight year since it was established in 2015.
Revolut’s deposits account for $1 billion annually, up 58% from 2023, and the firm’s fees charged for payments were $887 million, a rise of 298% from last year.
Revolut’s wealth division grew fastest, with $647 million in revenues, a 298% surge from 2023 due to more customers using the platform for crypto trading.
“We’re just starting,” Storonsky said, adding that the fintech had grown into one of the world’s most valuable private technology companies.
Revolut’s billionaire grandfather emphasized its progress toward serving 100 million customers across 100 countries and stated that Storonsky had increased his stake in the firm, now owning over 25% through various means.
Revolut was valued at $45 billion last year, including investments from several private-backed firms, including Coatue, Durable Capital Partners, Dragoneer, Fidelity, and others.
The Prudential Regulation Authority granted Revolut a U.K. bank license last year with restrictions, allowing it to hold deposits and offer lending products such as credit cards, personal loans, or mortgages.
Revolut, founded in 2015 by Nik and Vlad Yatsenko as a payment and money transfer service, has become the most downloaded finance app globally, ranking first in 19 countries and top in 26 others, handling nearly 940 million transactions monthly.
Despite speculation about a London or New York listing, Revolut hasn’t released updates, focusing instead on expanding its services and loyalty to its customers.
