Revolut reports bumper profits

Total revenue for the year was up 46% with the firm showing a high return on subscriptions, up 67% year-on-year. The firm’s multi-engine platform now comprises 11 different product lines, each exceeding £100 million in annual revenue.

Net profit came in at $1.7 billion versus $1 billion the year before.

Growth momentum was strong across Europe, where one in five working-age adults now use Revolut. The firm’s multi-purpose banking app is the most downloaded app in the Finance category, ranking first in 15 countries and securing a spot in the top three in 26 countries across the continent.

As it scales its business across the globe, the company reported 30% growth in retail customers to 68.3 million, and a 33% uplift in business clients to reach 76,000 clients.

Nik Storonsky, co-founder and CEO of Revolut, says: “We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth. As we transition into a truly global bank, we are proving that our technology-driven operating model continues to drive rapid expansion and record profitability. A decade into this journey, we have only just begun to show what is possible.”

Revolut has committed to a £10bn ($13bn) investment over the next five years to fuel international growth and innovation. This includes the creation of 1,000 high-skilled roles at the new London Global HQ and significant capital allocation to accelerate operations in the US and Western Europe.