Revolut, the neobanking startup valued at $45 billion and founded in the U.K., has reportedly paused its plans for an IPO. However, the company’s financial performance remains robust.
In 2024, Revolut achieved a net profit of $1 billion (£790 million), alongside a 38% increase in its customer base, now totaling 52.5 million users, as outlined in its annual report. Revenues rose by 72% to $4 billion (£3.1 billion) over the year.
The overall message highlights significant growth for the company. This marks the fourth consecutive year Revolut has been profitable. The year was particularly notable with its net profit more than doubling from $428 million in 2023 and securing a banking license in the U.K., its primary market. Additionally, the company attained a $45 billion valuation following a substantial secondary share sale and launched a new crypto exchange, Revolut X.
There has been speculation that the exchange might lead to Revolut introducing its own stablecoin. The exchange, which operates in several jurisdictions beyond Europe and its MiCA crypto region, has taken longer to establish due to its complexity.
Revolut did not disclose specific revenue figures for Revolut X, though it appears to be gaining momentum. The exchange is part of Revolut’s Wealth group, which saw a revenue increase of 298% to $647 million from $158 million in 2023. Wealth, including savings products, is now the company’s second-largest revenue segment after card payment processing, which grew by 43% to $887 million last year.
CEO and co-founder Nik Storonsky remarked on the year’s success, noting accelerated customer growth with nearly 15 million new global users, with customers engaging more deeply by utilizing a broader range of services across retail and business offerings.
For 2025, the company plans to “formally” launch banking services in the U.K. and Mexico, based on its licenses, and aims to double its customer base to 100 million.
This trajectory presents a more positive outlook compared to recent reports concerning a lawsuit from Rippling against Revolut, alleging the transfer of funds to a “Deel Spy” within Rippling’s organization.
The new crypto exchange may influence Revolut’s attempts to penetrate the U.S. market, with potential support from U.S. governmental actions to facilitate cryptocurrency activities potentially boosting Revolut’s user base through these newer offerings.
Additionally, these developments could assist Revolut in securing new financing, amid reports suggesting a possible share sale at a $60 billion valuation and the launch of a stablecoin.
Revolut declined to comment on potential future secondary fundraises or an IPO, with a spokesperson stating that there are no immediate plans for a public offering. The company’s current focus remains on executing its strategy, which includes driving growth, global expansion, and continued innovation for its customers.
