Revolut, the $45 billion neobanking startup based within the U.Okay., could have put its IPO plans on ice, however its stability sheet is trying fairly sizzling.
The corporate reported web revenue of $1 billion (£790 million) in 2024, whereas its buyer base grew by 38% to 52.5 million, in accordance with its annual report. Revenues elevated 72% to $4 billion (£3.1 billion) within the yr.
The message right here is one in all robust progress total.
That is Revolut’s fourth straight yr of being within the black. 2024 was a giant yr for the corporate – its web revenue greater than doubled what it earned in 2023 ($428 million), and it lastly secured a banking license in its dwelling market of U.Okay., which is its largest. It moved as much as a $45 billion valuation on the again of a giant secondary share sale. And it launched a crypto alternate, Revolut X.
Some have thought the alternate can be a precursor to Revolut launching its very personal stablecoin. From what we perceive, it’ll span a number of jurisdictions past Europe and its MiCA crypto area, and it’s taking a while to arrange on account of that complexity.
The corporate didn’t escape income numbers for Revolut X particularly, nevertheless it’s trying like a little bit of a juggernaut. The alternate is a part of Revolut’s Wealth group, which noticed income develop 298% to $647 million from simply $158 million in 2023. Wealth, which additionally contains income from its financial savings merchandise, is now the second-largest a part of Revolut’s enterprise after the reduce it makes on card funds (that enterprise was up 43% to $887 million final yr).
“2024 was a landmark yr for Revolut,” mentioned CEO and co-founder Nik Storonsky (pictured above), in a press release. “We not solely accelerated our buyer progress, welcoming practically 15 million new customers globally, however critically, we additionally noticed clients partaking extra deeply by adopting a wider vary of our companies throughout each our retail providing and Revolut Enterprise.”
Wanting forward, the corporate mentioned two of its largest priorities for 2025 will likely be to “formally” launch banks within the U.Okay. and Mexico (on the again of its licenses) in addition to to double its buyer base to 100 million.
That’s way more constructive information than the current revelation that Rippling is suing Revolut to reveal who transferred cash to the so-called “Deel Spy,” allegedly seeded in Rippling’s ranks to report on inside workings.
That new crypto alternate might find yourself enjoying a task there. Revolut has discovered it difficult to interrupt into the U.S. market so far, however the U.S. authorities’s strikes to unencumber exercise round cryptocurrency might pave the way in which for Revolut to drive up customers by the newer merchandise.
That would additionally assist Revolut shut the deal on new financing, too, following studies that it is likely to be approaching one other share sale at a $60 billion valuation, on high of launching that stablecoin.
Revolut declined to touch upon future secondary fundraises, and was equally non-committal with regards to a public providing.
“We now have no fast plans or timeline to announce concerning an IPO,” a spokesperson mentioned. “Our present focus is firmly on executing our technique – driving progress, increasing globally, and persevering with to innovate for our clients.”