Revolut, the $45 billion neobanking startup based within the U.Ok., might have put its IPO plans on ice, however its stability sheet is wanting 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 12 months.
The message right here is considered one of robust development general.
That is Revolut’s fourth straight 12 months of being within the black. 2024 was an enormous 12 months 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 house market of U.Ok., which is its largest. It moved as much as a $45 billion valuation on the again of an enormous secondary share sale. And it launched a crypto alternate, Revolut X.
Some have thought the alternate could be a precursor to Revolut launching its very personal stablecoin. From what we perceive, it is going to span a number of jurisdictions past Europe and its MiCA crypto area, and it’s taking a while to arrange because of that complexity.
The corporate didn’t get away income numbers for Revolut X particularly, however it’s wanting 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 consists of 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 12 months).
“2024 was a landmark 12 months for Revolut,” mentioned CEO and co-founder Nik Storonsky (pictured above), in an announcement. “We not solely accelerated our buyer development, welcoming almost 15 million new customers globally, however critically, we additionally noticed prospects partaking extra deeply by adopting a wider vary of our providers throughout each our retail providing and Revolut Enterprise.”
Trying forward, the corporate mentioned two of its largest priorities for 2025 might be to “formally” launch banks within the U.Ok. and Mexico (on the again of its licenses) in addition to to double its buyer base to 100 million.
That’s way more optimistic 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 inner workings.
That new crypto alternate might find yourself enjoying a job there. Revolut has discovered it difficult to interrupt into the U.S. market thus far, however the U.S. authorities’s strikes to release exercise round cryptocurrency might pave the way in which for Revolut to drive up customers by way of the newer merchandise.
That might additionally assist Revolut shut the deal on new financing, too, following reviews that it may be approaching one other share sale at a $60 billion valuation, on prime of launching that stablecoin.
Revolut declined to touch upon future secondary fundraises, and was equally non-committal with regards to a public providing.
“We’ve no rapid plans or timeline to announce concerning an IPO,” a spokesperson mentioned. “Our present focus is firmly on executing our technique — driving development, increasing globally, and persevering with to innovate for our prospects.”