Neobanking Startup Reports 38% Increase in Customer Base and 72% Growth in Revenue

Revolut, the UK-based neobanking startup, has reported a significant surge in growth, with its customer base increasing by 38% to 52.5 million in 2024. The company’s revenue grew by 72% to $4 billion, while its net profit more than doubled to $1 billion.

This marks Revolut’s fourth consecutive year of profitability, with the company citing strong growth across its business segments. The company’s Wealth group, which includes its savings products and Revolut X, a new crypto exchange, saw revenue grow by 298% to $647 million.

Revolut X, which is expected to span multiple jurisdictions beyond Europe, has been touted as a potential precursor to the launch of the company’s own stablecoin. While the company did not break out revenue numbers for the exchange specifically, it is clear that it has been a major contributor to Revolut’s growth.

The company’s CEO and co-founder, Nik Storonsky, described 2024 as a “landmark year” for Revolut, citing the acceleration of customer growth and increased engagement with its services. Looking ahead, Revolut has set its sights on expanding into new markets, with plans to launch banks in the UK and Mexico in 2025.

However, the company is not without its challenges. It has faced criticism over its handling of a recent lawsuit filed by Rippling, which alleges that Revolut failed to disclose information about a “Deel Spy” who was allegedly seeded in Rippling’s ranks to report on internal workings.

Despite this setback, Revolut remains optimistic about its prospects, with the company’s valuation set to reach $60 billion following a potential new share sale. However, the company has declined to comment on its plans for an initial public offering (IPO).

Key Statistics:

Customer base: 52.5 million (up 38% from 2023)

Revenue: $4 billion (up 72% from 2023)

Net profit: $1 billion (up 135% from 2023)

Revenue growth in Wealth group: 298% to $647 million

What’s Next:

Launch of banks in the UK and Mexico in 2025

Expansion of Revolut X into new jurisdictions

Potential IPO in the future, although no timeline has been set.