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CEO Revolut Nikolay Storonsky at the Internet Summit in Lisbon, Portugal, November 7, 2019.
Pedro Nunes | Reuters
London – British Fintech Revolut on Thursday announced that for the first time it entered $ 1 billion in annual profit, which became the main milestone for the company as it reads the launch of its UK bank at the end of this year.
Revolut, which offers a number of banking and financial services through the application, said the net income for the year, ending on December 31, 2024, amounted to £ 1.1 billion (1.5 billion), which is 149% a year. The company’s revenue increased by £ £ to £ 3.1 billion a year, due to growth in different revenue flows.
The Revolut wealth department includes a business and trading business has seen a non-agriculturized growth, with the profit increased by 298% to £ 506 million, while the trade turnover signed 74% to £ 423.
Revolut also noticed a significant increase in its loan, which increased by 86% to 979 million pounds. In conjunction with the jump in customer deposits, this contributed to the increase of income from £ 58, which was £ 790 million.
UK Bank deployment
Revolut’s financial milestone comes in critical time for almost a decade. The Digital Banking single -one prepares the transition to a fully operational bank in the UK after providing a bank license last summer.
In July 2024, in July 2024, a license was granted banking from the UK, which ended the long application process, which began in 2021.
A limited license means that Revolut is now in ‘mobilization“The stage where it focuses on the creation of its banking operations and the infrastructure ahead of the complete launch. The period usually lasts about 12 months.
Revolut is still waiting for the approval of the regulators to transfer all 11 million UK users into a new banking person this summer. After complete launch, the firm will be able to start offering loans, overdraft and mortgage loans, opening the way to new revenue flows.
“Customers trust banks”
Victor Sting, Chief Financial Director Revolut, said CNBC on Thursday that the company’s goal is the official launch of its UK bank late this year.
“As you can imagine, this is a thorough process, and we are just a lot of attention to it,” Stinga said. “We are working very closely on close contact with the (Prudence Regulatory Authority) and FCs (financial behavior). We feel that we will make a lot of progress in this.”
Sting has stated that a great advantage of becoming a bank in the UK is the ability to start accepting deposits protected by government guarantees. The licensed banks are covered by the financial services compensation scheme, which means that their customers may require up to 85,000 pounds if the lender does not work.
“Customers trust the banks, so this means that customers will use Revolut as the main bank account at this transition,” Stinga said.
Lending is perhaps “the biggest item of the roadmap that is unlocked,” said the Revolut CEO, adding that the firm is looking for credit cards and personal loans, similar to the products it already offers in the European Union under a separate license in the EU.
Francesca Carles, Britain Revolut, previously told The Wall Street Journal that Revolut views its way before becoming a UK bank as a decisive step in its global IPO expansion. “My main strategic attention is to revolutionize the main bank for everyone in the UK,” she said WSJ.
He has a steep hill to climb – Monza and Starling rivals had a long start on Revolut. Monzo received a full bank license in 2017, and Starling received its permit in 2016.
