RotateThe start of $ 45 billion founded in the United Kingdom may have put the IPO plans on ice, but its balance sheet looks quite warm.
The company reported a net profit of $ 1 billion (790 million £) in 2024, while its customer base increased by 38% to 52.5 million, according to annual report. Revenue increased by $ 72% to $ 4 billion (£ 3.1 billion) a year.
The message here is a strong growth overall.
This is the fourth consecutive year of Revolut in black. 2024 was a big year for the company – its net profit more than doubled what won 2023 ($ 428 million), and eventually secured a bank license in the UK domestic market, which is the largest. Moved to a $ 45 billion valuation on the back of a large secondary stock. And started an exchange of encryption, Rotation x.
Some thought that the exchange would be a precursor to the launch of Revolut that would start his own Stablecoin. From what we understand, it will cover multiple jurisdictions beyond Europe and its Mica Cryptographic area, and takes some time to be adjusted as a result of this complexity.
The company did not break the revenue numbers for Revolut X in particular, but it looks like a piece of a juggernaut. The exchange is part of Revolut’s wealth group, which saw revenue increased by $ 298% to $ 647 million from just $ 158 million in $ 2023. Wealth, which also includes savings revenue, is now the second largest part of the Revolut business. last year).
“2024 was a landmark for Revolut,” said CEO and co -founder Nik Storonsky (depicted above), in a statement. “Not only did we accelerate the development of our customers, welcoming almost 15 million new users worldwide, but critically, we have also seen customers involved deeper adopting a wider range of services in both our retailing and business revolution.”
Looking forward, the company said two of its biggest priorities for 2025 would be the “typical” launch banks in the United Kingdom and Mexico (at the back of its licenses) as well as double its customer base to 100 million.
These are much more positive than the recent revelation that breakwater denies Revolut to reveal who transferred money to the so -called “Deel Spy”, allegedly sown in the industry to report internal functions.
This new encryption exchange could end up playing a role there. Revolut has found it difficult to enter the US market so far, but the US government’s moves to release activity around encryption could pave the way for Revolut to drive users through newer products.
This could also help Revolut close the agreement on new funding, also following the reports that another $ 60 billion -billion share is likely to be approached, except for the start of Stablecoin.
Revolut refused to comment on future secondary heads and was equally unprofitable on the subject of a public offer.
“We do not have immediate plans or timetable to announce an IPO,” one spokesman said. “Our current focus is firmly in the execution of our strategy – leading to growth, expanding worldwide and continuing to innovate for our customers.”
