Revolut, the $45B neobank, posts $1B profit in 2024

Revolut, the $45 billion neobanking startup founded in the U.K., may have put its IPO plans on ice, but its balance sheet is looking pretty hot.

The company reported net profit of $1 billion (£790 million) in 2024, while its customer base grew by 38% to 52.5 million, according to its annual report. Revenues increased 72% to $4 billion (£3.1 billion) in the year.

This is Revolut’s fourth straight year of being in the black. 2024 was a big year for the company — its net profit more than doubled what it earned in 2023 ($428 million), and it finally secured a banking license in its home market of the U.K., which is its biggest. It moved up to a $45 billion valuation on the back of a big secondary share sale. And it launched a crypto exchange, Revolut X.