New updates have been reported about Revolut (PC:RVOLU)
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Revolut, the prominent neobanking startup valued at $45 billion, has reported a significant financial upswing in 2024, achieving a net profit of $1 billion. This marks the fourth consecutive year of profitability for the company, with revenues rising by 72% to $4 billion. The customer base expanded by 38%, reaching 52.5 million users. The year was pivotal as Revolut secured a banking license in the U.K., its largest market, and launched the crypto exchange Revolut X. This new venture is part of the Wealth group, which saw a remarkable 298% revenue increase to $647 million, making it the second-largest revenue source after card payments.
Looking forward, Revolut aims to formally launch banks in the U.K. and Mexico in 2025, leveraging its newly acquired licenses. The company also plans to double its customer base to 100 million. Despite challenges in the U.S. market, Revolut sees potential growth opportunities with evolving cryptocurrency regulations. This could facilitate user growth and support potential future financing rounds, including a possible share sale at a $60 billion valuation. While Revolut remains non-committal about an IPO, its focus is on executing its growth strategy, expanding globally, and innovating for its customers. CEO Nik Storonsky emphasized the company’s commitment to enhancing customer engagement and broadening its service offerings.