Revolut Has More Customers than Europe’s Largest Bank

British neobank Revolut increased its revenue by 72 percent to £3.1 billion last year, according to the fintech company ‘s latest annual report. Revolut also recorded a 38 percent increase in customer numbers and provided financial services to 52.5 million users – thus surpassing Europe’s largest bank, HSBC, which served 41 million customers according to its 2024 annual report. Revolut also saw strong profit growth: After £438 million in 2023, Revolut generated £1.1 billion last year.

The London-based fintech company offers foreign exchange, cryptocurrency , and trading services, as well as a range of investment and savings products.

“Not only have we accelerated our customer growth, gaining nearly 15 million new users worldwide, but we’re also seeing our customers increasingly use our services,” said CEO Nikolay Storonsky (40) in a company statement. Thanks to this, the company was able to increase its interest income to £790 million – up from £500 million in 2023.

Revolut’s goal is 100 million customers

Storonsky intends to continue expanding the company: “We are just getting started and are making great progress towards reaching 100 million daily active customers in 100 countries – driven by our growth in the UK, Europe and our expansion markets.”

According to the Bloomberg news agency, Revolut aims to achieve full-fledged bank status in the UK . Revolut also plans to launch banking operations in Mexico in the coming months and recently received a prepaid payment instrument license from the Indian central bank. Revolut is also working on ten additional license applications worldwide.

Last year, according to Bloomberg, 2,200 Revolut employees sold their shares in a secondary sale, valuing the bank at $45 billion. New investors included Coatue, Baillie Gifford, Goldman Sachs Alternatives, Mubadala, and Affinity Partners.

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