British fintech Revolut on Tuesday reported a record annual pretax profit, as it ramps up plans to expand into the U.S. following its long-awaited granting of a full U.K. banking license earlier this month.
Profit before tax rose 57% to £1.7 billion ($2.3 billion) in 2025, compared to £1.09 billion in 2024. Group revenue increased by 46% to $6 billion, which the company said was in part due to the performance of its business banking services, accounting for 16% of total income.
The startup, which hit a $75 billion valuation in 2025, is one of Europe’s most valuable private tech companies.
“We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth,” said Cofounder and CEO Nik Storonsky in a statement.
“As we transition into a truly global bank, we are proving that our technology-driven operating model continues to drive rapid expansion and record profitability. A decade into this journey, we have only just begun to show what is possible.”
Total customer balances rose 66% to $67.5 billion as Revolut’s retail customer base grew by 30% to 68.3 million and business customers increased 33% to 767,000.
U.S. push
Earlier in March, Revolut announced it had secured a full U.K. banking license after a lengthy back-and-forth between the company and the Prudential Regulation Authority.
It unlocks Revolut’s ability to offer a new range of products in the country, including lucrative lending, a market dominated by traditional banks. Revolut also launched full banking operations in Mexico in January.
The company is now gearing up for major global expansion.
Geographic growth beyond Europe will become the “next frontier of focus” for the company once it finalizes the launch of a U.K bank, Chief Financial Officer Victor Stinga said in a conference call with media.
