British fintech giant Revolut has reported its first-ever annual profit of over $1.5 billion, marking a major milestone as the company prepares to launch its fully operational UK bank later this year.

‎

For the year ending 31 December 2024, Revolut posted a net profit of £1.1 billion ($1.5 billion), a 149% increase year-on-year. Revenues surged by 72% to £3.1 billion, fuelled by strong growth across its wealth, payments, and lending divisions. Stock and crypto trading revenue alone jumped 298% to £506 million, while customer deposits and an expanding loan book also drove a sharp rise in interest income.

‎

‎The profit announcement comes as Revolut nears a full rollout of its UK banking operations, following restricted banking licence approval in July 2024. Once fully launched, Revolut will be able to offer services such as loans, mortgages, and overdrafts — key income streams for its next stage of expansion.

‎

In Malta, Revolut has already had a major impact. Its easy-to-use app, competitive exchange rates, and no-fee current accounts have made it a leading choice for residents seeking flexible banking alternatives. The company’s European banking licence, secured in Lithuania, allows it to operate fully-fledged banking services across the EU, with Malta becoming one of its fastest-growing and most enthusiastic markets.

‎For many Maltese consumers, Revolut helped redefine expectations around mobile banking, offering rapid account opening, seamless international payments, and early access to fintech features like crypto trading and fractional stock investments.

‎

Victor Stinga, Revolut’s Chief Financial Officer, told CNBC that becoming a licensed UK bank will boost customer trust, as deposits will be protected by the Financial Services Compensation Scheme, offering guarantees of up to £85,000.

‎

Looking ahead, Revolut’s UK CEO Francesca Carlesi said full banking capabilities are a critical step towards global expansion and an eventual initial public offering (IPO).

‎

While rivals like Monzo and Starling secured full UK banking licences years ago, Revolut’s scale — with over 35 million customers worldwide — puts it in a powerful position to accelerate further.

‎

With strong growth across Europe, including Malta, Revolut is reshaping not just mobile banking, but the future of everyday finance.