Revolut Posts Record Profit, Eyes U.S. Expansion Following UK Banking License
British fintech Revolut reported a record annual pre-tax profit of £1.7 billion ($2.3 billion) in 2025, a 57% increase compared to £1.09 billion in 2024, as it prepares to expand into the U.S. Following the recent approval of its full U.K. Banking license.
Group revenue increased by 46% to $6 billion, driven in part by the performance of its business banking services, which now account for 16% of total income. The startup, valued at $75 billion in 2025, remains 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 Revolut 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 display what is possible.”
Total customer balances rose 66% to $67.5 billion, with retail customers growing 30% to 68.3 million and business customers increasing 33% to 767,000.
U.S. Expansion Plans
Earlier in March, Revolut secured a full U.K. Banking license after a lengthy review by the Prudential Regulation Authority. This license unlocks the ability to offer a wider range of products in the U.K., including lending, a market traditionally dominated by established banks. Revolut launched full banking operations in Mexico in January.
The company is now focused on global expansion, with the U.S. As a key target. Revolut applied for a U.S. National bank charter in early March, seeking deposit insurance to facilitate direct lending to American customers. Geographic growth beyond Europe will be the company’s “next frontier of focus” once the U.K. Bank launch is finalized, according to Chief Financial Officer Victor Stinga.
Revolut plans to launch in 30 new markets by 2030 and currently has 70 million customers using its products.