Elizabeth Haucroft and Tommy Regiori Wilkes
LONDON (Reuters) – Leborat’s nominal profit rose 149% last year, surged to £1.1 billion ($1.46 billion) as financial technology companies rode the wave of crypto trading to earn more from interest rates and card fees.
London-based FinTech’s revenues rose to £3.1 billion from £1.8 billion in 2023. This is driven by higher interest rates, card payments, and revenue from profits from the background of the company’s “wealth” segment, including transactions and crypto products.
Its pre-tax profit was more than double the £438 million in 2023.
Revolut has emerged as the most successful of a handful of European fintechs founded on a digital-only model over the past decade. It was valued at $45 billion last year, comparable to large European lenders, and plans to expand into mortgages and consumer lending, challenging high street lenders and growing in the US.
The assessment ended a three-year wait after securing a UK banking license and scrutinizing internal accounting. Revolut said Thursday that it is expected to begin operating as a UK bank this year.
In its annual report, Revolut said that CEO and co-founder Nikolay Storonsky increased ownership in April 2025 by acquiring “indirect and non-voting profits” during the reorganization of its ownership structure.
Storonsky currently owns more than 25% of Revolut, directly or indirectly, without disclosing what he previously owned, the report states.
Revenue for the “Wealth” business increased 300% year-on-year, due to increased crypto trading activity and the launch of Revolut’s crypto exchange.
Revolut’s Chief Financial Officer Victor Stinga declined to comment on how much of the asset revenue came from Crypto.
“Market volatility promoted activity and this was a fact in all asset classes,” he told Reuters.
The company had previously expressed its intention to create a public list, but Stinga declined to comment on its timeline on Thursday on the possibility of an IPO.
The number of customers increased from 38 million in 2023, up from 38 million in 2023, with corporate customers accounting for 15% of the company’s revenue.
Revolut remains small for customer financing, reporting a customer loan of £979 million in 2024 on its 2024 balance sheet, up from 528 million the previous year.
The company also said it has invested heavily in protecting its customers from fraud and fraud. It follows several media reports last year that Revolut was named in the case of more fraud than any of the UK’s major high street banks.