By Elena Vardon

British digital bank Revolut reported record annual profits and a surge in its customer numbers, cementing its $75 billion valuation as it expands aggressively in Europe and beyond.

The London-based firm said pretax profit for the year ended Dec. 31 reached 1.7 billion pounds ($2.28 billion), up from 1.1 billion pounds in 2024 on revenue that jumped 46% to 4.5 billion pounds.

The increase was driven by double-digit growth across its income streams, particularly fee-based products such as subscriptions, card payments and foreign exchange, the financial technology company said Tuesday. Meanwhile, costs also rose--though at a slower pace--as the group spent more on marketing and hiring.

Revolut said it remains focused on its goal of growing its active customer base to 100 million by mid-2027 from more than 70 million currently. Over the course of 2025, its customer base expanded by nearly a third.

Engagement has been deepening as more customers use their Revolut accounts for their transactions and to invest their savings, said Victor Stinga, Revolut's finance chief.

"They're a reflection of the fact that the product is superior to the customers' existing banking solutions as they choose to migrate more of their financial lives into Revolut," he said in a call with journalists.

While the group didn't provide specific guidance for 2026, the executive noted that the year started well, with trends expected to continue on a similar trajectory.

"Hopefully we're going to be able to share a similar set of results next year," he said.

Revolut has grown into Europe's most valuable private fintech, with its valuation reaching $75 billion in a secondary share sale last year. This puts the group, which was founded in 2015, on par with the market capitalization of traditional European banking heavyweights which it competes with for retail and business customers.

The firm runs an app that lets users make payments, trade assets and hold money. Earlier this month, it secured regulatory approval to operate as a fully-fledged bank in its home U.K. market after a yearslong review, which will allow it to offer protected deposit accounts and roll out a range of interest-earning new services, such as loans and credit cards, that it already offers in some European markets.

Revolut hopes to replicate its success in the U.S. and capture a slice of the world's largest financial market. It recently filed an application for a national bank charter so that it can accept deposits and offer direct lending to more American customers.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

March 24, 2026 06:49 ET (10:49 GMT)

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