The CEO of Revolution, Nikolay Storonsky, at the Web Summit in Lisbon, Portugal, November 7, 2019.
Pedro Nunes | Reuters
London – The British firm of Fintech Revolution announced Thursday that it exceeded $ 1 billion in annual earnings for the first time, an important milestone for the company on the way to any initial public offer.
Revolution, which sacrifices a variety of banking and financial services through an application, said that the net benefit for the year ending on December 31, 2024, totaled £ 1.1 billion ($ 1.5 billion), 149% more year after year. Company’s revenues increased 72% year after year to £ 3.1 billion, driven by growth in different income flows.
The Revolution wealth unit, which includes its regomunal commercial trade, with revenues by increasing 298% to £ 506 million, while subscription billing increased 74% to £ 423 million.
Revolution also saw a significant growth in his loan book, which grew 86% to £ 979 million. Together with a jump in customer deposits, this contributed to a 58% increase in interest revenue, which totaled £ 790 million.
Display of the United Kingdom Bank
Revolution’s financial milestone arrives at a critical moment for the signing of almost a decade. The Digital Banking Unicorn has been preparing a transition to become a totally operational bank in the United Kingdom after ensuring a banking license last summer.
He was granted a bank license with restrictions in July 2024 of the United Kingdom prudential regulation authority, ending a legitimate application process that in 2021.
The restricted license means that Revolution is now in the “mobilization” stage, where it focuses on building its banking and infrastructure operations in the period prior to a complete launch. The period usually lasts about 12 months.
Francesca Carlesi, CEO of the United Kingdom of Revolution, told the Wall Street Journal last month that she sees her trip to become a Bank of the United Kingdom totally authorized as a crucial step in its global expansion and Opo Opo. “My main strategic approach is to turn the main bank for everyone in the United Kingdom,” he told the WSJ.
Revolution is still waiting for the regulators’ approach to transfer all its users in the United Kingdom to a new banking entity this summer. Once completely in operation, the company can start offering loans, exaggeration and mortgages, opening the way to new sources of income.
It has an steep hill to climb: the Monzo and Starling rivals have had an advantage in Revolution. Monzo Obline his full bank license in 2017, while Starling received his own permit in 2016.