British fintech giant Revolut saw a massive jump in its pretax profit, hitting a record 1.7 billion pounds (USD 2.3 billion) in 2025, up 57% from the year before. This growth more than doubled the venture’s lending, positioning the company to compete more directly with mainstream banks.
Revolut, which was recently cleared by the United Kingdom’s regulators to launch its bank in the European country, said its revenue was 4.5 billion pounds, up from 3.1 billion the previous year, driven by income from fees charged to its 68.3 million customers.
The company more than doubled its loans to customers, with its lending portfolio (mostly consumer loans) growing 120% to 2.2 billion pounds. Since its formation in 2015, Revolut has emerged as the most successful of the handful of European fintech companies founded in the 2010s, with no physical branches. In November 2025, the venture hit a USD 75 billion valuation in a private secondary share sale.
The approval from the Bank of England’s Prudential Regulation Authority now allows the company to end its “mobilisation” phase, which lasted for longer than the usual 12-month limit.
“This allows Revolut to offer protected deposit accounts and paves the way for a wider range of services in future, including lending and other products,” the fintech venture remarked.
Predicting that the process of moving customers to the new bank will take “a few months in total,” Nik Storonsky, Revolut’s co-founder and CEO, remarked, “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey. The UK is our home market and central to our growth.”
“The full licence will open the door to balance sheet-driven products and sharpen pressure on both traditional banks and the cohort of challenger banks,” said Elliot Reader, Director in Houlihan Lokey’s FinTech Group, while interacting with Reuters.
The company is also seeking a banking licence in France, although it already offers banking services in the European Union by “passporting” a licence from Lithuania, and has applied for a bank charter in the United States.