On March 24, 2026, Revolut published its annual report for the year ending December 31, 2025. The results confirmed the company's position as one of the fastest-growing and most profitable fintech platforms in the world — marking its fifth consecutive year of net profitability with accelerating growth across every major business line.
For investors evaluating Revolut as a pre-IPO opportunity, these numbers represent the strongest fundamental signal yet ahead of a potential public listing.
Revolut 2025 Financial Results: The Key Numbers
Revolut closed 2025 with metrics that significantly exceeded the prior year across all headline figures.
Revenue grew 46% year-over-year to $6.0 billion (£4.5B), up from $4.0B in 2024. Critically, this growth was not concentrated in a single product: 11 distinct product lines each surpassed approximately $135 million in annual revenue. This level of diversification is uncommon among fintech companies at any stage.
Profit before tax reached $2.3 billion (£1.7B) — a 57% increase from $1.4B the year prior. The PBT margin expanded from 35% to 38%, reflecting the operating leverage of a scalable, technology-driven platform.
Net profit came in at $1.7 billion, up 70% from $1.0B in 2024.
Revenue Breakdown: Why Diversification Matters for Valuation
One of Revolut's defining characteristics — and a key differentiator from competitors — is the depth of its revenue diversification. For investors assessing business resilience, this is a critical factor.
Subscriptions generated $936M, a 67% YoY increase. Paid plan adoption grew by 42%, indicating strong willingness to pay across the customer base.
Card payments rose 45% to $1.3B, driven by increased transactional activity across the platform.
Wealth products (investments, crypto, trading) contributed $876M — up 31% year-over-year.
FX revenue grew 43% to $800M, benefiting from rising cross-border transaction volumes.
Interest income reached $1.3B as the lending portfolio expanded 120% YoY to $2.9B. Notably, Revolut maintains a conservative balance sheet: 90% of assets are held in cash equivalents and treasury instruments.
Revolut Business now accounts for 16% of total group revenue. Business transaction volumes hit $365B, with expansion markets — including Singapore, Australia, and the US — growing by over 140% YoY.
Customer Base: 68 Million Users With Deepening Engagement
The scale of Revolut's user base is one of the strongest arguments for a premium valuation at IPO.
In 2025, the platform added 16 million new retail customers, bringing the total to 68.3 million (a 30% increase). Business customers grew 33% to 767,000.
Across Europe, one in five working-age adults now uses Revolut. The app ranks first for downloads in the Finance category in 15 countries and sits in the top three in 26 countries across the continent.
Total customer balances surged 66% to $67.5 billion. Transaction volumes increased 65% YoY to $1.7 trillion — a figure comparable to some of the largest traditional banks globally.
A key qualitative indicator: over 63% of new customers joined organically through word-of-mouth or referrals. This reduces customer acquisition costs and signals strong product-market fit and brand loyalty.
Product Innovation: From Neobank to Global Financial Ecosystem
Throughout 2025, Revolut significantly expanded its product suite, moving the company closer to full-service global banking.
Investment products. Zero-commission ETF plans launched across the EEA and Switzerland. CFD trading expanded to 29 countries. Average equity balances per customer increased by 24%.
Mortgage lending. A strategic entry into secured lending — Revolut launched mortgage refinancing in Lithuania with a fully digital application process and real-time in-app tracking.
Mobile network. Revolut Mobile launched in the UK and Poland, making Revolut the first large-scale financial institution to offer its own mobile network service.
Loyalty programme. RevPoints scaled to 17 million participants across 36 markets, up from 6.6 million at year-end 2024.
Security and fraud prevention. The integration of advanced AI models into the Customer Protection Platform enabled a 10x increase in the volume of potential fraud cases reviewed daily.
Licensing and Regulatory Progress: The Path to Global Bank Status
For pre-IPO investors, regulatory status is one of the factors that most directly influences potential valuation at listing.
As of early 2026, Revolut operates as a licensed bank in more than 30 of its 40 markets.
Key regulatory milestones in 2025–2026 include the January 2026 launch of full banking services in Mexico, and the March 2026 completion of the UK banking licence mobilisation period — enabling Revolut to provide banking services to its 13 million UK customers. In parallel, the company filed a formal application for a US national bank charter in March 2026.
The sequential acquisition of banking licences across the world's largest economies transforms Revolut from a fintech startup into a global bank — a fundamentally different valuation category.
2026–2030 Strategy: $13B Investment Commitment and the 100M Customer Target
Revolut has announced plans to invest £10 billion ($13B) over the next five years to accelerate international expansion. This includes creating 1,000 high-skilled roles at its new London global headquarters and allocating significant capital to scale operations in the US and Western Europe.
The strategic target is 100 million customers by mid-2027. Given the current acquisition trajectory — 16 million new users in 2025 alone — and a growth model driven predominantly by organic channels, this target appears achievable.
What the 2025 Results Mean for Pre-IPO Investors
Revolut's 2025 annual report establishes several fundamental characteristics that define the company's investment appeal at the pre-IPO stage.
First, scalable profitability. A 38% PBT margin alongside 46% revenue growth is a rare combination in fintech. Most competitors are either unprofitable or operate at margins in the 5–15% range.
Second, ecosystem-level diversification. Eleven product lines each generating over $135M in revenue means the business is not dependent on any single income stream. This reduces systemic risk and increases cash flow predictability — both factors that public market investors value highly.
Third, regulatory transformation. Banking licences in the UK, Mexico, and potentially the US enable Revolut to take deposits and lend directly, expanding margin potential through interest income — a recurring, high-margin revenue source.
Fourth, global scale with capital efficiency. $67.5B in customer balances and $1.7T in transaction volume, delivered on a relatively lean cost structure, create operating leverage that compounds with each new market entered.
Taken together, these factors position Revolut as one of the most fundamentally supported pre-IPO opportunities in the fintech sector today.
Revolut is part of the AMCH portfolio. Platform investors have access to a pre-IPO position in Revolut through structured investment lots. Current terms and valuation are available at: amcapital.app
AMCH is not a broker or a trust management service. The company operates as an investment fund. Investments carry risks. Past performance does not guarantee future returns.