REVOLUT STRIKES GOLD: FIRST TIME EVER OVER $1 BILLION PROFITS!
Prepare for a banking revolution as digital giant Revolut announces jaw-dropping $1.5 billion profit!
In a groundbreaking announcement that has sent shockwaves through the fintech world, British banking sensation Revolut has officially eclipsed the $1 billion profit mark for the first time! This monumental achievement marks a new era for the company as it gears up for an explosive U.K. bank launch later this year.
Revolut’s financial fireworks exploded with a staggering net profit of £1.1 billion ($1.5 billion), soaring 149% compared to last year. This isn’t just good news—it’s a financial phenomenon! The company’s revenue skyrocketed by 72% year-on-year to an eye-popping £3.1 billion, fueled by explosive growth across multiple revenue streams.
Hold onto your hats! The wealth unit, which includes stock trading, obliterated expectations with a revenue surge of 298%, raking in £506 million. Meanwhile, subscription turnover skyrocketed by 74% to £423 million. And if that wasn’t enough, Revolut’s loan book also exploded, wrapping up at a staggering £979 million—an 86% boost! Customer deposits are through the roof, resulting in a jaw-dropping 58% surge in interest income, totaling £790 million!
UK BANKING DREAM ON THE HORIZON!
As Revolut celebrates this financial milestone, a new chapter is unfolding. The digital banking unicorn has broken through the barriers, securing a crucial banking license from the U.K.’s Prudential Regulation Authority last summer, paving the way to becoming a fully functional bank in the U.K. after a grueling application saga that kicked off back in 2021.
Currently in a high-stakes "mobilization" phase, Revolut is laser-focused on building its banking operations and infrastructure. We’re being told this stage lasts about a year, but you better believe the clock is ticking. The countdown is on as Revolut awaits final approval to transfer all 11 million U.K. users to its shiny new banking entity—expected this summer! Once the green light flashes, prepare for loans, overdrafts, and mortgages to explode onto the scene.
CUSTOMERS ARE RUSHING TO REVOLUT!
Victor Stinga, the mastermind behind Revolut’s financial juggernaut, is jazzed up about the upcoming bank launch, hinting it’s a game-changer. "Customers trust banks," he declared. "With this transition, we’re set to become their primary bank account!" Stinga went on to highlight that the possibility of lending is the most thrilling aspect of this evolution, setting the stage for credit cards and personal loans that mirror the offerings already available in the EU.
Francesca Carlesi, head of the U.K. operation, let slip that this leap into banking is pivotal for Revolut’s grand global strategy. "I want Revolut to be the go-to bank for everyone in the U.K.," she affirmed, setting her sights on the prize.
But hold your horses! The competition is fierce. Revolut faces a steep climb against rivals Monzo and Starling, which both have been playing the banking game longer, with licensing granted back in 2016 and 2017, respectively.
Buckle up—things are about to get wild in the world of banking! Stay tuned!
