Revolutreported pretax profit of £1.7 billion for the full year 2025, up 57% from£1.09 billion the prior year, as the London-based fintech expanded its customerbase and diversified revenue streams across an increasingly broad productlineup, the company said today (Tuesday).Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.Revenuereached £4.5 billion ($6 billion), a 46% increase from £3.1 billion in 2024 andahead of the £4.2 billion average estimate compiled by Bloomberg analysts. Theresults mark the firm's fifth consecutive profitable year, with net profitrising to £1.3 billion from £0.8 billion in 2024."Wehave built a diversified, resilient business that is profitable at scale,providing the foundation for our next phase of growth," Chief ExecutiveNik Storonsky said in a statement accompanying the results. "A decade intothis journey, we have only just begun to show what is possible."Revolut’s Customers DriveFee EngineTheexpansion of Revolut's retail base remained the primary engine of top-linegrowth. The company added 15.8 million customers during the year, bringing itstotal retail customer count to 68.3 million, a 30% year-on-year increase.Business customers grew 33% to 767,000.Fee-basedrevenue continued to dominate the income mix, accounting for 76% of totalturnover, the annual report shows. Card payments represented the largest singlerevenue line at 22.2% of total, followed by interest income at 21.6%,subscriptions at 15.7%, wealth products at 14.7%, and foreign exchange at13.4%. Subscriptions rose 67% over the year, the company said, while paid planadoption increased 42%.Businessbanking contributed 16% of total group revenue, with Revolut Businessgenerating £708 million, up from £463 million a year earlier. Transactionvolumes across the business segment reached £277 billion, a 56% increase,driven by what the company described as particularly strong demand inSingapore, Australia, and the United States, where business banking grew bymore than 140% year on year.Lending Portfolio MoreThan DoublesRevolut'sloan book grew 120% to £2.2 billion from approximately £1 billion at the end of2024, consisting primarily of unsecured personal loans and credit cards, withmortgages described in the report as "nascent." Theloan-to-customer-deposit ratio stood at 6.2%, up from 4.6% the prior year,indicating that the firm remains heavily weighted toward deposit gatheringrelative to lending, a profile more typical of a payments business than atraditional retail bank.Totalcustomer balances, including funds held with partner institutions, climbed 66%to £50.2 billion. Savings balances more than doubled to £20.4 billion. Thecompany said its balance sheet grew to £43 billion in 2025, with 90% of assetsheld in cash equivalents and high-quality treasury investments. Revolut'splans for building out its lending and mortgage offering were foreshadowed inlate 2024, as thefirm signaled intentions to move further into territory traditionally held byretail banks.UK License Opens DepositCompetitionThe resultscome days after Revolut's UK banking subsidiary, Revolut Bank UK Ltd, formallyexited its mobilization phase, unlocking the ability to offer Financial Services CompensationScheme-protected deposit accounts to its 13 million UK customers. ThePrudential Regulation Authority granted initial authorization with restrictionsin July 2024, following a three-year regulatory process, but the fulloperational launch had remained pending since then.The clearedlicense puts Revolut in more direct competition with incumbent retail banks fordeposit balances. According to a Bloomberg Intelligence report cited in thecompany's annual filing, Revolut's ability to compete for deposits could putpressure on accounts representing 25% to 30% of deposits at Lloyds BankingGroup and NatWest Group. Thatcompetitive pressure on UK high street banks had been building well before thelicence was granted,as Revolut accelerated its effort to position itself as customers' primaryaccount.US Charter ApplicationFiledBeyond theUK, Revolut said it filed an application for a US national bank charter withthe Office of the Comptroller of the Currency and the Federal Deposit InsuranceCorporation in March 2026. The application is for an entity to be calledRevolut Bank US, N.A. The company launched full banking operations in Mexico inJanuary 2026, which it described as its first bank outside of Europe.Revolut'sambitions in the US date back several years, with the company previously exploring theacquisition of a US banking institution as a potential route to accelerate itsmarket entry. The OCC filing marks a shift toward building a chartered entityfrom the ground up, a process that typically takes several years to complete.Margin Improves DespiteHeavy InvestmentThecompany's profit before tax margin widened to 38% from 35% in 2024, even asRevolut increased its sales and marketing budget by 47% year on year. Totalstaff costs reached £922 million, while advertising and marketing spend stoodat £529 million. Headcount grew 10% on average during the year, with thecompany saying it prioritized investment in product development and globalexpansion teams, which grew 26% and 35% respectively.AdjustedEBITDA, which excludes share-based payments alongside standard adjustments,reached £1.9 billion, compared with £1.3 billion a year earlier. Total capitalresources stood at £4.9 billion at year-end, all classified as Common EquityTier 1, up from £2.6 billion at the end of 2024.Revolutcompleted a secondary share sale in 2025 at an implied valuation of $75billion, which the company said cemented its position as Europe's most valuableprivate technology company. This article was written by Damian Chmiel at www.financemagnates.com.