Newly minted UK bank Revolut has revealed record profits of £1.7 billion last year, with revenues reaching £4.5 billion, a boom powered by a flood of new customers as the fintech giant steps up its rivalry with high street stalwarts.

The challenger bank’s latest annual report shows profit before tax up 57% in 2025, rising from £1.1billion the year before, leading to net profits of £1.3 billion, up from £790m, while across the Group revenues rose 46%, with eleven different product lines exceeding £100m.

The most profitable revenue streams included subscriptions, with turnover rising 67% to hit £708 million, and card payments, which grew to £1 billion, compared to £694 million in 2024.

This performance was underpinned by Revolut Business, which now accounts for 16% of the fintech’s total income and brought in £277 billion of the firm’s total transaction volume, with the bank adding a third more business customers over the year, hitting 767,000.

However, the real engine of growth was the addition of 16 million new retail customers, bringing the total to 68.3 million by year-end, with momentum particularly strong across Europe, where one in 5 working-age adults now use Revolut, according to the bank’s figures.

That surge in new customers drove total transaction volumes up 65% YoY to £1.3 trillion, as the platform logged record activity across its retail and business units, with the number of transactions per customer growing by 24% compared to 2024.

“Our 2025 results further demonstrate the strength of our diversified model, as we continue to deliver rapid expansion alongside increasing profitability,” said Victor Stinga, CFO of Revolut.

“We enter our second decade from a position of strength, uniquely placed to continue incubating the new bets that will redefine banking.”

While Revolut has committed to a £10 billion investment plan to supercharge global growth over the next five years, its success has already disrupted the banking sector, especially within retail, where its most recent products bring it toe-to-toe with traditional high street competitors.

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The fintech’s loan portfolio, for instance, grew by 120% last year to £2.2 billion, with personal loans, credit cards, and buy-now-pay-later products being launched across thirteen countries. Last year also saw Revolut make its entry into the mortgage market, with refinancing products in Lithuania. 

With Revolut now granted a full UK banking licence and able to accept cash deposits to lend out, this aggressive growth strategy could see the fintech challenge rivals like NatWest or Lloyds on equal footing, according to industry analysts, who predict a potential “deposit war”, with the UK’s largest lenders set to lose out on millions of annual interest.

“As we transition into a truly global bank, we are proving that our technology-driven operating model continues to drive rapid expansion and record profitability. A decade into this journey, we have only just begun to show what is possible,” said Nik Storonsky, co-founder and CEO of Revolut.