Financial technology company Revolut has reached 50 million customers globally and secured a UK trading licence from the Financial Conduct Authority (FCA), marking significant progress in its expansion plans.
The London-based company, recently valued at $45 billion, has experienced rapid growth in 2024, adding more than 10 million customers and becoming the most downloaded financial app across Europe. The firm now serves 10 million customers in the UK alone.
Nik Storonsky, chief executive officer of Revolut, said: "Revolut exists for one reason: to simplify money for everyone, everywhere. This year we've taken huge steps forwards - breaking records, accelerating the speed at which we're launching products and continuing to disrupt financial services globally."
The newly acquired trading licence will enable Revolut to offer UK and EU-listed stocks and exchange-traded funds from 2025, expanding beyond its current US-listed stocks offering. The company currently serves more than 650,000 UK trading customers through a partnership arrangement.
Yana Shkrebenkova, Revolut's head of wealth and trading in the UK, revealed plans to enhance their trading platform: "We know that there is so much more our Revolut Trading customers want from our platform and we are working hard to deliver on this, rolling out new features safely and considerately."
The company is exploring additional services, including tax-advantaged accounts like stocks and shares ISAs, bonds, and potentially margin investing. These developments follow Revolut's receipt of a UK banking licence with restrictions in July, ending a three-year wait for authorisation.
Throughout 2024, Revolut has introduced several innovative features in the UK, including the first pan-European debit card loyalty programme and an eSIM service to prevent high data roaming charges. The company reported 2023 Group revenues exceeding $2.2 billion, with record profits before tax of $545 million.
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