British-Lithuanian Digital Bank Revolut, Fastest Growing Bank in Belgium

Revolut, the British-Lithuanian fintech startup that aims to challenge the traditional banking sector, is boasting record figures just weeks before its 10th anniversary. The digital sofa reported a net profit of 934 million euros last year, more than double the 395 million euros the company could report in 2023. This is only the second year in a row that the bank, founded in 2015 by entrepreneurial duo Nikolay Storonsky and Vlad Yatsenko, has made a profit.

Revolut saw its revenues rise by almost three-quarters to €3,7bn. Not only has the bank continued its aggressive growth strategy – more than 52m people have downloaded the Revolut app globally – but customers are increasingly using the group’s full range of offerings.

Expansion of services

Although Revolut was previously mainly used to pay cheaper in foreign currencies, the number of card payments and investments via the app is now also increasing. 'As a result, our turnover mix is ​​now much more balanced', says CFO Victor Stinga. Revolut is also increasingly offering services to companies. Revolut's business offering accounts for half of the group's turnover and Stinga expects this importance to increase.

The bank has also managed to generate significantly more interest income from its activities. While this income is often couches were under pressure, interest income at Revolut rose by 58 percent last year.

Growth in Belgium

Revolut has been active in Belgium since 2018 and claims to have 700.000 customers in the country. A major breakthrough in Belgium has so far failed to materialize, partly because Revolut customers received a Lithuanian instead of a Belgian account number at the bank. This obstacle will soon be removed: from May, Belgian Revolut customers will receive a Belgian IBAN country code. 'We expect to have around 1 million customers in Belgium by the end of the year,' says Antoine Le Nel, chief growth officer of Revolut. 'We are already the fastest growing bank in Belgium.'

Despite the intense turbulence on the financial markets, Revolut's growth is not being hampered, Stinga emphasizes. 'The past few years have also been stormy. For us, it is especially important that our revenue mix is ​​diverse enough. At the moment, we do not see any weakening in the different areas in which we are active.'

Questions & Answers

What was Revolut's total revenue over the last year?
Revolut reported total revenues of €3,7 billion last year.

How many customers does Revolut currently have in Belgium?
Revolut currently claims to have 700.000 customers in Belgium.

What is Revolut's expectation in terms of customer numbers in Belgium by the end of the year?
Revolut expects to have around 1 million customers in Belgium by the end of the year.