UK fintech Revolut expands lifestyle reach with mobile plans
Revolut is to offer mobile plans to customers as the UK fintech continues to diversify its product range.
The Canary Wharf-based business is looking to enter the mobile market in the UK and Germany later this year before eying further market expansion.
Revolut said its plans will include unlimited calls, texts and data at home, as well as a 20GB roaming allowance across Europe and the US.
This marks the fintech’s latest step outside of banking in its bid to make its app an all-in-one feature for consumers.
The business’ ventures outside of banking have diversified its cash inflows, including its “Stays” booking platform in 2021 and its crypto platform in 2024
Revenue nearly doubled in 2024 reaching £3.1bn, as the firm’s diversified operations bolstered their takings.
Unlike its high street rivals, Revolut offers a premium subscription service with different tiers and rates. Subscription income nearly doubled hitting £423m in 2023.
Revolut’s interest income reached £790m, compared to £500m in 2024.
The revenue diversification comes as analysts forecast four interest rate cuts this year.
The Bank of England whittled rates down to 4.5 per cent over the last year, falling from a post-financial crisis high of 5.25 per cent.
The firm’s retail customer base swelled 38 per cent to over 50m – surpassing FTSE 100 giant HSBC.
Revolut topped £1bn profit in 2024
Revolut launched its eSIM last year, which it said triggered millions of data plans in over 100 locations worldwide.
The fintech’s retail range now boasts its crypto trading platform Revolut X as well RevPoints – a system which allows customers to earn points through daily spending.
Users are also able to book over 1.9 million accommodations and 300,000 experiences.
The fintech darling topped £1bn in pre-tax profit for 2024 – a 149 per cent jump from £438m in 2023.
Nik Storonsky, chief executive of Revolut, said: “This performance earned us the status of Europe’s most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory.”
Storonsky’s touting of Revolut’s tech triumphs gives a clear indication of the firm’s future ambitions – beyond just a financial technology business.
The Canary Wharf-headquartered business is one of the most hotly anticipated companies to IPO.
But, Storonsky last year slammed a listing on the London Stock Exchange as “not rational” compared to the US market.