Revolut has warned that its backing of energy-hungry industries like cryptocurrency and artificial intelligence could trigger a significant public and customer backlash, as the fintech giant unveiled a second year of record-breaking profits.
Record Profits and Revenue Surge
The UK-based company reported a pre-tax profit of £1.7bn for 2025, a rise of 57% from the previous year, marking its fifth consecutive year in the black. Group revenue climbed 46% to £4.5bn, with net profit reaching £1.3bn. This performance was fuelled by a highly diversified business model, with 11 different product lines each generating over £100m in revenue. Key growth areas included subscriptions, which jumped 67%, card payments, and a wealth management arm that saw revenue increase by 31%.
Customer deposits grew by 66% to £50.2bn, while the company more than doubled its loan book to £2.2bn, driving a 23% increase in interest income. The results solidify Revolut’s position as one of Europe’s most valuable private companies, following a share sale in November 2025 that valued it at $75bn – a 67% increase on its valuation just over a year earlier.
“Reputational Risk” from Energy Use
Despite the strong financials, Revolut’s annual report for 2025 struck a cautious note regarding its association with sectors notorious for high power consumption. The company stated that “shifting attitudes towards energy-intensive activities, including artificial intelligence, metals mining, and the carbon footprint of high-profile cryptocurrencies could also affect demand for Revolut’s services and present reputational risks.”
The warning acknowledges growing scrutiny of the vast electricity demands of cryptocurrency mining, particularly for Bitcoin, and the expanding network of data centres required to power the AI boom. This issue has been thrown into sharper relief by a recent surge in global energy prices. The company’s report noted that competition for electricity supplies has intensified since the US-Israel war on Iran, which has disrupted markets and sent prices soaring. Brent crude oil approached $120 a barrel, while European natural gas prices doubled, partly due to the closure of the Strait of Hormuz.
While Revolut suggested its digital-first model might leave it “relatively insulated” from some climate transition risks compared to traditional banks, the explicit risk warning highlights a strategic concern. The company offers crypto trading directly to its customers, embedding it within its suite of services.
Global Ambitions and UK Banking Licence
The profits will fuel an aggressive global expansion plan. Revolut aims to reach 100 million customers by mid-2027, having added 16 million in 2025 alone to reach a total of 68.3 million individual users. Business customer numbers also grew by a third to 767,000. The company says one in five working-age adults in Europe now uses its app.
A major milestone underpinning its future growth was secured earlier this year: after a five-year wait, Revolut Bank UK Ltd finally obtained a full UK banking licence from the Prudential Regulation Authority (PRA). This moves it out of a restricted “mobilisation phase” and allows it to offer UK current accounts with deposits protected by the Financial Services Compensation Scheme. The rollout of these accounts has begun to a small number of new UK customers.
This licence is key to its ambition to become a “truly global bank,” offering a wider array of services like lending and mortgages. It has already launched mortgage refinancing in Lithuania and plans to expand this to Ireland and France. Globally, Revolut operates as a licensed bank in over 30 of its 40 markets and has applied for a national bank charter in the United States.
To support its goal of entering over 30 new markets by 2030, Revolut has committed £10bn to global investments over the next five years, which it states will create 10,000 jobs worldwide. Significant allocations include £3bn for the UK, £1.2bn for its Western Europe hub in France, and £500m for US expansion, with plans also advancing in Latin America and other regions.
Internally, the company continues to utilise its controversial “Karma” system, a points-based model that tracks staff adherence to risk and compliance rules and directly impacts bonus payouts. Revolut claims the system, introduced in 2020, has led to a 25% improvement in company-wide compliance performance.
Nik Storonsky, the company’s co-founder and CEO, hailed a “landmark year.” The British-Russian entrepreneur, who renounced his Russian citizenship in 2022, said: “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.”
