Revolut more than doubled its pre-tax profit to a record $1.4 bn (£1.1 bn) last year, adding that it has begun “internal testing on mortgages”.  

The card payments, savings and crypto trading business, which has more than 10 million UK customers, said it had achieved its fourth year in a row of net profitability, rising by 149% from a year ago, in its annual report. 

It said: “We have also started internal tests of mortgages, aiming to deepen our customer relationships by providing a simple application experience.” 

“Revolut continues to work on broadening the retail credit product offering including plans to launch a mortgage product in 2025.” 

The digital bank said in November that it plans to launch mortgage services in Lithuania followed by Ireland and France this year, the first of these is expected in July.   

The firm’s group revenues rose 72% to £3.1bn. Its global customer base grew by 38% to 52.5 million, while total customer balances surged 66% to £30bn. 

In the UK, the business was awarded a UK banking license with restrictions last July by the Prudential Regulation Authority, and has made preparations to roll out products such as loans, 

Revolut UK chief executive Francesca Carlesi said in March it has lifted staff at its British banking unit from 35 to over 100 and plans to double that by the end of the year. 

Revolut was founded in July 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko.

Revolut chief executive Storonsky said: “With loans, credit cards, and buy-now-pay-later products already available in 11 countries, we began internally testing mortgages in 2024, moving us one step closer to being a part of one of the biggest financial decisions of our customers’ lives.” 

“We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business.

Storonsky added: “This powerful combination directly fuelled our record growth, and our technology-driven operating model translated this into record profitability.

“We’re making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets.”