Revolut warns it risks backlash over support for energy-intensive AI and crypto | Revolut
UK banking app Revolut said it could face backlash for its support of energy-intensive sectors such as crypto and artificial intelligence, as it recorded a 57% increase in annual profits.
The fintech, which can now launch as a full-fledged UK bank after a five-year wait for regulatory approval, warned in its 2025 results that such activities pose “reputation risk”.
Cryptocurrency mining, especially for bitcoin, and AI data centers demand large amounts of energy; Competition for electricity supplies has become fiercer since the US-Israeli war against Iran caused energy prices to soar last month.
Revolut, which offers crypto trading, wrote in its annual report: “Changing attitudes towards energy-intensive activities, including artificial intelligence, metals mining and the carbon footprint of high-profile cryptocurrencies, could also impact demand for Revolut’s services and expose existing reputational risks.”
The company also reported pre-tax profits of £1.7bn for 2025, with revenues rising 46% to £4.5bn.
added 16 million retail customers, bringing the total to 68.3 million, 13 million of which were in the UK; Business customers also increased by a third to 767,000. It hopes to reach 100 million customers worldwide by the middle of next year.
Revolut applied for a banking license in the US this month and said it now operates as a licensed bank in more than 30 of its 40 markets worldwide.
The group has started offering current accounts to a small number of new UK customers and will gradually expand this.
Nik Storonsky, the chief executive who launched Revolut in 2015, has hailed another “milestone year”.
“As we transform into a truly global bank, we are proving that our technology-driven operating model continues to support rapid expansion and record profitability,” he said. “Ten years have passed since this journey and we have only just begun to show what is possible.”
The company, which was valued at $75bn (£55bn) in last year’s fundraising round, plans to offer a wider range of banking services such as lending and other products in the future. Entering the mortgage market, Revolut launched mortgage refinancing in Lithuania last May. It is stated that one in five adults of working age in Europe now uses Revolut.
Storonsky, the highest-paid director, was paid £401,000 last year, up from £397,000 in 2024, according to the annual report. He also received a windfall of $200 million to $300 million as a result of the stock sale.
Last year’s annual report detailed how Revolut tracks staff behaviour, awarding or linking points to an internal “Karma” system that feeds into the UK bank’s decisions on bonus payouts. In its latest report, it said it was reviewing the Karma framework to increase standardization of the points allocation system and make the process and impact on variable pay clearer for all staff.
