Europe’s fintech sector has been under pressure—but a handful of unicorns are finally proving profitability is possible. According to Sifted, just 13 fintech unicorns in Europe have reported pre-tax profits in their most recent financial results. The list includes well-known names like Revolut, Bitpanda, and SumUp, which have managed to stay in the black despite tough market conditions.
The fintech industry has faced a major reality check. Rising interest rates, stricter compliance rules, and a dramatic drop in venture capital funding forced a shift in priorities. After hitting a record $29 billion in 2021, fintech funding in Europe plummeted to $8.8 billion in 2023 as investors stopped chasing growth at any cost and started demanding profits.
That pivot has started paying off. Several fintech unicorns—especially neobanks and lending platforms—are now reporting healthy profits, with rising interest rates giving their revenue a boost.
Among the most profitable is Revolut, which posted a £438 million (€505 million) pre-tax profit and is reportedly preparing for a US IPO. Starling Bank isn’t far behind, recording a £301 million (€352 million) profit as it continues expanding services for retail and SME customers.
Here’s a look at Europe’s most profitable fintech unicorns based on their latest results:
Bunq (Netherlands)
- Business: Digital banking with savings, travel insurance, and stock investments
- Pre-tax Profit: €53.1 million
- Revenue: €186.6 million
- Note: Profitable full year, planning UK and US expansion
Bitpanda (Austria)
- Business: Crypto trading platform offering over 500 cryptocurrencies plus B2B investment services
- Pre-tax Profit: €13.6 million
- Revenue: €147.6 million
- Highlight: FCA approval secured for UK launch
ClearBank (UK)
- Business: Cloud-based banking infrastructure and real-time clearing for fintechs and banks
- Pre-tax Profit: £18.4 million (€21.2 million)
- Revenue: £111.35 million (€128.4 million)
Klarna (Sweden)
- Business: Buy now, pay later platform with 90M customers worldwide
- Pre-tax Profit: $33 million (€33 million)
- Revenue: $2.8 billion (€2.5 billion)
- IPO: Filed prospectus for New York Stock Exchange listing
Monzo (UK)
- Business: Neobank offering current accounts, investments, pensions, and BNPL
- Pre-tax Profit: £15.4 million (€18 million)
- Revenue: £880 million (€1 billion)
OakNorth (UK)
- Business: SME bank providing financing options to small and medium enterprises
- Pre-tax Profit: £214.8 million (€255 million)
- Revenue: £282.9 million (€335 million)
- Note: Profitable for eight consecutive years
Lendable (UK)
- Business: Digital lending platform allowing instant loans up to £20k
- Pre-tax Profit: £10.5 million
- Revenue: £56.3 million
Raisin (Germany)
- Business: Deposit broker platform for comparing savings accounts across banks
- Pre-tax Profit: €1 million
- Revenue: €158 million
Revolut (UK)
- Business: Neobank offering business banking, insurance, and trading
- Pre-tax Profit: £438 million (€505 million)
- Revenue: £1.8 billion (€2.1 billion)
- Note: Europe’s most valuable fintech, valued at $45 billion
SumUp (UK)
- Business: Payments hardware fintech producing card readers and payment solutions
- Pre-tax Profit: €873k
- Revenue: €188.1 million
Starling (UK)
- Business: Neobank offering banking and lending to retail customers and SMEs
- Pre-tax Profit: £301 million (€352 million)
- Revenue: £682.2 million (€808.6 million)
Trade Republic (Germany)
- Business: Neobroker offering commission-free trading and savings products
- Pre-tax Profit: Not disclosed
- Revenue: Not disclosed
- Note: Reported first-time profitability in 2023
Zopa (UK)
- Business: Digital bank offering savings accounts, credit cards, and lending
- Pre-tax Profit: £15.8 million (€18.7 million)
- Revenue: £226 million (€267.9 million)
With just 13 profitable unicorns out of 50, Europe’s fintech sector is showing signs of maturing. As investor priorities shift, these profitable startups may set the tone for the industry’s next chapter.
