Revolut has announced a record-breaking financial year in 2024, reporting $1.4 billion in pre-tax profits — a 149% surge year-over-year.
The UK-based fintech credited the milestone to explosive growth in its crypto division, customer expansion, and increased product engagement across its platform.
The annual report, released on Thursday, highlights how Revolut’s strategy of diversifying services and accelerating global expansion paid off in a big way. Its total revenue soared to $4 billion, up 72% from $2.2 billion in 2023.
Crypto and Wealth Business Lead the Way
Revolut’s wealth division — encompassing cryptocurrencies, commodities, trading, and savings — was a key revenue engine. That segment alone generated $647 million, a staggering 298% increase from the prior year. The success was supported by the launch of Revolut X, a standalone crypto exchange introduced in May, which has since expanded into 30 European markets.
The crypto-focused growth also coincided with Revolut securing a UK banking license in July, following a lengthy three-year application process. The license has further legitimized its financial services, particularly for retail and institutional crypto users.
Global User Base and Engagement Surge
Revolut’s user numbers climbed to over 52.5 million globally after adding nearly 15 million new customers in 2024 — a 38% year-over-year increase. Customer balances rose 66% to $38 billion, while transaction volumes hit $1.3 trillion, up 52% compared to 2023.
The platform saw monthly active retail users grow by 42%, and active business accounts increase by 56%. These user engagement gains translated directly into higher revenues across nearly all segments of the business.
Revenue Streams Continue to Diversify
Revolut’s multi-pronged business model also saw strong returns outside of crypto:
- Subscription revenue climbed to $541 million (+74% YoY), thanks to enhanced premium offerings.
- FX services brought in $540 million (+58%), highlighting continued demand for currency exchange tools.
- Card payments contributed $887 million (+43%), reflecting increased spending activity.
- Interest income reached $1 billion (+58%) on the back of higher interest rates and customer deposits.
Profitability Hits New Heights
With net profit rising 134% to $1 billion and net profit margins strengthening to 26%, Revolut recorded its fourth consecutive year of profitability.
CEO Nik Storonsky described 2024 as a “landmark year” and attributed the results to deepening customer engagement and a broader use of Revolut’s financial services.
“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,” Storonsky said in the report.
As fintech rivals face growing competition and regulatory hurdles, Revolut’s 2024 results position it as a dominant force in both crypto and global neobanking — one poised to set the pace for the digital finance industry in 2025.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/revolut-reports-1-4b-profit-in-2024-as-crypto-and-customer-growth-drive-record-year/