Revolut’s Stellar Year: $1.3 Billion in Profits Fueled by Crypto and User Growth

Financial technology innovator Revolut concluded 2024 with record-breaking results, revealing a remarkable doubling of pre-tax profits to £1 billion ($1.3 billion). This surge is primarily attributed to a significant increase in its user base and a robust resurgence in cryptocurrency trading activity. The company’s annual report, released on April 24th, highlights a substantial revenue increase to £3.1 billion from £1.8 billion in 2023, with profits soaring from £438 million.

Revolut’s wealth management division, encompassing stock and digital asset trading, played a pivotal role in this success. This sector alone generated £506 million in revenue – a nearly fourfold increase compared to 2023 – showcasing the impact of the renewed interest in cryptocurrency trading. The addition of almost 15 million new users in 2024, bringing the total customer count to over 50 million, further bolstered revenue streams from card payments and interest on deposits, both key contributors to Revolut’s financial performance.

CEO Nik Storonsky emphasized the significance of 2024, highlighting consistent growth across all major business segments. The acquisition of a long-awaited UK banking license in July 2024, following a three-year regulatory process, marks a crucial step forward, paving the way for expanded lending services such as credit cards, buy-now-pay-later options, and future mortgage offerings currently under development.

Expansion into Crypto and Beyond

Revolut’s strategic expansion in the digital asset space also significantly contributed to the strong financial results. The launch of Revolut X, a dedicated desktop cryptocurrency exchange for experienced traders in May 2024, offering access to 100 tokens with low fees and seamless on/off-ramp capabilities, broadened Revolut’s appeal. A subsequent November expansion brought Revolut X to 30 new European markets, showcasing the company’s commitment to growth within the EEA.

Beyond crypto, Revolut continued to enhance its offerings, integrating cryptocurrencies alongside stocks, ETFs, bonds, and commodities within its app, reinforcing its position as a comprehensive financial platform. While Revolut celebrates its achievements, the company acknowledges the ongoing challenge of converting app users into primary banking clients. Progress continues in this area, with customer balances increasing and a strategic focus on growing its premium subscription service base.

Revolut’s future ambitions include reaching 100 million daily active users across 100 countries, demonstrating a clear roadmap for continued expansion and innovation.