Revolut Doubles Profits to $1.3 Billion on Rapid User Growth and Crypto Trading Surge

Fintech giant Revolut has reported a record-breaking year, with its pre-tax profits doubling to £1 billion ($1.3 billion) in 2024. This growth was driven by a sharp increase in user numbers and a surge in cryptocurrency trading.

In its annual report, released on April 24, Revolut revealed that its profits grew from £ 438 million in 2022 to £438 million in 2023, while revenue climbed to £3.1 billion, up from £1.8 billion the previous year.

A significant factor in Revolut’s success was the performance of its wealth division, which encompasses stock and digital asset trading. The division saw revenue rise to £506 million, nearly four times higher than the previous year, with cryptocurrency trading making a significant contribution. Revolut also added almost 15 million new users in 2024, bringing its total customer base to over 50 million. This expansion boosted revenue from card payment fees and interest on deposits, which remain the company’s two most significant sources of income.

Nik Storonsky, the company’s founder and CEO, said in the report, “2024 was another landmark year for Revolut, with continued growth across all key business areas.”

Storonsky also highlighted that Revolut had secured a long-awaited UK banking license in 2024, after a three-year regulatory process, which would enable the company to expand its range of services. The license allows Revolut to offer lending products like credit cards, buy-now-pay-later options, and possibly mortgages, with some of these services already in testing.

In May 2024, Revolut launched Revolut X, a desktop-based crypto exchange designed for experienced traders. The platform offers the ability to trade 100 tokens with low fees and real-time on/off-ramp capabilities, with plans to expand to mobile in 2025. Later in November, Revolut expanded its crypto exchange to 30 markets across the European Economic Area (EEA), including Belgium, Cyprus, and Denmark.

Despite strong growth, Revolut faces the challenge of converting its many app users into primary banking customers. Increasing deposit volumes is crucial for funding future lending operations and competing with established retail banks. In 2024, total customer balances grew to $39.8 billion, up from $23.9 billion the previous year.

The company is also focusing on expanding its premium subscription service, with revenue from paid plans rising 74% year-on-year to £423 million. Additionally, its business services now account for 15% of its total revenue, highlighting efforts to diversify income beyond retail banking.

Looking ahead, Storonsky shared that Revolut aims to reach 100 million daily active users across 100 countries.