Revolut doubles profits to $1.3B on user growth, crypto trading boom

Fintech giant Revolut reported a record-breaking year, doubling its pre-tax profit to 1 billion British pounds ($1.3 billion) in 2024, driven by rapid customer growth and a resurgence in cryptocurrency trading.

According to its annual report published on Thursday, April 24, Revolut’s profit soared from 438 million pounds in 2023, while revenue jumped to 3.1 billion pounds from 1.8 billion pounds.

A key contributor to Revolut’s strong performance was its wealth division, which includes stock and digital asset trading. The segment generated 506 million pounds in revenue — nearly four times higher than in 2023 — as crypto trading activity rebounded.

Revolut’s increasing profit. Source: Revolut

Revolut added nearly 15 million new users in 2024, pushing its total customer base past 50 million. This expansion boosted revenue from card payment fees and interest on deposits, the fintech’s two largest income streams.

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

Related: Pyth partners with Revolut for real-time digital asset data

Revolut receives long-awaited UK banking license

Storonsky noted that the company obtained a long-awaited UK banking license in 2024, which was secured in July after a three-year regulatory process.

The license paved the way for Revolut to expand its lending services, including credit cards, buy-now-pay-later products and potentially mortgages, which the company confirmed are currently in testing.

“We received a UK banking license (with restrictions), paving the way for future product enhancements in our home market,” Storonsky said.

In May 2024, Revolut introduced Revolut X, a dedicated desktop crypto exchange targeting experienced traders. The platform offers trading for 100 tokens with low fees and real-time on/off-ramp capabilities, with plans to expand to mobile in 2025.

In November, Revolut expanded its crypto exchange in Europe, rolling out Revolut X in 30 markets across the European Economic Area (EEA), including Belgium, Cyprus, Denmark and others.

Revolut launches new products. Source: Revolut.

Revolut continued to expand its digital asset services during the year, offering customers access to cryptocurrencies alongside other investment options like stocks, ETFs, bonds and commodities within its app ecosystem, per the annual report.

Related: Revolut and Ledger wallet enable new crypto rails in EEA

Revolut struggles to attract banking customers

Despite its growth, Revolut faces challenges in converting users of its popular app into primary banking customers.

Growing deposit volumes remain critical for funding future lending operations and competing with established retail banks. In 2024, total customer balances rose to $39.8 billion from $23.9 billion.

Revolut is also focusing on expanding its premium subscription base, with revenue from paid plans climbing 74% year-on-year to 423 million pounds, per the report.

Additionally, its business services arm now accounts for 15% of total revenue, reflecting efforts to diversify income streams beyond retail banking.

Looking ahead, Storonsky said Revolut intends to reach 100 million daily active users across 100 countries.

Magazine: Ethereum maxis should become ‘assholes’ to win TradFi tokenization race