According to Cointelegraph, fintech leader Revolut has achieved a record-breaking year in 2024, doubling its pre-tax profits to 1 billion British pounds ($1.3 billion). This remarkable growth is attributed to a surge in customer numbers and a revival in cryptocurrency trading. The company's annual report, released on April 24, highlights a significant increase in profits from 438 million pounds in 2023, alongside a revenue jump to 3.1 billion pounds from 1.8 billion pounds. A major factor in Revolut's success was its wealth division, encompassing stock and digital asset trading, which generated 506 million pounds in revenue—nearly quadrupling its 2023 figures—as crypto trading activity saw a resurgence.
Revolut's customer base expanded by nearly 15 million in 2024, surpassing 50 million users. This growth fueled revenue from card payment fees and interest on deposits, the fintech's primary income sources. "2024 was another landmark year for Revolut, with continued growth across all key business areas," stated founder and CEO Nik Storonsky in the report. A significant milestone for the company was obtaining a UK banking license in July 2024 after a three-year regulatory process. This license enables Revolut to broaden its lending services, including credit cards and buy-now-pay-later products, with mortgages currently in testing. Storonsky remarked, "We received a UK banking license (with restrictions), paving the way for future product enhancements in our home market."
In May 2024, Revolut launched Revolut X, a desktop crypto exchange aimed at experienced traders, offering trading for 100 tokens with low fees and real-time on/off-ramp capabilities. Plans are underway to expand this platform to mobile in 2025. By November, Revolut extended its crypto exchange across Europe, introducing Revolut X in 30 new markets within the European Economic Area, including Belgium, Cyprus, and Denmark. Throughout the year, Revolut also expanded its digital asset services, providing customers with access to cryptocurrencies alongside other investment options like stocks, ETFs, bonds, and commodities within its app ecosystem.
Despite its impressive growth, Revolut faces challenges in converting 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 rose from 18 billion pounds ($23.9 billion) to 30 billion pounds ($39.8 billion). Revolut is also focusing on expanding its premium subscription base, with revenue from paid plans increasing 74% year-on-year to 423 million pounds. Additionally, its business services arm now contributes 15% of total revenues, reflecting efforts to diversify income streams beyond retail banking. Looking ahead, Storonsky expressed ambitions for Revolut to reach 100 million daily active users across 100 countries.
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