TLDR
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Revolut reported record pre-tax profit of $1.4 billion in 2024, up 149% year-over-year
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Crypto trading helped boost revenue from the wealth division by 298%
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Customer base surged to over 52.5 million with 66% increase in customer balances
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Standalone crypto exchange Revolut X and UK banking license key highlights
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Net profit rose to $1 billion with a 26% margin
Crypto Trading Fuels Record Year for Revolut
UK-based fintech firm Revolut achieved record-breaking pre-tax profits of $1.4 billion in 2024, a 149% increase year-over-year, according to its newly released annual report. The surge was largely driven by explosive growth in its wealth division, especially cryptocurrency trading.
Revenue from wealth products, including crypto and commodities, rose 298% to $647 million, fueled by strong interest in digital assets and the successful launch of its standalone crypto trading platform, Revolut X.
User Growth, Product Expansion Drive Momentum
Revolut expanded its user base to 52.5 million globally after welcoming nearly 15 million new users in 2024. Customer balances surged by 66% to $38 billion, and transaction volumes neared $1.3 trillion. Paid subscriptions, FX revenues, card payments, and interest income also saw robust growth.
The company also received a UK banking license after a lengthy regulatory process, paving the way for a full domestic launch later this year. Other expansions are planned in Mexico, India, and other international markets.
Crypto Ecosystem Integration Broadens
In addition to trading, Revolut has integrated crypto data into DeFi networks through its partnership with the Pyth Network and is exploring its own stablecoin. Despite regulatory challenges in the U.S. that led to a halt in crypto services there, Revolut maintains less than 1% of its global customer base was affected.
CEO Nik Storonsky emphasized that Revolut is just getting started in its mission to reach 100 million users across 100 countries.
