Revolut, the UK-based fintech powerhouse, has reported a remarkable financial year in 2024, doubling its pre-tax profit to £1 billion ($1.3 billion). The surge was driven by a boom in cryptocurrency trading, a massive 15 million new users, and the long-anticipated UK banking license.
Crypto Trading Fuels Massive Revenue Growth
According to Revolut’s annual report released on April 24, revenue skyrocketed to £3.1 billion, up from £1.8 billion in 2023. The wealth division, which includes digital asset and stock trading, played a pivotal role in this growth, contributing £506 million — nearly 4x more than the previous year. The renewed appetite for crypto investments significantly boosted this segment.
50 Million+ Users Power Fintech’s Expansion
Revolut’s user base surged past 50 million in 2024, thanks to an influx of 15 million new users. This expansion translated into stronger income from card payment fees and interest on deposits, two of the company’s biggest revenue streams.
CEO and co-founder Nik Storonsky hailed the milestone: “2024 was another landmark year for Revolut, with continued growth across all key business areas.”
UK Banking License Unlocks New Lending Products
After a three-year wait, Revolut secured a UK banking license in July 2024, enabling the fintech to launch and test new products like credit cards, buy-now-pay-later options, and mortgages.
“We received a UK banking license (with restrictions), paving the way for future product enhancements in our home market,” said Storonsky.
Revolut X Crypto Exchange Launches in Europe
Revolut also launched Revolut X, a new desktop crypto exchange targeting experienced traders, in May 2024. The platform offers over 100 tokens with low fees and real-time on/off-ramp capabilities. A mobile version is expected in 2025.
In November, Revolut expanded the exchange into 30 European Economic Area (EEA) markets, including Belgium, Cyprus, and Denmark, further deepening its crypto presence.
Full-Spectrum Investment App Gains Traction
Revolut’s app continues to offer users a diverse investment portfolio, including cryptocurrencies, stocks, ETFs, bonds, and commodities, creating an all-in-one financial hub for modern investors.
Challenges in Core Banking Adoption
Despite the strong numbers, Revolut still struggles to convert its large user base into primary banking customers. Building deposit volumes is essential to scaling its lending services and competing with traditional banks.
That said, customer balances rose from $23.9 billion to $39.8 billion in 2024 — a positive trend.
Premium Plans and Business Services See Strong Growth
Revolut’s premium subscription revenue grew 74% year-on-year, reaching £423 million. Its business services arm now contributes 15% of total revenue, reflecting a push to diversify income beyond retail customers.
Aiming for 100 Million Daily Active Users Globally
Looking ahead, Storonsky shared an ambitious vision: to reach 100 million daily active users across 100 countries, cementing Revolut’s position as a global leader in digital finance.
