Revolut 2024 financial growth: Double its pre-tax earnings to £1 billion ($1.3 billion), fintech behemoth Revolut revealed a record-breaking result in 2024. A Strong comeback in bitcoin trading activity and a fast increase in consumer activity drove this spike. From £438 million in 2023 to £1 billion in 2024.
Revolut’s pre-tax profit dropped dramatically, according to its annual report published on April 24. Rising from £1.8 billion the year before, revenue shot to £3.1 billion. With digital asset and stock trading under its wealth segment, the corporation generated £506 million, nearly four times the amount in 2023. Revolut’s financial success was significantly aided by this aspect, which also signalled a fresh interest in crypto markets.
Revolut Hits 50M Users
Revolut expanded its overall client base to over 50 million by adding approximately 15 million new customers during the year. Still, Revolut’s primary source of income, this growth greatly added to the earnings from card payment fees and interest on customer deposits.
Founder and CEO Nik Storonsky stated that 2024 would be “another landmark year for Revolut, with continued growth across all key business areas.”
Revolut is Licensed in the UK
After three years of regulatory travel, Revolut finally obtained its long-awaited UK banking licence in July 2024. Despite its limitations, this license opens the path for Revolut to expand the range of products it offers in its home market. Already exploring lending products, including credit cards, buy-now-pay-later alternatives, and mortgages, is the fintech. According to Storonsky’s observation in the paper, the license marks a significant first step towards broadening Revolut’s offering of financial services.
Revolut X Launch & Crypto Expansion
Revolut debuted Revolut X, a desktop-based cryptocurrency exchange meant for seasoned traders, in May. The platform offers real-time on- and off-ramp capabilities, as well as trading access to 100 tokens, with low fees. A mobile edition is scheduled for 2025. Revolut X’s Top 5 crypto footprint had been further expanded by November, when it had grown to 30 nations across the European Economic Area (EEA), including Belgium, Cyprus, and Denmark.
In 2024, Revolut also expanded its investment environment, providing consumers with access to cryptocurrencies alongside conventional assets, including equities, ETFS, bonds, and commodities—all within the app. This action supports Revolut’s goal of serving both institutional and retail investors as a one-stop financial centre.
Revolut’s Growth Struggle
Revolut 2024 financial growth still struggles to convert app users into primary banking consumers, despite performing well in the most critical categories. Its lending operation depends on this measure, which also helps it to compete with established banks. Rising from $23.9 billion in 2019 to $39.8 billion in 2024, customer deposit balances. To sustainably grow its core banking offers, Revolut will need to encourage more involvement.
With revenue from paid plans rising 74% year-over-year to £424 million, Revolut’s premium subscription offerings experienced a significant increase in 2024. Now generating 15% of all revenues, its business services division has also grown, highlighting. The company’s attempt to diversify its income outside conventional retail banking.
Revolut’s Bold Global Goal
Nik Storonsky presented a bold future goal for the company, stating. Revolut aims to have 100 million daily active users across 100 countries. Strong momentum, expanded crypto offerings, and a new banking licence help the company appear ready for ongoing global expansion.
