Revolutionary Revolut Soars: Profits Double to $1.3B on Crypto Trading and User Growth
Fintech giant Revolut has just announced impressive financial results for 2024, revealing a significant leap in profitability. The company successfully doubled its pre-tax profits, reaching 1 billion British pounds, equivalent to approximately $1.3 billion. This surge was largely attributed to two major factors: substantial user growth and a significant rebound in crypto trading activity.
Revolut’s Financial Results Skyrocket
According to Revolut’s latest annual report, the company’s pre-tax profits surged from 438 million pounds in 2023 to 1 billion pounds in 2024. Revenues also saw a healthy increase, climbing from 1.8 billion pounds to 3.1 billion pounds in the same period. This strong performance underscores Revolut’s increasing dominance in the global fintech landscape.
Several factors contributed to this success:
- Rapid customer base expansion
- Increased activity in its wealth division, particularly crypto trading
- Expansion of service offerings and geographic reach
Driving Growth Through User Expansion and Crypto Trading
A key driver behind Revolut’s impressive financial results was its expanding customer base. The platform added nearly 15 million new users in 2024, pushing its total count past 50 million globally. This expansion naturally boosted revenues from core services like card payment fees and interest on deposits, which remain the fintech’s primary income streams.
Crucially, the wealth division played a significant role. This segment, which includes trading in stocks and digital assets, generated 506 million pounds in revenue. This figure is nearly four times higher than the previous year, reflecting a strong resurgence in customer engagement with investment products, especially crypto trading.
Strategic Milestones: Licensing and Product Launches
Beyond organic growth, Revolut achieved important strategic milestones in 2024. A major development was securing a long-awaited UK banking license in July, following a three-year regulatory process. This license is expected to enable Revolut to significantly expand its lending services, including credit cards and buy-now-pay-later options, with mortgages reportedly in testing phases.
In May 2024, Revolut launched Revolut X, a dedicated desktop crypto exchange designed for experienced traders. The platform offers trading for 100 tokens with competitive fees and real-time on/off-ramp capabilities. Building on this, Revolut expanded the availability of Revolut X in November, rolling it out across 30 new markets in the European Economic Area (EEA).
The company also continued integrating digital assets within its main app, offering customers access to cryptocurrencies alongside traditional investments like stocks and ETFs, further catering to diverse investment needs and supporting user growth.
Navigating Challenges and Future Outlook
Despite its rapid expansion and strong financial results, Revolut faces challenges. Converting users of its popular transaction app into primary banking customers remains a focus. Increasing deposit volumes is essential for funding future lending operations and competing effectively with established banks.
Revolut is also focusing on diversifying revenue streams. Revenue from premium subscription plans grew significantly, climbing 74% year-on-year to 423 million pounds. Its business services arm now contributes 15% of total revenues, highlighting efforts beyond retail banking.
Looking ahead, CEO Nik Storonsky outlined ambitious goals, aiming to reach 100 million daily active users across 100 countries. This vision underscores Revolut’s continued commitment to global expansion and cementing its position as a leading global fintech platform.
Summary: A Year of Surging Success
Revolut’s 2024 performance demonstrates a powerful combination of strategic expansion, successful product development, and favorable market conditions, particularly in the realm of crypto trading. Doubling profits to $1.3 billion on the back of robust user growth and significant revenue increases marks a landmark year for the fintech giant. While challenges remain, the company’s trajectory suggests continued innovation and growth in the years to come.
