Revolut, the UK-based fintech giant, delivered a record-breaking financial performance in 2024, with its pre-tax profit doubling to £1 billion (approximately $1.3 billion). This surge was driven by rapid customer acquisition and a strong rebound in cryptocurrency trading activity.
According to the company’s annual report released on Thursday, April 24, Revolut’s profit soared from £438 million in 2023. Revenue also climbed significantly, jumping from £1.8 billion to £3.1 billion ($4 billion) year-on-year. The impressive results underscore the growing influence of digital finance platforms in reshaping traditional banking and investment behaviors.
Wealth Management Drives Explosive Growth
The standout performer within Revolut’s business portfolio was its wealth management division, which includes stock and digital asset trading services. As crypto markets regained momentum in 2024, this segment generated £506 million in revenue—nearly four times higher than the previous year.
This surge reflects renewed consumer confidence in digital assets and Revolut’s strategic expansion into advanced trading tools. The company has successfully capitalized on the bull run in cryptocurrencies, offering users seamless access to popular tokens while maintaining competitive fee structures.
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User Base Expands by 15 Million
In 2024, Revolut added nearly 15 million new customers, pushing its global user base past the 50 million mark. This growth not only strengthened its market presence but also boosted two of its core revenue streams: card transaction fees and interest income from customer deposits.
As more users adopt Revolut for everyday banking and spending, the platform benefits from increased transaction volumes and higher engagement across its app ecosystem.
Nik Storonsky, Revolut’s founder and CEO, commented on the milestone:
"2024 was another landmark year for Revolut, with sustained growth across all our core business areas."
He emphasized that the company’s focus on innovation, user experience, and financial inclusion played a crucial role in driving both profitability and customer loyalty.
Revolut Secures UK Banking License
A major regulatory achievement came in July 2024, when Revolut was granted a restricted UK banking license after a three-year approval process. This long-awaited milestone enables the company to offer a broader range of credit products, including credit cards, buy-now-pay-later (BNPL) services, and mortgage loans currently under pilot testing.
Storonsky noted:
"We’ve obtained a UK banking license (with restrictions), laying the foundation for future product enhancements in our home market."
The license marks a pivotal shift for Revolut—from a challenger fintech app to a fully recognized financial institution capable of competing directly with established retail banks.
Launch of Revolut X: A Pro-Grade Crypto Exchange
In May 2024, Revolut launched Revolut X, a professional desktop cryptocurrency exchange designed for experienced traders. The platform supports trading across 100 digital tokens and features low transaction fees and real-time deposit and withdrawal capabilities.
While currently desktop-only, a mobile version is planned for release in 2025, signaling Revolut’s commitment to serving both casual investors and advanced traders within the same ecosystem.
Later that year, in November, Revolut expanded its crypto exchange services across Europe, rolling out Revolut X to 30 new markets in the European Economic Area (EEA), including Belgium, Cyprus, and Denmark. This move strengthens its position as a pan-European financial services provider with deep integration of digital assets.
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Expanding Digital Asset and Investment Offerings
Beyond cryptocurrencies, Revolut continues to broaden its investment suite within its app. Users now have access to stocks, ETFs, bonds, and commodities—positioning the platform as an all-in-one financial hub.
This diversification aligns with growing demand for accessible, low-barrier investment options among younger demographics who prefer managing all their finances through a single digital interface.
Challenges in Converting Users to Primary Banking
Despite strong growth metrics, Revolut faces an ongoing challenge: converting active app users into full-time banking customers. While millions use the app for payments and currency exchange, fewer hold significant deposits or use it as their main account.
Customer balances did rise—from £18 billion ($23.9 billion) to £30 billion ($39.8 billion)—but further growth in deposits is critical for funding future lending activities and enhancing competitiveness against traditional banks.
To address this, Revolut is focusing on expanding its premium membership base. Paid subscription revenue grew by 74% year-on-year to £423 million, indicating that users are willing to pay for enhanced features like higher spending limits, travel insurance, and priority support.
Diversifying Revenue Beyond Retail
Revolut’s commercial services division now accounts for 15% of total revenue, reflecting a strategic push to diversify income streams beyond individual consumers. By offering business accounts, expense management tools, and multi-currency payment solutions, Revolut is capturing market share among small and medium-sized enterprises (SMEs).
This B2B expansion reduces reliance on retail banking margins and positions the company for more sustainable long-term growth.
Looking Ahead: Aiming for 100 Million Daily Active Users
Looking forward, Storonsky outlined an ambitious vision: achieving 100 million daily active users across 100 countries. To reach this goal, Revolut will need to deepen user engagement, expand deposit bases, and continue innovating in both traditional finance and digital assets.
With its recent banking license, growing crypto offerings, and global footprint, Revolut is well-positioned to challenge legacy financial institutions while shaping the future of digital banking.
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Frequently Asked Questions (FAQ)
Q: How much profit did Revolut make in 2024?
A: Revolut reported a pre-tax profit of £1 billion (approximately $1.3 billion) in 2024, more than double its 2023 figure of £438 million.
Q: What contributed most to Revolut’s revenue growth?
A: The wealth management division—particularly cryptocurrency trading—was the biggest driver, generating £506 million in revenue, nearly four times higher than in 2023.
Q: Did Revolut get a UK banking license?
A: Yes. In July 2024, Revolut received a restricted UK banking license after a three-year regulatory review, allowing it to offer credit products like mortgages and credit cards.
Q: How many users does Revolut have now?
A: As of 2024, Revolut serves over 50 million customers globally, with nearly 15 million added during the year.
Q: What is Revolut X?
A: Revolut X is a professional-grade desktop cryptocurrency exchange launched in May 2024. It supports 100 tokens with low fees and real-time transactions, with plans for a mobile launch in 2025.
Q: Is Revolut expanding outside retail banking?
A: Yes. Its commercial services now contribute 15% of total revenue, showing a strategic shift toward serving SMEs with multi-currency accounts and business finance tools.
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