Revolut has shattered profit expectations, posting a record-breaking $1.3 billion net profit in 2024. This represents a staggering 149% year-on-year increase and marks the first time the company has crossed the billion-dollar profitability threshold.
A significant driver of this explosive performance was the firm's wealth division, which includes its cryptocurrency trading services. Revenue from this segment surged by an impressive 298%, contributing $647 million to the overall results. This growth coincides with Revolut's aggressive push into digital assets through its dedicated crypto trading platform, Revolut X, which launched in May 2024.
Expansion in Cryptocurrency Exchange Fuels Performance
Revolut rapidly expanded the availability of Revolut X across 30 European markets, including Denmark, Belgium, and Cyprus. This strategic move positioned the company as a direct challenger to established crypto exchanges like Coinbase and Kraken.
The platform supports over 100 different tokens and emphasizes low-fee trading alongside real-time fiat currency on-ramps and off-ramps. This compelling value proposition helped it quickly gain traction among both retail and institutional traders.
Renewed interest in digital assets was a major tailwind, helping propel the company's overall revenue to $4 billion. This was a 72% increase from the $2.3 billion reported in 2023. Total transaction volume on the platform skyrocketed to $1.3 trillion, and customer balances grew by 66% to reach $38 billion.
Banking License Breakthrough Opens New Doors
A pivotal milestone in Revolut's evolution was securing its long-awaited UK banking license. This followed a three-year application process and represents a significant regulatory breakthrough. The license is a major turning point, enabling the company to expand its product offerings in its largest market and compete more directly with both traditional banks and other digital challengers.
Securing approval required Revolut to address several regulatory concerns, including those related to its financial reporting and IT systems. The company recently received an unqualified audit opinion from BDO, resolving previous issues related to revenue recognition. This success has enhanced its credibility with both regulators and customers.
With approximately 9 million customers in the UK and over 45 million globally, the banking license unlocks new revenue streams. Industry analysts view the license as a catalyst for future growth. Some speculate it could pave the way for an Initial Public Offering (IPO) and further boost the company's valuation, which recently reached $45 billion in secondary share transactions.
User Growth Reaches New Heights
In 2024, Revolut added nearly 15 million new customers, bringing its total user base to 52.5 million. This 38% year-on-year growth represents the largest annual increase in the company's nine-year history. This influx of users significantly boosted card processing fee income and deposit interest revenue.
The company's subscription business also flourished, with revenue growing 74% year-on-year to $541 million, fueled by a 45% increase in paid plan adoption. Furthermore, Revolut's monthly active business users surged by 56%, and business banking revenue reached $592 million—accounting for roughly 15% of the group's total income.
A Strategic Vision for Global Dominance
Revolut remains focused on its ambitious goal of scaling its platform to reach 100 million daily active users across 100 countries. The company's growth strategy includes further geographic expansion, with plans to launch in Mexico and pursue more aggressive growth in the United States.
As crypto markets continue to evolve, Revolut's integrated approach—offering both digital assets and traditional financial services within a single ecosystem—gives it a unique position within the fintech landscape. If 2024 was Revolut's breakthrough year in crypto, 2025 will test its ability to sustain this momentum and further prove its competitive edge between traditional finance and digital assets on the global stage.
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Frequently Asked Questions
What is Revolut X?
Revolut X is Revolut's dedicated cryptocurrency trading platform. Launched in 2024, it offers users access to over 100 tokens with an emphasis on low fees and seamless transfers between crypto and traditional fiat currencies.
How did Revolut achieve such high profits?
The record profit was primarily driven by a 298% surge in its wealth and crypto division. Massive user growth, increased subscription revenue, and higher transaction volumes across its platform all contributed significantly to the $1.3 billion net profit.
What does the UK banking license mean for Revolut?
The license allows Revolut to operate as a full-fledged bank in the UK, its largest market. This enables it to offer a wider range of protected financial products, compete directly with high-street banks, and create new, stable revenue streams.
How many users does Revolut have?
As of the end of 2024, Revolut reported a total user base of 52.5 million customers globally. This is a net increase of 15 million new customers in a single year.
Is Revolut planning an IPO?
While Revolut has not officially announced an IPO, industry analysts speculate that the newly acquired banking license and strong financial performance could pave the way for a public listing in the future.
What are Revolut's future growth plans?
The company aims to reach 100 million daily active users. Its strategy involves continued geographic expansion, including entries into new markets like Mexico, and further development of its integrated financial services ecosystem. To see the kind of technology enabling this growth, you can discover next-generation financial tools.