UK-based fintech giant Revolut has announced a record-breaking year, reporting pre-tax profits of $1.4 billion for 2024. According to its annual report released on Thursday, this represents a significant 149% year-over-year increase, fueled in part by a surge in cryptocurrency trading activity on its platform.
The company also saw substantial growth in its user base, reaching over 52.5 million global customers – a record 38% increase from the previous year. Total customer balances soared by 66% to $38 billion, driven by increased customer engagement across Revolut’s diverse offerings, the firm stated.
Transaction volumes on the platform also witnessed a substantial rise, increasing by 52% year-over-year and approaching $1.3 trillion. Retail monthly active users grew by 42%, while monthly active business users jumped by an impressive 56%.
Revolut’s total revenue for 2024 reached $4 billion, a 72% increase from the $2.2 billion reported in 2023. This growth was driven by strong performance across all business segments, particularly its wealth division, which encompasses cryptocurrency, commodities, trading, and savings products. Revenue in this division surged by a remarkable 298% year-over-year to $647 million.
Several key developments contributed to this growth, including the launch of Revolut X, its standalone crypto exchange platform in May, which later expanded into 30 European markets. The company also secured a crucial banking license from the UK’s Prudential Regulation Authority in July, following a three-year application process.
Subscription revenues also saw significant growth, increasing by 74% year-over-year to $541 million, boosted by enhanced paid tier offerings. FX revenues rose by 58% to $540 million, card payment revenues grew by 43% to $887 million, and interest income increased by 58% to $1 billion.
