Revolut doubles profits to $1.3B on user growth, crypto trading boom
Revolut reported a record pre-tax profit of 1 billion British pounds ($1.3 billion) in 2024, doubling from 438 million pounds in 2023, with revenues increasing to 3.1 billion pounds. The wealth division, particularly stock and digital asset trading, generated 506 million pounds, nearly quadrupling from the previous year due to a rise in cryptocurrency trading. The company added nearly 15 million users, surpassing 50 million total customers, boosting revenues from card fees and interest on deposits. Revolut obtained a UK banking license in July 2024, enabling expansion into lending services. In May, it launched Revolut X, a desktop crypto exchange, and later expanded it to 30 new EEA markets. Despite growth, Revolut struggles to convert app users into primary banking customers, with total customer balances rising to 30 billion pounds. Premium subscription revenue increased by 74% to 423 million pounds, and business services now account for 15% of total revenues. Future goals include reaching 100 million daily active users across 100 countries.
