Revolut profits hit $1.3 billion on crypto and user growth

Fintech company Revolut reported a pre-tax profit of 1 billion British pounds ($1.3 billion) for 2024, doubling its 2023 profit of 438 million pounds, according to its annual report released on April 24, 2025.

Revenue increased to 3.1 billion pounds from 1.8 billion pounds the previous year, driven by rapid user growth and a rebound in cryptocurrency trading activity.

The wealth division, which includes stock and digital asset trading, generated 506 million pounds in revenue, nearly four times the amount recorded in 2023.

Revolut added nearly 15 million new users in 2024, bringing its total customer base to over 50 million.

“2024 was another landmark year for Revolut, with continued growth across all key business areas,” Founder and CEO Nik Storonsky stated.

A significant milestone was the acquisition of a UK banking license in July 2024 after a three-year regulatory process.

“We received a UK banking license (with restrictions), paving the way for future product enhancements in our home market,” Storonsky noted. 

The license enables Revolut to expand lending services, including credit cards, buy-now-pay-later products, and mortgage testing.

In May 2024, Revolut launched Revolut X, a desktop crypto exchange offering trading for 100 tokens with low fees and real-time on/off-ramp capabilities.

By November, Revolut X expanded to 30 markets across the European Economic Area.

Despite growth, Revolut faces challenges in converting app users into primary banking customers.

Customer deposit balances rose to $39.8 billion from $23.9 billion in 2023, essential for funding lending operations.

Revenue from premium subscriptions increased 74% year-on-year to 423 million pounds.

The business services segment now accounts for 15% of total revenue, reflecting diversification efforts.

Storonsky said Revolut aims to reach 100 million daily active users across 100 countries in the future.