Revolut has reported a historic $1.4 billion in pre-tax profits for 2024, marking a 149% increase compared to the previous year, according to its newly released annual report. This milestone was powered significantly by a rise in cryptocurrency trading and widespread adoption of the platform’s digital financial services.
The UK-based fintech now serves over 52.5 million users globally, following a 38% year-over-year growth in its customer base. Customer balances soared 66% to reach $38 billion, as users increasingly utilized Revolut’s expanding ecosystem of services.
Revolut Sees Unprecedented Growth Across All Key Metrics
In 2024, transaction volumes on the platform rose 52%, nearing $1.3 trillion. The company also saw a 42% jump in monthly active retail users, and an impressive 56% growth in business user activity.
Revolut’s total revenue surged to $4 billion, a 72% increase from the $2.2 billion it posted in 2023. The standout performer was its Wealth division, which includes crypto, commodities, trading, and savings services — this segment alone generated $647 million, representing 298% year-over-year growth.
A major contributor to this revenue boom was the launch of Revolut X, a standalone crypto exchange rolled out in May. The platform rapidly expanded across 30 European countries, and in July, Revolut secured a UK banking license from the Prudential Regulation Authority, after a three-year wait.
Recurring Revenue Streams Bolster Financial Stability
Revolut’s subscription revenue rose 74% to $541 million, as more users adopted premium tiers. Meanwhile, foreign exchange income climbed 58% to $540 million, card payment fees increased 43% to $887 million, and interest-related earnings hit $1 billion, up 58% year-over-year.
This robust financial performance marks Revolut’s fourth consecutive profitable year, with net profit doubling to $1 billion, up from $428 million in 2023. The fintech also improved its net profit margin from 19% to 26%.
“2024 was transformative for Revolut,” said CEO Nik Storonsky. “Not only did we bring in nearly 15 million new users, but we also saw them engage more deeply with our ecosystem, across both personal and business services. This combination of growth and engagement propelled us to record profitability.”
Crypto at the Core of Revolut’s Future Strategy
Revolut, which began in 2015 as a money transfer and FX service, has rapidly evolved into a crypto-enabled financial powerhouse. Since introducing digital asset trading in 2017, it has become a go-to app for users managing both fiat and crypto balances in one place.
The company has broadened its crypto footprint further — in January, it became the first bank data provider to integrate with the Pyth Network, feeding real-time price and trade data to DeFi platforms. Reports also suggest that Revolut is developing its own stablecoin, with a potential launch on the horizon.
Despite regulatory headwinds forcing the firm to cease crypto services in the U.S. in October 2023, this move impacted less than 1% of its global customer base, according to the company.
Global Expansion Plans Set the Stage for 2025 and Beyond
Revolut is not slowing down. With ambitions to serve 100 million daily active users across 100 countries, the fintech is preparing to officially launch its UK bank later this year, followed by an expansion into Mexico and India in 2025.
Already the most downloaded finance app in 19 countries, and ranking in the top three in 26 others across Europe, Revolut’s global reach continues to grow.
“This is only the beginning,” Storonsky emphasized. “As we scale into new markets and deepen product innovation, we’re building the future of financial services — and we’re just getting started.”