Revolut 2024 Profit Doubles to $1.3 Billion Amid Crypto Boom

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Revolut, the UK-based fintech disruptor, delivered a landmark performance in 2024, doubling its pre-tax profit to £1 billion (approximately $1.3 billion). This surge was fueled by rapid customer growth and a significant rebound in cryptocurrency trading activity, marking a pivotal year for the digital finance platform.

According to its annual report released on April 24, Revolut’s profit soared from £438 million in 2023, while revenue jumped from £1.8 billion to £3.1 billion. The impressive financial turnaround highlights the company’s expanding influence in the global fintech landscape and its growing role in digital asset adoption.

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Wealth Management Drives Revenue Growth

The standout performer within Revolut’s ecosystem was its wealth management division, which includes stock and digital asset trading. As crypto markets regained momentum, this segment generated £506 million in revenue—nearly four times higher than the previous year.

This explosive growth underscores the increasing demand for accessible crypto investment tools among retail users. Revolut has positioned itself as a gateway for mainstream audiences to enter the world of digital assets, offering seamless integration between traditional banking and crypto trading within a single app.

The company reported that nearly 15 million new users joined in 2024, pushing its total user base past 50 million. This expansion directly boosted two of Revolut’s core revenue streams: card transaction fees and interest income from customer deposits.

Nik Storonsky, Revolut’s founder and CEO, stated: "2024 was another milestone year for Revolut, with sustained growth across all key business areas."

Securing the UK Bank License: A Strategic Milestone

One of the most significant developments in 2024 was Revolut’s acquisition of a restricted UK banking license in July, following a rigorous three-year regulatory review process. This long-awaited approval allows the company to offer a broader suite of financial services, including credit products such as credit cards, buy-now-pay-later (BNPL) options, and even mortgage lending currently in pilot stages.

Storonsky emphasized: "We’ve secured our UK banking license (with restrictions), which lays the foundation for future product innovation in our home market."

This regulatory endorsement enhances customer trust and strengthens Revolut’s competitive edge against traditional banks. It also enables better control over financial operations, reduces reliance on partner banks, and opens doors to higher-margin lending businesses.

Expanding Crypto Offerings with Revolut X

In May 2024, Revolut launched Revolut X, a professional desktop cryptocurrency exchange tailored for experienced traders. The platform supports trading across 100 digital tokens and features low trading fees and instant deposit/withdrawal capabilities. A mobile version is slated for release in 2025, further broadening access.

Later that year, in November, the company expanded Revolut X into 30 new markets across the European Economic Area (EEA), including Belgium, Cyprus, and Denmark. This strategic rollout reflects Revolut’s ambition to become a pan-European leader in regulated crypto trading.

The integration of advanced trading tools with consumer-friendly interfaces positions Revolut at the intersection of mass-market appeal and professional-grade functionality—a rare combination in today’s fintech space.

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Diversifying Services Beyond Payments

While known primarily for its neobanking and payment services, Revolut has been actively diversifying its offerings. Its app now serves as a comprehensive financial hub, enabling users to trade cryptocurrencies, stocks, ETFs, bonds, and commodities—all within one ecosystem.

Despite this progress, challenges remain. One key hurdle is converting active app users into full-service banking clients. Growing customer deposits is essential for funding future lending operations and competing with established retail banks.

In 2024, total customer balances rose from £18 billion to £30 billion ($23.9 billion to $39.8 billion), signaling increased user engagement and trust. However, further growth in deposit volume will be critical for long-term sustainability.

Additionally, Revolut reported a 74% year-on-year increase in premium subscription revenue, reaching £423 million. This indicates strong demand for enhanced features such as travel insurance, higher crypto limits, and priority customer support.

The company’s business services division now accounts for 15% of total revenue, reflecting a deliberate strategy to diversify income beyond individual consumers and tap into the SME banking market.

Future Goals: 100 Countries, 100 Million Daily Users

Looking ahead, Storonsky outlined an ambitious vision: achieving 100 million daily active users across 100 countries. To reach this goal, Revolut plans to deepen its presence in existing markets while aggressively expanding into underserved regions.

This global expansion will likely involve localized product adaptations, strategic partnerships, and continued investment in compliance infrastructure—especially as it navigates diverse regulatory environments.

With its growing suite of financial products, expanding user base, and strengthened regulatory standing, Revolut is well-positioned to challenge traditional banking models and accelerate financial inclusion worldwide.

Frequently Asked Questions

Q: How much profit did Revolut make in 2024?
A: Revolut reported a pre-tax profit of £1 billion (around $1.3 billion) in 2024, more than double its 2023 figure of £438 million.

Q: What role did cryptocurrency play in Revolut’s growth?
A: Crypto trading was a major driver, especially through its wealth management arm. Revenue from digital assets surged nearly fourfold to £506 million due to increased user activity and the launch of Revolut X.

Q: Did Revolut get a UK banking license?
A: Yes. In July 2024, after a three-year process, Revolut obtained a restricted UK banking license, allowing it to offer credit cards, BNPL, and mortgage products.

Q: How many users does Revolut have now?
A: As of 2024, Revolut surpassed 50 million customers globally, adding nearly 15 million new users during the year.

Q: What is Revolut X?
A: Revolut X is a professional desktop crypto exchange launched in May 2024. It supports 100 tokens with low fees and instant settlements. A mobile version is expected in 2025.

Q: Is Revolut profitable from subscriptions?
A: Yes. Paid plan revenue grew 74% year-on-year to £423 million, showing strong user willingness to pay for premium features like higher crypto limits and travel benefits.

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Core Keywords

Revolut’s record-breaking performance in 2024 demonstrates the rising convergence between traditional finance and digital assets. With robust revenue growth, regulatory progress, and strategic product launches, the company is not just surviving—but thriving—in the evolving financial ecosystem.