Revolut Doubles Profits to $1.3B in 2024 Amid Crypto Trading Surge and User Boom

Revolut, the London-based fintech powerhouse, has posted a record-breaking financial year, doubling its pre-tax profit to £1 billion ($1.3 billion USD) in 2024. The dramatic rise — up from £438 million in 2023 — was driven by soaring cryptocurrency trading volumes, continued product diversification, and a rapidly growing customer base, according to the company's annual report released on April 24.

Revolut’s annual revenue surged to £3.1 billion from £1.8 billion the year prior, marking a 72% year-on-year increase. The company attributed this growth to a combination of heightened digital asset trading activity, a significant uptick in card usage, and rising interest income from customer deposits.

“We continued to scale rapidly and profitably across all business segments,” said Revolut founder and CEO Nik Storonsky. “2024 was another landmark year for Revolut, with continued growth across all key business areas.”

Crypto and Wealth Management Drive Record Revenues

A standout performer in 2024 was Revolut’s wealth division, which includes cryptocurrency and stock trading services. This segment generated £506 million in revenue — nearly four times higher than the previous year — as investor interest in digital assets rebounded from 2022’s downturn.

The launch of Revolut X, a dedicated desktop crypto exchange for experienced traders, further strengthened the fintech’s position in the crypto space. Introduced in May 2024, the platform supports over 100 tokens, offers real-time fiat on/off ramps, and plans to expand to mobile in 2025. By November, Revolut had rolled out the platform across 30 European Economic Area (EEA) countries, including Belgium, Denmark, and Cyprus.

Revolut’s investment ecosystem now spans cryptocurrencies, stocks, ETFs, bonds, and commodities — all accessible via its consumer app. This all-in-one approach has helped attract millions of users interested in managing their finances in a single digital space.

User Growth and Subscriptions Fuel Core Business

In 2024, Revolut added nearly 15 million new users, pushing its total global user base past the 50 million mark. The expansion fueled higher revenues from card payment fees and growing interest income, which remain Revolut’s largest income streams.

Revolut is also scaling its premium subscription offerings. Revenue from paid plans such as Revolut Plus, Premium, and Metal rose 74% year-on-year to £423 million. The company’s business services division, which caters to SMEs, now accounts for 15% of total revenue — further evidence of successful diversification beyond retail banking.

UK Banking License Secured After Three-Year Wait

Another major milestone in 2024 was Revolut finally securing its long-awaited UK banking license, granted in July after a three-year regulatory review. Though the license is currently “restricted,” it allows Revolut to expand into more traditional banking services in its home market, including credit cards, buy-now-pay-later (BNPL) options, and mortgages, the latter of which is currently being piloted.

“This unlocks our ability to offer more competitive financial products and lending services in the UK,” said Storonsky.

Despite this step forward, Revolut still struggles to convert its app users into full-service banking customers. Although total customer balances increased sharply — from $23.9 billion in 2023 to $39.8 billion in 2024 — achieving stickier deposit bases remains a top strategic goal as Revolut seeks to compete more directly with traditional banks.

Looking Ahead

Revolut is now setting ambitious targets for global expansion. CEO Storonsky says the firm is aiming to reach 100 million daily active users across 100 countries, signaling aggressive growth plans in both developed and emerging markets.

As it continues to scale, Revolut’s success will hinge on maintaining momentum in crypto and investment services, expanding its licensed banking operations, and converting more of its users into core banking customers.