Revolut has shattered profit expectations with an record $1.3 billion in net profit for 2024, marking a 149% year-over-year surge and the first time the digital banking giant has crossed the billion-dollar threshold.
The company's wealth division, which includes cryptocurrency trading, skyrocketing 298% to contribute $647 million to the bottom line. This explosive growth coincided with Revolut's aggressive push into digital assets through its dedicated crypto exchange platform, Revolut X, launched in May 2024.
Crypto Exchange Expansion Drives Record-Breaking Results
Revolut's rapid rollout of Revolut X across 30 European markets, including Denmark, Belgium, and Cyprus, has positioned the company as a direct challenger to established crypto exchanges like Coinbase and Kraken.
Supporting over 100 tokens and emphasizing low-fee trading with real-time fiat on/off ramps, the platform quickly gained traction among both retail and institutional traders.
Renewed interest in digital assets helped propel the company's overall revenue to $4 billion, a 72% increase from $2.3 billion in 2023. Transaction volumes across the platform soared to $1.3 trillion, while total customer balances jumped 66% to $38 billion.
Banking License Breakthrough Opens New Doors
A critical milestone in Revolut's evolution came with the long-awaited acquisition of a UK banking license after a protracted three-year application process. This regulatory breakthrough represents a significant inflection point, enabling the company to expand its product offerings in its largest market and compete more directly with both legacy banks and digital challengers.
The license approval required Revolut to address several regulatory hurdles, including concerns about financial reporting and IT systems. The company recently received an unqualified audit opinion from BDO, resolving previous issues related to revenue recognition and enhancing its credibility with both regulators and customers.
With approximately 9 million customers in the UK and over 45 million globally, the license unlocks new revenue streams. Industry analysts view the license as a catalyst for future growth, with some speculating that it could pave the way for an IPO and further boost the company's valuation, which reached $45 billion in a recent secondary share sale.
User Growth Reaching New Heights
In 2024, Revolut added nearly 15 million new customers, bringing its total user base to 52.5 million - a 38% year-over-year increase and the largest annual gain in its nine-year history. This influx significantly boosted income from card processing fees and interest on deposits.
The company's subscription business also thrived, with revenue climbing 74% year-over-year to $541 million as paid-plan adoption increased 45%. Additionally, Revolut's monthly active corporate users surging 56% and business banking revenue reaching $592 million - about 15% of group total revenue.
Strategic Vision for Global Dominance
Revolut remains focused on scaling the platform to reach 100 million daily active users across 100 countries. The company's growth strategy includes further geographic expansion, with plans to launch in Mexico and pursue more aggressive growth in the United States.
As crypto markets continue to evolve, Revolut's integrated approach - offering digital assets alongside traditional financial services in a single ecosystem - positions it uniquely in the fintech landscape.
If 2024 was Revolut's breakout year in crypto, 2025 will test whether it can maintain this momentum and further prove itself between traditional finance and digital assets on a global marketplace.