Digital
banking giant Revolut reported a 149% jump in profit before tax to $1.4 billion
(£1.1 billion) for 2024, marking its fourth consecutive year of profitability
as the company continues its aggressive global expansion.
The
London-based fintech saw its customer base grow by 38% to 52.5 million users
worldwide, while total customer balances increased 66% to $38 billion (£30
billion).
Group
revenue surged 72% to $4 billion (£3.1 billion) compared to $2.2 billion in
2023, with net profit reaching $1 billion (£790 million).
Nikolay Storonsky, CEO of Revolut, seems to be aiming for wide-ranging European expansion (Revolut).
“This
performance earned us the status of Europe’s most valuable private technology
company,” said Nik Storonsky, CEO of Revolut. “We’re making strong
progress towards 100 million daily active customers across 100 countries.”
You may also like: Will Revolut Target Its 5 Million-User Market in France With CFDs Next?
Crypto Leads
The
company’s Wealth division saw the most significant increase, with revenue
jumping 298% to $647 million (£506 million), largely driven by increased crypto
trading and the launch of Revolut’s crypto exchange.
Card
payments revenue grew 43% year-over-year to $887 million, while foreign
exchange revenue increased 58% to $540 million. The company’s subscription
business generated $541 million, up 74% from 2023.
Key Financial
Performance Metrics
|
Metric |
2024 |
2023 |
YoY Change |
|
Total |
$4.0bn |
$2.2bn |
+72% |
|
Profit |
$1.4bn |
$562m |
+149% |
|
Net Profit |
$1.0bn |
$428m |
+133% |
|
Net Profit |
26% |
19% |
+7% |
|
Customer |
$38bn |
$23bn |
+66% |
|
Customer Lending |
$1.2bn |
$655m |
+86% |
Interest
income rose 58% to $1 billion as Revolut effectively managed its growing
deposit base and expanded lending activities. The customer lending portfolio
grew 86% to $1.2 billion, though this remains relatively small compared to
traditional banks.
Notably,
the company’s net profit margin improved to 26%, up from 19% in 2023,
demonstrating the scalability of Revolut’s business model.
New Products, New Regions
Revolut
continued to enhance its product offerings in 2024, expanding its Savings and
Money Market Fund availability to over 30 countries, which attracted $12.3
billion in deposits. The company also launched bonds and European investment
plans while securing a UK investment license.
The Revolut
Business segment showed strong momentum, with monthly active businesses
increasing 56% year-over-year. Business customers contributed approximately 15%
of total group revenue, positioning Revolut Business as one of Europe’s largest
digital banking players in the B2B space.
According
to the company, market penetration remains at only about 15% of the adult
population in key markets, indicating substantial room for further expansion.
“This
ambitious goal will keep us focused on revolutionising global financial access
through innovative products and seamless user experiences,” added Storonsky.
Banking License Progress
and Future Plans
In its
outlook for 2025, Revolut prioritized the formal launch of its UK bank
following the restricted banking license it secured in July 2024. The company
is also preparing to launch banking operations in Mexico and recently received
approval for a Prepaid Payment Instrument license in India.
Additionally,
Revolut disclosed in its annual report that CEO and founder Nikolay Storonsky
has increased his ownership stake to more than 25% of the company following a
reorganization of its ownership structure in April 2025.
The company
is actively securing over 10 global licenses and scaling recent market entries
like Brazil while exploring further opportunities across the Americas and
Asia-Pacific.
Francesca
Carlesi, Revolut’s UK CEO, has previously stated that the journey to becoming a
fully authorized UK bank is a crucial step in the company’s global expansion
and eventual IPO path.
Digital
banking giant Revolut reported a 149% jump in profit before tax to $1.4 billion
(£1.1 billion) for 2024, marking its fourth consecutive year of profitability
as the company continues its aggressive global expansion.
The
London-based fintech saw its customer base grow by 38% to 52.5 million users
worldwide, while total customer balances increased 66% to $38 billion (£30
billion).
Group
revenue surged 72% to $4 billion (£3.1 billion) compared to $2.2 billion in
2023, with net profit reaching $1 billion (£790 million).
Nikolay Storonsky, CEO of Revolut, seems to be aiming for wide-ranging European expansion (Revolut).
“This
performance earned us the status of Europe’s most valuable private technology
company,” said Nik Storonsky, CEO of Revolut. “We’re making strong
progress towards 100 million daily active customers across 100 countries.”
You may also like: Will Revolut Target Its 5 Million-User Market in France With CFDs Next?
Crypto Leads
The
company’s Wealth division saw the most significant increase, with revenue
jumping 298% to $647 million (£506 million), largely driven by increased crypto
trading and the launch of Revolut’s crypto exchange.
Card
payments revenue grew 43% year-over-year to $887 million, while foreign
exchange revenue increased 58% to $540 million. The company’s subscription
business generated $541 million, up 74% from 2023.
Key Financial
Performance Metrics
|
Metric |
2024 |
2023 |
YoY Change |
|
Total |
$4.0bn |
$2.2bn |
+72% |
|
Profit |
$1.4bn |
$562m |
+149% |
|
Net Profit |
$1.0bn |
$428m |
+133% |
|
Net Profit |
26% |
19% |
+7% |
|
Customer |
$38bn |
$23bn |
+66% |
|
Customer Lending |
$1.2bn |
$655m |
+86% |
Interest
income rose 58% to $1 billion as Revolut effectively managed its growing
deposit base and expanded lending activities. The customer lending portfolio
grew 86% to $1.2 billion, though this remains relatively small compared to
traditional banks.
Notably,
the company’s net profit margin improved to 26%, up from 19% in 2023,
demonstrating the scalability of Revolut’s business model.
New Products, New Regions
Revolut
continued to enhance its product offerings in 2024, expanding its Savings and
Money Market Fund availability to over 30 countries, which attracted $12.3
billion in deposits. The company also launched bonds and European investment
plans while securing a UK investment license.
The Revolut
Business segment showed strong momentum, with monthly active businesses
increasing 56% year-over-year. Business customers contributed approximately 15%
of total group revenue, positioning Revolut Business as one of Europe’s largest
digital banking players in the B2B space.
According
to the company, market penetration remains at only about 15% of the adult
population in key markets, indicating substantial room for further expansion.
“This
ambitious goal will keep us focused on revolutionising global financial access
through innovative products and seamless user experiences,” added Storonsky.
Banking License Progress
and Future Plans
In its
outlook for 2025, Revolut prioritized the formal launch of its UK bank
following the restricted banking license it secured in July 2024. The company
is also preparing to launch banking operations in Mexico and recently received
approval for a Prepaid Payment Instrument license in India.
Additionally,
Revolut disclosed in its annual report that CEO and founder Nikolay Storonsky
has increased his ownership stake to more than 25% of the company following a
reorganization of its ownership structure in April 2025.
The company
is actively securing over 10 global licenses and scaling recent market entries
like Brazil while exploring further opportunities across the Americas and
Asia-Pacific.
Francesca
Carlesi, Revolut’s UK CEO, has previously stated that the journey to becoming a
fully authorized UK bank is a crucial step in the company’s global expansion
and eventual IPO path.
