Crypto trading surge helps Revolut secure record annual profit of $1.4 billion

Revolut generated record pre-tax profits of $1.4 billion in 2024, according to the UK fintech firm’s annual report released on Thursday, up 149% year-over-year — driven in part by a surge in crypto trading activity.

Revolut reached more than 52.5 million global users after record 38% growth in its customer base last year while total customer balances surged 66% to $38 billion — fueled by increased customer engagement, the firm said in a statement. The platform’s transaction volumes rose 52% year-over-year, approaching $1.3 trillion, while its retail monthly active users increased 42% and its monthly active businesses jumped 56%.

Revolut’s total 2024 revenue rose 72% to $4 billion, up from $2.2 billion in 2023, driven by strong growth across its business segments, particularly its wealth division, which comprises revenues from the firm’s cryptocurrency, commodities, trading and savings products — growing 298% year-over-year to $647 million. That growth was helped in part by the launch of its standalone crypto exchange platform, Revolut X, in May, which later expanded into 30 European markets, and securing a banking license from the UK’s Prudential Regulation Authority in July after a three-year application process, the firm said.

The fintech’s subscription revenues also grew by 74% year-over-year to $541 million, boosted by its enhanced paid tier offerings, FX revenues increased 58% to $540 million, card payment revenues grew 43% to $887 million and interest income rose 58% to $1 billion.

That strong top-line growth saw the firm record its fourth consecutive year of profitability, with net profit also growing 134% to $1 billion, up from $428 million in 2023, while its net profit margin strengthened to 26% from 19%.

“2024 was a landmark year for Revolut,” CEO Nik Storonsky said. “We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business. This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability.”

Revolut 2024 product revenue mix. Image: Revolut 2024 annual report.

Revolut’s increasing crypto activity

Launched in 2015, Revolut began as a platform offering international money transfers and currency exchange services. In 2017, it expanded to include cryptocurrency trading, allowing users to buy, hold and exchange digital assets. Since then, the privately held firm has grown to become the UK’s most valuable fintech company, enabling users to manage multiple currencies and spend with a debit card.

Trading is not the firm’s only foray into crypto, however. In January, it became the first banking data publisher to join the multi-chain Pyth Network, integrating its digital asset quote and trade data into DeFi price feeds. In September 2024, Revolut was also reported to be in the process of launching its own stablecoin.

Revolut claims to be the most downloaded app in the finance category, ranking first in 19 countries and securing a spot in the top three in 26 countries across the European continent. However, the firm has had a more challenging time in the U.S. market, terminating cryptocurrency services in the country in October 2023 due to regulatory challenges — though this affected less than 1% of its global customers at the time.

The firm plans the formal launch of its UK bank later this year, alongside another in Mexico. Revolut also plans to launch in India in 2025, as well as new markets across the Americas and Asia-Pacific — part of its goal of achieving 100 million daily active users across 100 countries. “We’re just getting started,” Storonsky said.