Key Notes
- Revolut doubled profits from £438 million in 2023 to £1 billion in 2024.
- The fintech company secured its UK banking licence in 2024.
- The growth in profit is linked to new users, a banking licence, and a growth in crypto trading.
Revolut, a fintech company, has doubled its profit to £1 billion ($1.3 billion) in the fiscal year of 2024. The company reported that this rise in profit was linked to tremendous growth in the crypto trading activities, an increase in new users, as well as securing the highly anticipated UK regulatory banking approval.
Revolut published its annual report on April 24, which highlighted that the pre-tax profit in the past fiscal year increased from £438 million in 2023 to £1 billion in 2024. Revenue also shot from £1.8 billion in 2023 to £3.1 billion in 2024.
Revolut’s Customer Growth
A major driver behind Revolut’s strong performance was the increase in new clients in the past year. The digital finance company received an influx of 14.5 million new customer accounts. This came from Revolut’s expansion plans into other European markets, apart from their traditional UK and Ireland territories.
According to the end-of-year report, Revolut had 52.5 million active customers. As a result of the expansion, revenue linked to card payment fees and deposits’ interest increased.
Revolut’s Crypto Trading Services
Another contributor to Revolut’s rise in profit is their in-house crypto trading service. The wealth division of the company, which includes crypto and stocks trading services, brought in a revenue of £506 million, which almost quadrupled 2023’s revenue figure. Revolut launched a crypto exchange for pro traders, Revolut X, in the past year, which offers advanced trading facilities and has a 0% maker fee and 0.09% taker fees.
Apart from expanding its crypto trading facilities, Revolut introduced more traditional investment offers such as bonds, ETFs, commodities, and stocks.
Revolut’s UK Banking Licence
Revolut had been in talks with the UK government to secure a banking licence for three years before it succeeded in July 2024. Nik Storonsky, CEO of Revolut, disclosed that securing the licence made it feasible for the fintech company to expand its operations and services in the UK. Revolut is seeking to offer credit cards, mortgages, buy-now-pay-later (BNBL) and similar services in the future.
The past year was a promising one for the online banking firm, especially in terms of crypto trading. Amongst the products launched in 2024 was the Revolut Ramp, which allows users to directly buy cryptocurrencies on MetaMask.
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