Fintech firm Revolut announced a remarkable performance in 2024, doubling its pre-tax profit to £1 billion ($1.3 billion).
The gain jumped from £438 million the previous year. Revenue climbed to £3.1 billion, compared with £1.8 billion in 2023.
Wealth Division Leads Growth
A standout factor was Revolut’s wealth arm, which handles both stock and digital asset trading. That division generated £506 million in revenue, which is almost four times the amount in the prior year.
The uptick reflects a strong rebound in cryptocurrency trading on the platform. Revolut also introduced Revolut X, its pro-level crypto exchange, featuring zero maker fees and low taker fees, to attract active traders.
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Customer Base Expansion
Revolut added 14.5 million new accounts in 2024, pushing its total active user count to 52.5 million. Expansion into new European markets beyond the UK and Ireland played a key role.
As more people used Revolut for spending and saving, income from card fees and deposit interest also rose. Customer deposits reached £29.99 billion, up from £18.006 billion, strengthening Revolut’s capacity to fund future lending.
Diversifying Services
Beyond cryptocurrency, Revolut widened its investment offerings to include bonds, ETFs, commodities, and stocks. The company’s premium subscription plans saw revenue climb 74% to £423 million, as more users opted for added perks.
Its business services arm now contributes 15% of overall revenue, showing progress in reducing reliance on retail banking alone.
Challenges Ahead
Despite its success, Revolut still faces hurdles in turning app users into loyal, primary banking customers.
Growing deposits are crucial for competing with traditional banks in lending and credit services. The fintech must also maintain user engagement amid rising competition in digital finance.
Revolut’s CEO, Nikolay Storonsky, outlined ambitious plans to reach 100 million daily active users across 100 countries. Achieving this goal will depend on continued product innovation, deeper market penetration, and sustaining the momentum in digital asset trading.
Revolut’s record year highlights the power of combining fast-growing customer numbers with a revived crypto market.
As the company broadens its services and eyes global expansion, it must also strengthen deposit growth and user loyalty to secure its position against established banks and rival fintech platforms.
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