Revolut Doubles Profit to $1.3B in 2024 Amid Crypto Surge, Banking License Win, and User Boom

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Revolut has reported its strongest financial year to date, more than doubling its pre-tax profit to £1 billion ($1.3 billion) in 2024, driven by a rebound in cryptocurrency trading, rapid user growth, and the acquisition of a long-awaited UK banking license.

According to the company’s annual report, released April 24, pre-tax profits rose from £438 million in 2023 to £1 billion, while revenue climbed to £3.1 billion from £1.8 billion.

Crypto Comeback Fuels Revolut Wealth Division

A key contributor to this performance was the company’s wealth division, which includes its stock and digital asset trading services. Revenue from this segment soared to £506 million in 2024 — nearly four times the prior year’s figures — as crypto markets bounced back.

In May, the company launched Revolut X, a dedicated desktop crypto exchange built for advanced traders. The platform supports over 100 tokens and features low trading fees. A mobile version is expected in 2025.

By November, Revolut X had expanded to 30 countries across the European Economic Area (EEA), further strengthening the fintech’s footprint in the digital asset space.

Also read: Revolut Expands Crypto Exchange to 30 New European Markets – Discover What It Means for Traders

Revolut User Base Tops 50 Million

Revolut’s user base surged by 15 million in 2024, pushing its total number of customers past 50 million. This growth helped boost income from card payment fees and interest on deposits — two of Revolut’s largest revenue streams.

In a major milestone, the company secured a restricted UK banking license in July 2024 after a three-year regulatory process. This license allows the company to expand its lending products, including credit cards, buy-now-pay-later options, and mortgages, which are currently in pilot testing.

Revolut is the #1 finance app in Europe — once again (a thread 🧵)

Thanks to your trust, we set a new benchmark in 2024. pic.twitter.com/lf7fAMMoel
— Revolut (@RevolutApp) April 24, 2025

Challenges and Future Ambitions

Despite these achievements, the company still faces challenges in converting its vast user base into full-service banking customers. While customer deposits increased from $23.9 billion to $39.8 billion, established retail banks remain dominant in core banking relationships.

Also read: PayPal Bets Big on PYUSD: 3.7% Yield Aims to Disrupt Stablecoin Market

Meanwhile, the company continues to grow its premium subscription business, with revenue from paid plans rising 74% year-over-year to £423 million. Its business services division now accounts for 15% of total revenue, reflecting an ongoing push to diversify.

Looking ahead, Storonsky laid out an ambitious vision: reaching 100 million daily active users across 100 countries.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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