Revolut: Record Profits of $1.4 Billion Thanks to Crypto
Revolut has reached a historic milestone, recording a pre-tax profit of $1.4 billion in 2024, a staggering 149% increase from the previous year. This exceptional achievement is attributed to the firm’s wealth management division, specifically the remarkable growth in crypto trading. Revolut’s crypto division generated $647 million, a 298% increase, primarily driven by the launch of its own crypto platform, Revolut X, which is now available in 30 European markets.
A Rapidly Expanding User Base
Revolut’s customer base has grown by 38% in the span of a year, exceeding 52.5 million users worldwide. The platform has also experienced significant activity growth, with transaction volumes close to $1.3 trillion (+52%), monthly active users increasing by 42% for retail and 56% for businesses. Total deposits have seen a 66% surge, reaching $38 billion.
A Well-Orchestrated Revenue Diversification
Beyond crypto, Revolut has diversified its revenue streams successfully. Paid subscriptions generated $541 million (+74%), foreign exchange revenues reached $540 million (+58%), card payments amounted to $887 million (+43%), and interest income reached $1 billion (+58%). As a result, Revolut’s annual revenue reached $4 billion, a 72% increase, with a net profit of $1 billion (+134%) and a net margin of 26%.
Global Ambitions and Technological Advancements
Revolut, with its technology-focused model, continues to make its mark as a global player. After obtaining a banking license in the UK in July, the firm is preparing for the formal launch of its banking services in both the UK and Mexico. Expansion plans include India and other markets in the Americas and Asia-Pacific region. The goal is to have 100 million active daily users spread across 100 countries.
An Integrated Crypto Strategy
Since its inception in 2017, Revolut has become a central figure in the crypto market. In January, it joined the Pyth network to provide real-time crypto data in the DeFi space and is currently working on its own stablecoin. Despite withdrawing from the US market due to regulations, the impact on Revolut’s global user base is minimal (less than 1%). The Revolut app is now the most downloaded in 19 European countries.
“We’re just getting started,” says founder and CEO Nik Storonsky, emphasizing Revolut’s global ambition with crypto playing a major role.
