Revolut has achieved a remarkable financial milestone, reporting its first-ever annual profit exceeding $1 billion as it gears up to launch its full banking operations in the U.K. later this year.
On Thursday, the London-based fintech disclosed that its net profit for the year 2024 reached £1.1 billion ($1.5 billion), representing a substantial 149% increase from the previous year.
The surge in profitability was mirrored in total revenue, which rose by 72% to £3.1 billion, propelled by significant growth across various business divisions.
Wealth Division Sees Explosive Growth with 298% Rise in Revenue
A major highlight was the performance of Revolut’s wealth division, which encompasses stock and cryptocurrency trading services. This segment experienced an impressive 298% growth in revenue, amassing £506 million amid a resurgence in cryptocurrency trading.
Subscription services also played a crucial role in the company’s success, with revenues climbing 74% to reach £423 million.
Moreover, Revolut’s loan portfolio grew by 86%, totaling £979 million, while a surge in customer deposits led to a 58% rise in interest income, which reached £790 million.
This robust financial performance comes as Revolut is on track to become a fully licensed bank within its domestic market.
Having spent three years on its application, the firm obtained a restricted banking license from the U.K.’s Prudential Regulation Authority (PRA) in July 2024.
Revolut is currently awaiting final regulatory approval to transition its 11 million U.K. customers to its new banking entity.
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
Once fully operational as a bank, Revolut plans to offer traditional financial products, including loans, overdrafts, and mortgages, thereby tapping into new revenue opportunities.
However, it will face significant competition from established digital banks like Monzo and Starling, both of which secured full banking licenses years ahead of Revolut.
“We improved our economics and accelerated product adoption, resulting in our fourth consecutive year of profitability, and earning us the status of the most valuable private technology company in Europe,” remarked Founder and CEO Nik Storonsky.
“We welcomed new investors through a secondary share sale at an implied $45 billion valuation.”
Launch of Revolut X: A New Crypto Trading Platform
In May of the previous year, Revolut launched its new standalone crypto trading platform, Revolut X, specifically designed for UK retail customers.
The company stated that it aimed to position this platform competitively against leading cryptocurrency exchanges by offering user-friendly on/off-ramping and lower transaction fees.
Initially aimed at professional traders, Revolut X is now accessible on desktop for all UK users with a retail account.
Traders using Revolut X can execute trades involving over 100 tokens, benefiting from fixed fees of 0% for makers and 0.09% for takers, regardless of their trading volume.
The rollout of Revolut X followed the introduction of Revolut Ramp in March, which allows users to purchase cryptocurrency directly in their Web3 wallets through collaboration with Consensys, the developer behind MetaMask.
In November, the firm expanded access to Revolut X, enabling customers in 30 additional European countries to use the platform.
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