Source: Cointelegraph
Original: “Revolut's Profit Doubles to $1.3 Billion, Driven by User Growth and Cryptocurrency Trading Boom”
Financial technology giant Revolut has had a record year, with pre-tax profits doubling to £1 billion (approximately $1.3 billion) in 2024, primarily due to rapid customer growth and a resurgence in cryptocurrency trading activity.
According to the annual report released on Thursday, April 24, Revolut's profits surged from £438 million in 2023, with revenues jumping from £1.8 billion to £3.1 billion.
The wealth management division has been the main contributor to Revolut's strong performance, which includes stock and digital asset trading. With the revival of cryptocurrency trading activity, the division's revenue reached £506 million, nearly quadrupling compared to 2023.
In 2024, Revolut added nearly 15 million users, bringing its total user base to over 50 million. The expansion of the user base has driven growth in the company's two main revenue sources—card payment fees and deposit interest.
Revolut founder and CEO Nik Storonsky stated in the report, "2024 is another milestone year for Revolut, with sustained growth across all core business areas."
Storonsky noted that after three years of regulatory approval processes, the company finally obtained the long-awaited UK banking license in July 2024.
This license paves the way for Revolut to expand its credit services, including credit cards, buy now pay later products, and a mortgage business currently in the testing phase.
Storonsky said, "We have obtained a UK banking license (with conditions), which will lay the foundation for future product upgrades in our home market."
In May 2024, Revolut launched a professional desktop cryptocurrency exchange, Revolut X, aimed at experienced traders. The platform offers trading services for 100 tokens, featuring low fees and real-time deposit and withdrawal functions, with plans to launch a mobile version in 2025.
In November, Revolut expanded its cryptocurrency exchange business in Europe, promoting Revolut X to 30 new markets in the European Economic Area (EEA), including Belgium, Cyprus, Denmark, and others.
According to the annual report, Revolut has continued to expand its digital asset services over the past year, providing customers with cryptocurrency trading as well as other investment options such as stocks, ETFs, bonds, and commodities within its app ecosystem.
Despite the growth, Revolut still faces challenges in converting users of its popular app into primary banking customers.
The growth in deposit size is crucial for supporting future credit business operations and competing with traditional retail banks. In 2024, total customer balances grew from £18 billion (approximately $23.9 billion) to £30 billion (approximately $39.8 billion).
According to the report, Revolut is also working to expand its base of premium members, with revenue from paid plans increasing by 74% year-on-year to £423 million.
Additionally, its business services division currently accounts for 15% of total revenue, reflecting the company's efforts to diversify its revenue sources beyond retail banking.
Looking ahead, Storonsky stated that Revolut plans to achieve a target of 100 million daily active users in 100 countries.
Related: Luxury app Dorsia integrates MoonPay to enable cryptocurrency payments.
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