The British Fintech Revolut displays an exceptional performance in 2024, doubling its profits at $ 1.3 billion. This spectacular growth is explained by the influx of 15 million new users and the explosion of crypto trading following the increase in markets.
In short
- Revolut profits reached $ 1.3 billion in 2024, double compared to 2023.
- Turnover climbed 3.1 billion pounds, against 1.8 billion the previous year.
- The Heritage Management Division saw its quadruple income thanks to the trading of Cryptos.
- The user base has crossed the 50 million active customers.
A record year worn by cryptos and new users
Revolut experienced phenomenal growth in 2024, as revealed by its annual report published on April 24.
The fintech founded by Nik Storonsky saw its profit drop from 438 million to 1 billion pounds in just one year. This performance relies on a turnover that jumped 72 %, reaching 3.1 billion pounds.
The wealth management division has particularly distinguished with a turnover of 506 million pounds, almost four times more than in 2023. This explosion isexplain Mainly by renewed interest in Crypto trading, in a context of general increase in digital asset markets.
The massive arrival of new users has also played a crucial role in this success. Revolut attracted nearly 15 million new customers in 2024, bringing its total base to more than 50 million users. This expansion has considerably increased income from card payment fees and interest on deposits.
Diversification of international services and ambitions
The year 2024 marked a turning point for revoluting with the long -awaited obtaining of its British banking license in July, after three years of regulatory procedures.
This authorization opens the way to a significant expansion of its financial services, in particular credit cards, immediate purchase solutions with deferred payment, and potentially real estate loans currently in the test phase.
In May 2024, Revolut launched Revolut X, a crypto exchange platform dedicated to experienced traders, making it possible to negotiate 100 different tokens with reduced costs. Initially available on computer, this platform will be deployed on mobile in 2025 and has already been extended to 30 European markets.
Despite these successes, Revolut is still struggling to convert its users into main banking customers. The growth of deposit volumes remains essential to finance future loan operations and compete with traditional banks. In 2024, customer sales nevertheless increased from 23.9 to 39.8 billion dollars.
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