Revolut, a British multinational Fintech company, that offers banking services for individuals and businesses in 48+ countries, has reported a significant $1.4bn profit in 2024.
The annual report for the year ending 31 December 2024, showcases remarkable growth across all business segments, marking its fourth consecutive year of profitability. The company’s technology-driven model and expanding customer base fueled record financial performance and solidified its position as Europe’s most valuable private technology company.
Revolut’s customer base expanded by 38%, reaching 52.5 million users worldwide by the end of 2024. This surge was accompanied by a 66% increase in total customer balances, which climbed to $38 billion (£30 billion). The growth in balances reflects heightened customer engagement, with users increasingly utilizing Revolut’s diverse offerings, from savings products to lending services.
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The company reported a 72% increase in group revenues, rising to $4.0 billion (£3.1 billion) from $2.2 billion (£1.8 billion) in 2023. This robust growth was driven by strong performance across all revenue streams, including card payments, wealth management, foreign exchange, and subscriptions. The diversified revenue mix underscores Revolut’s ability to cater to evolving customer needs while scaling its innovative, technology-driven platform.
Marking its fourth straight year of profitability, Revolut achieved a profit before tax of $1.4 billion (£1.1 billion), a 149% increase from the previous year. Net profit reached $1.0 billion (£790 million), with the net profit margin improving to 26% from 19% in 2023. These results highlight the efficiency of Revolut’s operating model and its ability to translate top-line growth into sustainable earnings.
Commenting on the report Nik Storonsky, CEO of Revolut said;
“2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business. This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability.
“This performance earned us the status of Europe’s most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory. But we’re just getting started. We’re making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets. This ambitious goal will keep us focused on revolutionizing global financial access through innovative products and seamless user experiences.”
2024 Performance Highlights
Revenue Growth: Group revenue soared 72% to $4.0bn (£3.1bn) from $2.2bn (£1.8bn) in 2023, driven by customer growth and higher product utilization.
Revenue Breakdown:
Card Payments grew 43% to $887m (£694m).
Wealth surged 298% to $647m (£506m) from $158m (£127m).
FX increased 58% to $540m (£422m) from $333m (£267m).
Subscriptions rose 74% to $541m (£423m) from $303m (£244m), boosted by enhanced paid tier benefits.
Customer Balances & Lending:
Customer balances grew 66% to $38bn (£30bn) from $23bn (£18bn), driven by deposits and Savings products, with 62% of assets held as Cash and Cash Equivalents. Lending portfolio expanded 86% to $1.2bn (£979m). Interest income rose 58% to $1.0bn (£790m) from $621m (£500m).
Record Profitability:
Profit before tax reached $1.4bn (£1.1bn).
Net profit grew to $1.0bn (£790m) from $428m (£344m) in 2023.
Net profit margin improved to 26%, reflecting operational efficiency.
Accelerated Customer Growth & Engagement
Customer Acquisition: Revolut added 15 million new customers, reaching 52.5 million globally (38% YoY growth).
Market Leadership: The most downloaded finance app in 19 countries and the top three in 26 across Europe.
Increased Activity
Transaction volumes rose 52% to nearly $1.3tn (£1.0tn).
Retail monthly active users grew by 42%.
Revolut Business monthly active businesses surged 56%, with turnover reaching $592m (£463m), or 15% of group revenue.
Wealth & Savings: Grew Savings and Money Market Funds to $12.3bn (£9.8bn) across 30+ countries, launched Revolut X crypto exchange, added Bonds, European investment plans, and Revolut Invest app, and secured a UK Investment license.
Lending: Expanded lending portfolio and began internal mortgage testing.
Service & Safety: Improved customer service (80% faster resolutions) and prevented over $800m (£600m) in fraud.
2025 Outlook
Revolut is gearing up for another transformative year in 2025, with ambitious plans to expand its global footprint, enhance its platform, and solidify its leadership in digital financial services. The fintech giant’s 2024 Annual Report outlines a bold strategy focused on new market entries, product innovation, and an unwavering commitment to customer experience.
The company is actively pursuing over 10 global licenses to support its international growth. Recent market entries, such as Brazil, will be scaled, while Revolut prepares to launch services in India following the approval of its PPI license. Further opportunities are being explored across the Americas and Asia-Pacific, aligning with Revolut’s vision to operate in 100 countries.
Revolut will continue to enhance its offerings across core banking, wealth management, credit, and lifestyle products. Key initiatives include the development of mortgage products, the expansion of its RevPoints loyalty program, and the introduction of eSIMs, all designed to meet evolving customer needs and drive engagement.
The company is also doubling down on security and anti-fraud measures to ensure trust and safety for its growing user base. Aiming for 100 Million Daily Active Users Revolut’s long-term goal is to achieve 100 million daily active users across 100 countries. This ambitious trajectory underscores its commitment to revolutionizing financial access worldwide through innovative, technology-driven solutions.
With a clear strategy for 2025, Revolut is poised to build on its 2024 successes, delivering unparalleled value to customers and reinforcing its position as a global fintech leader.