Revolut Doubles Profit to £1 Billion Due to User Growth and Crypto Trading
Revolut reported a profit of £1 billion ($1.3 billion) for the fiscal year 2024, doubling its previous year's earnings. The growth is attributed to increased crypto trading activities, new user acquisition, and obtaining UK regulatory banking approval.
- Pre-tax profit rose from £438 million in 2023 to £1 billion in 2024.
- Revenue increased from £1.8 billion in 2023 to £3.1 billion in 2024.
- 14.5 million new customer accounts were added, reaching a total of 52.5 million active customers.
- Revenue from card payment fees and interest on deposits grew due to market expansion.
- In-house crypto trading services generated £506 million, nearly quadrupling 2023's revenue.
- Launched Revolut X, a crypto exchange for pro traders with competitive fee structures.
- Secured a UK banking licence after three years of negotiations, enabling future offerings like credit cards and mortgages.
- Introduced products such as Revolut Ramp for direct cryptocurrency purchases on MetaMask.