Revolut, the UK-based neobanking giant currently valued at $45 billion, reported a milestone net profit of $1 billion (£790 million) for 2024, marking the company’s fourth consecutive profitable year. The impressive financial results came alongside robust customer growth, with the user base expanding by 38% to 52.5 million, according to Revolut’s annual financial disclosures.
Revenue surged 72% year-over-year, reaching $4 billion (£3.1 billion), with the company attributing its success to the increased adoption of diverse products beyond its foundational card payment services. Meanwhile, Revolut’s wealth-focused segment, which includes savings products and the newly launched crypto platform, Revolut X, led with remarkable growth, nearly quadrupling its revenues from $158 million to $647 million. This made Wealth Revolut’s second-largest source of income after its traditional card business, which itself grew 43% to $887 million.
The exponential growth in profits and revenues accompanied significant strategic milestones. Last year, Revolut secured a long-awaited banking license in the UK, its largest market, and simultaneously introduced Revolut X, a dedicated cryptocurrency exchange aimed at experienced traders. Analysts suggest that Revolut’s entry into the crypto trading space could pave the way for broader ambitions, including the potential launch of its own stablecoin. Currently, the company’s crypto operations are expanding into additional jurisdictions beyond Europe’s MiCA regulatory framework, highlighting a gradual and cautious strategy to navigate complex international compliance requirements.
Revolut CEO and co-founder Nik Storonsky described 2024 as a pivotal year: “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.”
Looking toward 2025, Revolut has outlined ambitious goals, expressing intentions to formally launch banking operations in both the UK and Mexico, leveraging recently secured licenses. The company also aims to nearly double its global customer base to 100 million.
Despite ongoing speculation about future funding rounds—possibly involving a secondary share sale that could see Revolut approaching a valuation near $60 billion—the fintech firm remains reserved, offering no explicit comment about timing for potential IPO plans. A spokesperson underlined that Revolut’s immediate focus remains on continuing its current strategic trajectory through international expansion, revenue growth, and ongoing innovation.
These robust financial and strategic advances come at a time when Revolut faces external legal pressures, notably a high-profile suit from competitor Rippling demanding the disclosure of parties who allegedly financially supported espionage activities aimed against their company. Nonetheless, developments in the US regulatory landscape regarding cryptocurrencies may open further avenues for Revolut to bolster user growth in markets where it has historically struggled to gain ground.
In the face of any controversies, Revolut’s stellar profit performance, aggressive global expansion, and growing suite of financial products signal its firm intention to maintain its leadership and capture increasing market share in the fiercely competitive neobanking and fintech arena.
