Revolut sees record profit surge amid crypto boom and expanding services

Revolut, the London-based financial technology firm, has reported a significant financial performance for 2024, with pretax profits rising by 149% to £1.1 billion ($1.46 billion).

The surge in profits comes largely from increased crypto trading volumes, higher interest rates, and revenue from its growing suite of financial services.

Revenue for the year rose to £3.1 billion, up from £1.8 billion in 2023. The firm’s “Wealth” division, which includes crypto trading and other investment products, saw a 300% year-on-year revenue increase, highlighting the growing importance of digital assets in its business model.

Revolut’s customer base also saw strong expansion, growing to 52.5 million users by the end of 2024, up from 38 million the year before. Business customers accounted for 15% of total revenue, illustrating the company’s growing presence in both the consumer and enterprise sectors.

Additionally, subscription revenues grew by 74%, reaching £423 million, and the company saw a substantial increase in customer balances, rising from £18 billion to £30 billion.

The firm’s diversification strategy is becoming increasingly evident. In addition to expanding its wealth management and crypto offerings, Revolut is eyeing a broader entry into the consumer lending market, with plans to roll out mortgages and other lending products in the near future.

Despite its rapid growth, Revolut claims it’s still in the early stages of its journey, suggesting further expansion in the coming years.

Revolut was founded in 2015 by Nikolay Storonsky, a former trader at Lehman Brothers, and Vlad Yatsenko, a former software engineer at Credit Suisse.

The two met while working in the finance sector and quickly realized the limitations of traditional banking services, particularly when it came to offering efficient, affordable financial products across borders.

In 2018, Revolut received a European banking license, which marked a significant step in its growth.

This allowed the company to expand its services further, including introducing features like consumer lending and providing a platform for business accounts.

The company quickly gained a reputation for its rapid growth and ability to challenge traditional banking models with its digital-first approach.

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