Revolut’s profits surged to over 1 billion pounds in 2024, driven by a 298% increase in wealth revenue, particularly from cryptocurrency trading. The fintech also surpassed 50 million customers, capitalizing on the booming crypto market. Overall revenue jumped by 72%, showcasing strong financial growth amid positive market developments.
In a striking financial leap, Revolut has reported its profits more than doubling to over 1 billion pounds ($1.33 billion) in 2024. This surge was prominently fuelled by a colossal increase in revenue from cryptocurrency trading. Specifically, the London-based fintech’s wealth revenue skyrocketed by 298%, climbing from 127.1 million pounds to just above 500 million pounds for the year.
The company also celebrated a milestone by surpassing 50 million customers for the first time. There’s a strong suggestion that many of these new users are eager to engage with cryptocurrency trading, riding on the wave of a booming market. The price of Bitcoin (BTC), for instance, exhibited a remarkable increase of over 120% throughout the year, propelled by pivotal events such as the approval of spot bitcoin ETFs in the U.S. and the pro-crypto election of President Trump.
It’s worth noting that Revolut wasn’t alone in benefiting from this crypto trading frenzy. Major players like Coinbase and Robinhood also reported significant upticks in trading activity and are gearing up for their own earnings announcements in the following weeks.
Overall, Revolut’s revenue surged by 72%, escalating from 1.8 billion pounds to over 3 billion pounds in total. Pre-tax profits saw a near 150% increase compared to the previous year, firmly establishing the company’s rapid growth trajectory.
Interestingly, Revolut’s thriving results underscore the consistent influence of cryptocurrency on its earnings. Their first annual profit was reported in 2021 during another bullish cycle in the crypto market. Plans are in the pipeline for Revolut to bolster its security measures against crypto fraud, introducing enhanced security features and risk scoring systems.
With a solidified position in the fintech sector, Revolut continues to innovate and expand with a robust customer base eager to explore the world of digital assets.
