Yigit Taha OZTURK 
Revolut more than doubled its pre-tax profit to £1 billion ($1.3 billion) in 2024, thanks to a strong rebound in crypto trading and the addition of 15 million new users. According to its annual report, the company’s revenue surged from £1.8 billion to £3.1 billion year-over-year.
The fintech’s wealth division, which includes stock and digital asset trading, generated £506 million in revenue — almost four times more than in 2023. The renewed interest in Bitcoin (BTC) and Ethereum (ETH) played a key role in this growth.
Revolut Secures UK Banking License
Founder and CEO Nik Storonsky described 2024 as a landmark year, highlighting the acquisition of the long-awaited UK banking license in July. This license enables Revolut to test and roll out financial services like credit cards, buy-now-pay-later products, and potentially mortgages.
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In May, Revolut launched Revolut X, a desktop-focused crypto exchange offering over 100 tokens, low fees, and real-time on/off-ramps. The platform is expected to roll out on mobile in 2025. In November, Revolut X expanded across 30 markets in the European Economic Area, enhancing its digital asset offerings.
Challenges And Future Goals
Despite the surge in users, Revolut still struggles to convert app users into primary banking clients. In 2024, total deposits grew from $23.9 billion to $39.8 billion, a crucial factor for future lending services.
Revenue from premium plans increased by 74% to £423 million, while the business services division now contributes 15% of total revenue.
Revolut’s ambitious target: 100 million active users across 100 countries.
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