Revolut Achieves Unprecedented Financial Milestone: A Deep Dive
In an impressive display of financial prowess, Revolut has shattered records by achieving over $1 billion in annual profit for the first time in its history. This milestone comes as the London-based fintech prepares to launch its comprehensive banking operations in the UK later this year, marking a significant evolution in its business strategy.
On Thursday, the company revealed that its net profit for 2024 reached a staggering £1.1 billion (approximately $1.5 billion), reflecting a remarkable 149% jump from the previous year. The surge in profitability is accompanied by a remarkable 72% growth in total revenue, which now stands at £3.1 billion. This growth is fueled by vigorous performance across various sectors of the business, showing a diversified approach to its financial strategies.
Wealth Division: A Star Performer
One of the highlights of Revolut’s financial report is the extraordinary growth of its wealth division, which encompasses both stock and cryptocurrency trading services. This segment witnessed a jaw-dropping 298% increase in revenue, generating £506 million thanks to a resurgence in cryptocurrency trading enthusiasm among users.
Additionally, subscription services have also played a considerable role in driving revenue, with an impressive 74% increase, bringing in £423 million. Revolut’s loan book experienced substantial growth as well, expanding by 86% to reach £979 million. This was bolstered by a significant rise in customer deposits, which in turn spurred a 58% increase in interest income, reaching a total of £790 million.
Why This Matters: The Significance of Revolut’s Transition
As Revolut gears up for its transition into a fully licensed bank in the UK, this significant financial momentum could not have come at a better time. After a lengthy three-year application process, the company received a restricted banking license from the UK’s Prudential Regulation Authority (PRA) in July 2024 and is now awaiting final regulatory approval to migrate its 11 million UK customers to its new banking entity.
This transition to a traditional banking model will enable Revolut to offer essential financial products such as loans, overdrafts, and mortgages, thereby unlocking new revenue streams. However, it’s important to note that this journey is not without challenges—Revolut will face strong competition from established players in the digital banking space, such as Monzo and Starling, who secured their full banking licenses years ago.
Expert Insights: What Analysts Are Saying
“Revolut has significantly improved its economics and accelerated product adoption, resulting in the achievement of its fourth consecutive year of profitability,” commented Nik Storonsky, Founder and CEO of Revolut. “This turning point in our company is not just about numbers; it signifies our growth and potential as we evolve into a full-fledged bank.”
The fintech guru also remarked on the excitement generated by welcoming new investors through a secondary share sale, which brought Revolut’s valuation to a staggering $45 billion.
Innovating Crypto: The Launch of Revolut X
Revolut is not just resting on its financial laurels; it is also innovating in the cryptocurrency sector. In May of last year, the firm launched its standalone crypto trading platform, Revolut X, exclusively for UK retail customers. Designed with both accessibility and competitive edge in mind, Revolut X aims to rival leading exchanges by offering simple on/off-ramping and low trading fees.
Professional traders have the ability to engage in more than 100 different token trades at competitive rates—0% for makers and just 0.09% for takers, regardless of volume. The introduction of Revolut X follows the launch of Revolut Ramp in March, which facilitates direct crypto purchases in Web3 wallets in collaboration with MetaMask developer Consensys.
By November, this innovative platform expanded its reach, allowing customers from an additional 30 European countries to benefit from its services, thus cementing Revolut’s position as a formidable player in the crypto trading arena.
Future Outlook: What Lies Ahead for Revolut?
The road ahead looks promising for Revolut, with its recent achievements setting a solid foundation for continued growth. As it transitions into a fully licensed bank, experts predict that Revolut may not only increase its customer base but also enhance its service offerings, which could have far-reaching impacts on the competitive landscape of fintech.
Will Revolut maintain this upward trajectory? How will its new banking capabilities play out in a market filled with established contenders? As we watch these developments unfold, one thing is certain: Revolut is a company to keep an eye on in the changing financial ecosystem.
Join the Conversation!
What are your thoughts on Revolut’s impressive growth and its entry into full banking services? Share your insights in the comments below; we’d love to hear from you!
Revolut is the #1 finance app in Europe — once again (a thread 🧵)Thanks to your trust, we set a new benchmark in 2024. pic.twitter.com/lf7fAMMoel— Revolut (@RevolutApp) April 24, 2025
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