Revolut Adds 15 Million Users as Platform Volume Hits $1.3 Trillion

London-based fintech giant Revolut reported a record $1.4 billion in pre-tax profit for 2024, up 149% from the previous year, according to its annual report released Thursday.

The company’s strong performance was largely driven by explosive growth in its wealth division, which includes cryptocurrency trading, commodities, and savings products.

Revolut’s wealth revenue soared 298% year-over-year to $647 million, supported by the launch of its standalone crypto exchange, Revolut X, in May and its expansion across 30 European markets. The company also secured a UK banking license in July after a prolonged three-year approval process.

Overall revenue jumped 72% to $4 billion in 2024, compared to $2.2 billion in 2023. Other growth drivers included a 74% increase in subscription revenue to $541 million, a 58% rise in FX income to $540 million, card payment growth of 43% to $887 million, and a 58% increase in interest income to $1 billion.

Revolut’s net profit rose 134% to $1 billion, up from $428 million, pushing its profit margin to 26% from 19% a year earlier.

“2024 was a landmark year for Revolut,” said CEO Nik Storonsky. “Our customer base grew by nearly 15 million, and more users are now engaging across our retail and business offerings, which directly powered our record results.”

The company reported 52.5 million global users by year-end, with total customer balances rising 66% to $38 billion. Monthly active retail users grew 42%, while business users increased 56%. Platform transaction volume rose 52% to nearly $1.3 trillion.

Crypto Push and Global Expansion Ahead

Founded in 2015 as a digital payments and currency exchange platform, Revolut added cryptocurrency trading in 2017 and has since evolved into the UK’s most valuable private fintech. The firm claims its app is the most downloaded finance app in 19 countries and ranks in the top three across 26 countries in Europe.

In January, Revolut became the first banking data provider to join the multi-chain Pyth Network, feeding real-time crypto price data into decentralized finance (DeFi) applications. The company is also reportedly developing its own stablecoin, expected to launch in the near future.

Despite global growth, Revolut exited the U.S. crypto market in October 2023 due to regulatory pressure — a move that impacted fewer than 1% of its users. The firm continues to focus on global expansion, with plans to launch a UK bank later this year, followed by new operations in Mexico, India (2025), and additional markets across the Americas and Asia-Pacific.

“Our ambition is to reach 100 million daily active users across 100 countries,” Storonsky said. “We’re just getting started.”