Revolut Achieves Record-Breaking Performance Driven By Crypto Trading

The British fintech Revolut is showing exceptional performance in 2024, doubling its profits to $1.3 billion. This spectacular growth is explained by the influx of 15 million new users and the explosion of crypto trading following the rise in markets.

A Record Year Driven by Cryptos and New Users

Revolut experienced phenomenal growth in 2024, as revealed by its annual report published on April 24.

The fintech founded by Nik Storonsky saw its profit rise from 438 million to 1 billion pounds in just one year. This performance is supported by revenue that jumped by 72%, reaching 3.1 billion pounds.

The Wealth Management division stood out particularly with revenue of 506 million pounds, nearly four times more than in 2023. This surge is mainly explained by renewed interest in crypto trading, in a context of overall rise in digital asset markets.

The massive arrival of new users also played a crucial role in this success. Revolut attracted nearly 15 million new customers in 2024, bringing its total base to over 50 million users. This expansion significantly increased revenues from card payment fees and deposit interests.

Diversification of Services and International Ambitions

The year 2024 marked a turning point for Revolut with the long-awaited acquisition of its British banking license in July, after three years of regulatory processes.

This authorization opens the way for significant expansion of its financial services, notably credit cards, immediate purchase solutions with deferred payment, and potentially mortgage loans currently in the testing phase.

In May 2024, Revolut launched Revolut X, a crypto exchange platform dedicated to experienced traders, allowing trading of 100 different tokens with reduced fees. Initially available on desktop, this platform will be rolled out on mobile in 2025 and has already been extended to 30 European markets.

Despite these successes, Revolut still struggles to convert its users into primary banking customers. Growth in deposit volumes remains essential to finance future lending operations and compete with traditional banks . In 2024, client balances nevertheless increased from 23.9 to 39.8 billion dollars.