Market News

Revolut's Stellar Profit Growth Fueled by Crypto Trading Surge

Revolut has reported remarkable financial results for 2024, achieving a pre-tax profit of £1.3 billion ($1.4 billion), a 149% increase from the previous year.

This surge has been largely attributed to a significant rise in cryptocurrency trading activity and a notable increase in its user base.

The fintech company saw its customer count swell to 52.5 million, marking an impressive 38% growth year-over-year.

Total revenues also jumped by 72% to £4 billion, driven by various business segments, particularly its wealth division, which includes crypto trading services.

This division experienced a staggering 298% growth in revenue, contributing £506 million, thanks to the launch of the dedicated crypto exchange, Revolut X.

Revolut's enhanced subscription offerings and expansion of traditional banking services also played significant roles in its financial success.

Consolidating this momentum was the successful acquisition of a UK banking license, allowing for further expansion into lending products.

Despite these achievements, Revolut faces challenges, particularly in transitioning its large app user base into loyal banking customers.

The company is set on ambitious goals, aiming for 100 million daily active users across 100 countries, as it continues to innovate and expand its services.

With such a dynamic presence in the crypto and fintech landscape, Revolut appears well-positioned for ongoing growth and profitability in the coming years.