How Revolut Added 15 Million Users in Just One Year (While Doubling Profits)

2025-04-24T08:51:10.808+02:00

Thursday, 24/04/2025 | 06:51 GMT by Damian Chmiel

Revolut’s profit before tax jumped 149% to $1.4 billion in 2024 as its customer base grew 38% to 52.5 million.
The fintech company saw revenue surge 72% to $4 billion with particularly strong growth in crypto and wealth.

Striking neon sign in the London fintech's office. Source: Revolut — A really telling neon in the London fintech’s office. Source: Revolut

Digital banking giant Revolut reported a 149% jump in profit before tax to $1.4 billion (£1.1 billion) for 2024, marking its fourth consecutive year of profitability as the company continues its aggressive global expansion.

Revolut Posts $1.4 Billion Profit as Customer Base Surges 38%

The London-based fintech saw its customer base grow by 38% to 52.5 million users worldwide, while total customer balances increased 66% to $38 billion (£30 billion).

Group revenue surged 72% to $4 billion (£3.1 billion) compared to $2.2 billion in 2023, with net profit reaching $1 billion (£790 million).

Nikolay Storonsky, CEO of Revolut, seems to be aiming for wide-ranging European expansion (Revolut).

“This performance earned us the status of Europe’s most valuable private technology company,” said Nik Storonsky, CEO of Revolut. “We’re making strong progress towards 100 million daily active customers across 100 countries.”

Crypto Leads

The company’s Wealth division saw the most significant increase, with revenue jumping 298% to $647 million (£506 million), largely driven by increased crypto trading and the launch of Revolut’s crypto exchange.

Card payments revenue grew 43% year-over-year to $887 million, while foreign exchange revenue increased 58% to $540 million. The company’s subscription business generated $541 million, up 74% from 2023.

Key Financial Performance Metrics

Metric	2024	2023	YoY Change
Total Revenue	$4.0bn (£3.1bn)	$2.2bn (£1.8bn)	+72%
Profit Before Tax	$1.4bn (£1.1bn)	$562m (£452m)	+149%
Net Profit	$1.0bn (£790m)	$428m (£344m)	+133%
Net Profit Margin	26%	19%	+7%
Customer Balances	$38bn (£30bn)	$23bn (£18bn)	+66%
Customer Lending Portfolio	$1.2bn (£979m)	$655m (£528m)	+86%

Interest income rose 58% to $1 billion as Revolut effectively managed its growing deposit base and expanded lending activities. The customer lending portfolio grew 86% to $1.2 billion, though this remains relatively small compared to traditional banks.

Notably, the company’s net profit margin improved to 26%, up from 19% in 2023, demonstrating the scalability of Revolut’s business model.

New Products, New Regions

Revolut continued to enhance its product offerings in 2024, expanding its Savings and Money Market Fund availability to over 30 countries, which attracted $12.3 billion in deposits. The company also launched bonds and European investment plans while securing a UK investment license.

The Revolut Business segment showed strong momentum, with monthly active businesses increasing 56% year-over-year. Business customers contributed approximately 15% of total group revenue, positioning Revolut Business as one of Europe’s largest digital banking players in the B2B space.

According to the company, market penetration remains at only about 15% of the adult population in key markets, indicating substantial room for further expansion.

“This ambitious goal will keep us focused on revolutionising global financial access through innovative products and seamless user experiences,” added Storonsky.

Banking License Progress and Future Plans

In its outlook for 2025, Revolut prioritized the formal launch of its UK bank following the restricted banking license it secured in July 2024. The company is also preparing to launch banking operations in Mexico and recently received approval for a Prepaid Payment Instrument license in India.

Additionally, Revolut disclosed in its annual report that CEO and founder Nikolay Storonsky has increased his ownership stake to more than 25% of the company following a reorganization of its ownership structure in April 2025.

The company is actively securing over 10 global licenses and scaling recent market entries like Brazil while exploring further opportunities across the Americas and Asia-Pacific.

Francesca Carlesi, Revolut’s UK CEO, has previously stated that the journey to becoming a fully authorized UK bank is a crucial step in the company’s global expansion and eventual IPO path.