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.
In Brief
- Revolut’s profits reached $1.3 billion in 2024, double compared to 2023.
- Revenue climbed to 3.1 billion pounds, up from 1.8 billion the previous year.
- The Wealth Management division saw its revenues quadruple thanks to crypto trading.
- The user base surpassed 50 million active customers.
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.
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Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.