Fintech big Revolut reported a record-breaking 12 months, doubling its pre-tax revenue to 1 billion British kilos ($1.3 billion) in 2024, pushed by fast buyer progress and a resurgence in cryptocurrency trading.
According to its annual report revealed on Thursday, April 24, Revolut’s revenue soared from 438 million kilos in 2023, whereas income jumped to 3.1 billion kilos from 1.8 billion kilos.
A key contributor to Revolut’s robust efficiency was its wealth division, which incorporates inventory and digital asset trading. The section generated 506 million kilos in income — practically 4 instances larger than in 2023 — as crypto trading exercise rebounded.
Revolut added practically 15 million new customers in 2024, pushing its whole buyer base previous 50 million. This growth boosted income from card fee charges and curiosity on deposits, the fintech’s two largest revenue streams.
Founder and CEO Nik Storonsky stated within the report that “2024 was one other landmark 12 months for Revolut, with continued progress throughout all key enterprise areas.”
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Revolut receives long-awaited UK banking license
Storonsky famous that the corporate obtained a long-awaited UK banking license in 2024, which was secured in July after a three-year regulatory course of.
The license paved the best way for Revolut to expand its lending services, together with bank cards, buy-now-pay-later merchandise and doubtlessly mortgages, which the corporate confirmed are at the moment in testing.
“We acquired a UK banking license (with restrictions), paving the best way for future product enhancements in our dwelling market,” Storonsky stated.
In May 2024, Revolut introduced Revolut X, a devoted desktop crypto alternate concentrating on skilled merchants. The platform affords trading for 100 tokens with low charges and real-time on/off-ramp capabilities, with plans to broaden to cellular in 2025.
In November, Revolut expanded its crypto exchange in Europe, rolling out Revolut X in 30 markets throughout the European Economic Area (EEA), together with Belgium, Cyprus, Denmark and others.
Revolut continued to broaden its digital asset providers throughout the 12 months, providing clients entry to cryptocurrencies alongside different funding choices like shares, ETFs, bonds and commodities inside its app ecosystem, per the annual report.
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Revolut struggles to appeal to banking clients
Despite its progress, Revolut faces challenges in changing customers of its widespread app into main banking clients.
Growing deposit volumes stay essential for funding future lending operations and competing with established retail banks. In 2024, whole buyer balances rose to $39.8 billion from $23.9 billion.
Revolut can be focusing on increasing its premium subscription base, with income from paid plans climbing 74% year-on-year to 423 million kilos, per the report.
Additionally, its enterprise providers arm now accounts for 15% of whole income, reflecting efforts to diversify revenue streams past retail banking.
Looking forward, Storonsky stated Revolut intends to attain 100 million day by day energetic customers throughout 100 international locations.
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