Revolut saw its revenue jump 72 per cent to £3.1bn in 2024, fuelled by a bounce in its subscription and crypto offerings. Europe’s most valuable private tech company reported pre-tax profits of £1.1bn in 2024, more than double the previous year, and added 15 million new users. Revolut now has 52.5 million retail customers across the world.
Nik Storonsky, Revolut CEO and co-founder, heralded 2024 as a “landmark” year for the UK-headquartered challenger bank. Customer balances, a key metric for Revolut as it looks to get more users to use Revolut as their primary account, were up 66 per cent to £30bn. This was driven by strong growth in customer deposits and increased balances.
Revolut bills itself as an all-in-one financial app and offers a gamut of financial services, including consumer and business banking services, mortgages, subscription products, insurance and crypto products. It said profits were up partly due to the instilling of financial discipline across the business.
Its revenue uplift was helped by subscription revenue hitting £423 million, a 74 per cent year-on-year increase, while wealth revenue grew 298 per cent driven by increased crypto trading activity and the launch of Revolut X, its standalone crypto exchange, last year.
Revenue across Revolut’s business offering topped £460m and now accounts for roughly 15 per cent of Revolut’s revenue. Revolut, valued at $45bn, secured a UK banking licence in 2024 and is now in its so-called "mobilisation" phase. Revolut has also been rumoured to be gearing up for an IPO.
Revolut employed 10,133 staff as of the end of 2024, up from 8,152 in 2023.
Storonsky added: “2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business.
"This powerful combination directly fuelled our record growth, and our technology-driven operating model translated this into record profitability.
"This performance earned us the status of Europe's most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory.
"But we’re just getting started. We’re making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets. This ambitious goal will keep us focused on revolutionising global financial access through innovative products and seamless user experiences."
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