Revolut has announced remarkable growth for the fiscal year 2024, achieving pre-tax profits of $1.4 billion and a net profit of $1 billion.
Group revenues soared by 72%, rising to $4.0 billion from $2.2 billion in 2023, fueled by robust growth across all revenue streams and a rapidly expanding user base. The total number of customers increased by 38% to reach 52.5 million globally, while customer balances surged by 66% to $38 billion, thanks in large part to the introduction of new products.
In terms of specific revenue streams, card payment revenues climbed 43% year-over-year to $887 million, while wealth management saw an impressive 298% increase, totaling $647 million compared to $158 million the previous year. Foreign exchange revenue rose 58% to $540 million, and subscription services experienced a 74% year-over-year increase, reaching $541 million, up from $303 million.
Nik Storonsky, CEO of Revolut, remarked, “2024 was a pivotal year for Revolut. We not only accelerated our customer growth by bringing in nearly 15 million new users globally, but we also observed deeper customer engagement across both our retail and business services.”
Revolut’s outstanding performance has established it as Europe’s most valuable private technology company. “But we’re just getting started,” Storonsky added. “We’re making significant strides toward achieving 100 million daily active customers across 100 countries, particularly through growth in the UK, Europe, and our emerging markets. This ambitious goal keeps us focused on enhancing global financial access with innovative products and seamless user experiences.”
The Revolut Business segment has also shown impressive growth, with monthly active business accounts increasing by 56% year-over-year. This segment generated $592 million in turnover, representing approximately 15% of the company’s total revenue, solidifying its position as one of Europe’s largest B2B digital banking entities.
With a market penetration of about 15% among the adult population in key regions, Revolut sees substantial potential for continued growth. The company is preparing to formally launch its UK bank, alongside a similar initiative in Mexico. Upcoming products will include offerings such as loans, overdrafts, mortgages, and private banking services.
Investors have responded positively to the fintech’s success. Index Ventures, a backer since its inception, continues to be one of Revolut’s largest shareholders.
Martin Mignot, a partner at Index Ventures, stated, “Revolut is witnessing growth on various fronts: current customers are increasingly utilizing the platform for a broader range of financial services, the business sector has begun contributing 15% of revenue while expanding, new regional entries have attracted millions of new users, and continued product innovation is ongoing.”
“Today’s performance positions Revolut not only as one of the most valuable fintechs of all time but also as a contender to become one of the largest financial institutions worldwide. With ongoing growth across diverse geographical areas and both business and consumer products, Revolut shows no signs of slowing down.”