From Cointelegraph

April 24, 2025 03:26:00 AM:

Fintech giant Revolut doubled its pre-tax profit to 1 billion British pounds in 2024, with revenue soaring to 3.1 billion pounds, driven by rapid customer growth and a resurgence in cryptocurrency trading. The wealth division, including digital asset trading, contributed significantly, generating 506 million pounds in revenue.

Revolut added over 15 million new users in 2024, surpassing 50 million total customers. Founder and CEO Nik Storonsky highlighted the company’s growth across all key business areas. Revolut also received a long-awaited UK banking license in 2024, allowing for expansion of lending services like credit cards and mortgages.

In May 2024, Revolut launched Revolut X, a desktop crypto exchange for experienced traders, offering trading for 100 tokens with low fees. The platform plans to expand to mobile in 2025. In November, Revolut expanded its crypto exchange Revolut X to 30 markets across the European Economic Area, including Belgium and Denmark.

Despite its growth, Revolut faces challenges in converting app users into primary banking customers. Total customer balances rose to $39.8 billion in 2024, with growing deposit volumes crucial for funding lending operations. Revenue from paid subscription plans rose 74% year-on-year to 423 million pounds, while the business services arm accounts for 15% of total revenue. Revolut aims to reach 100 million daily active users across 100 countries.

Read more at CoinTelegraph: Revolut doubles profits to $1.3B on user growth, crypto trading boom