Fintech giant Revolut reported a significant increase in pre-tax profits, doubling to 1 billion British pounds ($1.3 billion) in 2024, fueled by rapid customer growth and a resurgence in cryptocurrency trading. In its annual report published on April 24, 2024, the company noted that revenues jumped to 3.1 billion pounds from 1.8 billion the previous year. A notable contributor to this growth was its wealth division, generating 506 million pounds in revenue, which nearly quadrupled from 2023 due to increased crypto trading. Revolut added nearly 15 million new users in 2024, surpassing 50 million in total, which enhanced revenue from card payment fees and deposits. Despite this success, the company faces challenges in converting app users into primary banking customers, highlighting the importance of increasing deposit volumes for future lending operations. Revenue from premium subscriptions grew by 74% year-on-year, reflecting efforts to diversify income streams. Looking ahead, CEO Nik Storonsky aims for 100 million daily active users across 100 countries.

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