Digital banking giant Revolut has posted a record net profit of $1 billion (£790 million) for 2024, more than doubling its earnings from the previous year, according to its newly released annual report.
Revenues surged 72% to $4 billion (£3.1 billion), while its global customer base jumped 38% to 52.5 million users. “2024 was a landmark year for Revolut,” said CEO and co-founder Nik Storonsky. “We not only accelerated our customer growth… but also saw customers engaging more deeply across our services.”
The neobank has now remained profitable for four consecutive years. It also secured a long-awaited U.K. banking license, executed a major secondary share sale that pushed its valuation to $45 billion, and launched Revolut X, its own crypto exchange.
Though the company hasn’t disclosed specific figures for the exchange, it sits within Revolut’s fast-growing Wealth division — which saw revenue spike 298% year-over-year to $647 million. That makes Wealth the second-largest contributor to the company’s bottom line, behind card payments ($887 million).
Revolut is now aiming to double its user base to 100 million by the end of 2025, with formal bank launches planned in both the U.K. and Mexico. The company is also reportedly exploring a stablecoin and a potential secondary share sale that could boost its valuation to $60 billion.
While it remains tight-lipped on IPO plans, a spokesperson said: “Our current focus is firmly on executing our strategy — driving growth, expanding globally, and continuing to innovate for our customers.”
All of this comes amid unrelated legal drama, with HR software firm Rippling suing Revolut over alleged ties to a corporate spy.
