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Revolut’s $1.4B Profit: Crypto, Customers, and a Whole Lot of Growth!

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So, Revolut has officially hit the jackpot, and no, it’s not with a lucky scratch card. This UK-based fintech giant has reported a mind-blowing $1.4 billion profit for 2024. And no, that’s not a typo. Thanks to an explosion in its crypto division, a growing global customer base, and, well, people actually using the app, Revolut has done more than just make money. They’ve practically printed it.

In its annual report (released on Thursday, because, obviously, Thursdays are for fintech magic), Revolut proudly showed off how their plan to diversify services and expand like a hyperactive child in a candy store really paid off. The total revenue? A hefty $4 billion—up a jaw-dropping 72% from $2.2 billion in 2023. Yeah, you read that right.

Crypto and Wealth Business Lead the Way (No Surprises There)

It’s not exactly breaking news that crypto is where the money’s at. Revolut’s wealth division—which includes crypto, commodities, trading, and savings—was a massive revenue driver. It brought in $647 million, a ridiculous 298% increase from the previous year. If only we all had that kind of growth rate in our 401(k)s, huh?

And don’t forget the shiny new toy: Revolut X, their standalone crypto exchange launched in May. It’s already live in 30 European markets, because apparently, everyone in Europe just couldn’t wait for more ways to get involved in the crypto circus.

Oh, and the cherry on top? Revolut snagged a UK banking license in July after a three-year wait. So now, it’s officially a legit player in the banking world. No big deal, just legitimizing itself in the world of finance, especially for crypto users. 🚀

Global User Base and Engagement Surge (Translation: Everyone Wants In)

Revolut’s user numbers are soaring, because apparently, no one can resist a good fintech app these days. The company’s user base shot up to over 52.5 million, adding nearly 15 million new customers in 2024 alone. That’s a 38% year-over-year increase. We’re not talking about small numbers here. We’re talking about a fintech empire in the making.

And if you thought those numbers were impressive, just wait. Customer balances grew by 66%, hitting $38 billion. Transaction volumes? A staggering $1.3 trillion, a 52% increase. It’s safe to say Revolut’s not just a cute little app anymore. It’s the big dog now. 🐕

The cherry-picked stats? Monthly active retail users grew by 42%, and business accounts increased by 56%. Turns out, people really like spending money. Who knew?

Revenue Streams Continue to Diversify (Because One Stream is Never Enough)

Revolut isn’t just making its dough from crypto, though. Oh no. They’ve got several income streams, and each one is growing like an overzealous weed in a garden:

  • Subscription revenue climbed to $541 million (+74% YoY), because apparently, everyone loves premium features.
  • Foreign exchange services brought in $540 million (+58%), proving that people still want to trade currency in a world full of digital money.
  • Card payments? Oh, they brought in a nice $887 million (+43%). Because, again, spending is a thing.
  • Interest income shot up to $1 billion (+58%), thanks to higher interest rates and an influx of customer deposits. I guess everyone’s trying to grow their money.

Profitability Hits New Heights (Like, Seriously, It’s a New Level)

Here’s the kicker: Revolut’s net profit surged by 134% to $1 billion. That’s not just profit, that’s profit with a capital P. Oh, and their net profit margin? A solid 26%. It’s their fourth consecutive year of profitability. Who’s counting, right? Oh wait, it’s us, because this is impressive.

CEO Nik Storonsky (yes, he’s the guy who masterminded this madness) called 2024 a “landmark year.” Yeah, because when your company grows like a weed in spring, it’s a pretty big deal. He attributed it all to deepening customer engagement and people using more of Revolut’s financial services. Clearly, “more” is better.

As other fintech companies struggle with competition and regulatory hurdles (good luck with that), Revolut is on top, flexing its muscles in both crypto and global neobanking. If 2024 is any indication, 2025 is going to be their year. Get ready to see this fintech giant keep on dominating.

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2025-04-24 15:35

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