Revolut has just hit a major milestone – its fourth straight year of profit. The fintech giant added nearly 15 million new users in 2024, pushing its total to 52.5 million. This growth, combined with customers using more of its services, helped drive revenue up 72% to $4 billion.
All areas of the business saw significant gains. Card payments rose 43% to $887 million, while wealth management jumped 298% to $647 million. The company also saw a 58% increase in foreign exchange revenue, reaching $540 million. Subscription income was up 74% to $541 million.
Key Numbers
Customer deposits surged 66% to $38 billion, and interest income grew 58% to $1 billion. As a result, Revolut’s net profit hit $1 billion, with a healthy 26% margin.
Revolut’s expansion isn’t slowing down. The company is on track to launch its bank in the UK and Mexico in 2025. It’s also pursuing over 10 international licenses and eyeing new markets like India and Brazil. The goal is ambitious: 100 million daily active users across 100 countries.
The company is investing heavily in new banking solutions, investment products, credit options, and lifestyle services. At the same time, it’s focusing on beefing up security and improving the customer experience.
Strong Performance in Spain
Spain was a standout market for Revolut in 2024. The company added 1.5 million new customers, a 65% increase. Key highlights included:
- Account growth: +215% compared to 2023
- Savings growth: +487%, driven by Money Market Funds
- Shared Accounts: +277% year-over-year
- Credit growth: +53% in personal loans and +189% in credit cards
This strong performance reflects growing trust in Revolut as a primary banking partner among Spanish users.
Revolut’s success is built on a strong foundation. The company has tripled the volume of payments processed through Revolut Business. It has also improved customer service efficiency by 80% and prevented an estimated $800 million in fraud.
As Revolut looks to the future, it’s clear that the company is just getting started. With its sights set on 100 million daily active users, Revolut is poised to continue its rapid growth trajectory.
