Revolut, the UK-born digital banking platform valued at $45 billion, has achieved a major financial milestone: $1 billion in net profit for 2024. While its IPO remains on hold, the fintech powerhouse is showing strong financial and operational momentum.
The company’s newly published annual report reveals that revenues surged 72% year-over-year to $4 billion, while its global user base grew by 38% to reach 52.5 million customers. It marks Revolut’s fourth consecutive year of profitability and reflects deepening customer engagement across both personal and business products.
Big Year, Bigger Numbers
2024 wasn’t just about revenue growth. Revolut also secured a UK banking license, a long-awaited regulatory win in its home country. It completed a secondary share sale, reinforcing its valuation and paving the way for future expansion. Meanwhile, its new crypto trading platform, Revolut X, launched under its rapidly scaling Wealth division.
Although the company has not disclosed specific revenue from Revolut X, the Wealth segment as a whole generated $647 million in revenue, a staggering 298% increase from the previous year. This positions Wealth as the second-largest revenue contributor after its payment services, which grew 43% to $887 million.
“2024 was a landmark year,” said CEO and co-founder Nik Storonsky, citing both user growth and expanded product adoption across retail and business lines.
The Road Ahead: More Markets, More Users
Revolut’s goals for 2025 are ambitious. The company plans to launch full banking services in both the UK and Mexico, capitalizing on new licenses and regulatory pathways. At the same time, it’s working to double its customer base to 100 million users.
A Revolut stablecoin may also be on the horizon. While details remain under wraps, insiders suggest the initiative could span multiple regulatory jurisdictions beyond Europe, positioning it to tap into the expanding global crypto ecosystem.
With crypto playing a central role in its growth strategy, Revolut could also gain ground in the U.S. market, where it has so far struggled to establish a dominant presence. Recent U.S. regulatory shifts on cryptocurrency could open the door for its newer crypto-centric offerings.
Fundraising and IPO Outlook
Reports have hinted at another possible secondary share sale, which could lift Revolut’s valuation to $60 billion. However, the company declined to confirm any fundraising activity or IPO timeline.
“Our current focus is on executing our strategy — growing globally, launching new services, and delivering more value to customers,” a spokesperson said.
While it deals with ongoing legal drama — including a lawsuit from Rippling over alleged data leaks — Revolut’s sharp financials and product velocity suggest it’s on track to become one of the world’s most influential digital banks.