Key Takeaways
- Revolut more than doubled pre-tax profits to £1 billion in 2024.
- Its Wealth division, fueled by crypto trading, earned £506 million, up nearly four times year-on-year.
- An IPO is widely expected by 2026, but no official date has been set.
Revolut posted its strongest financial results to date, with profits crossing the £1 billion mark for the first time. This was driven by a surge in crypto trading, steady user growth, and new banking licenses that mark a shift toward traditional finance.
Once known for zero-fee currency exchanges and slick UX, the London-based startup is now angling to become a full-service bank. And with 50 million customers worldwide, it may be closer to that goal than ever.
Crypto Trading Drives Revolut’s Strongest Year
Pre-tax profit hit £1 billion, more than double the £438 million reported in 2023. Revenues jumped to £3.1 billion from £1.8 billion, with crypto trading doing much of the heavy lifting.
Revolut’s Wealth division generated £506 million in 2024, nearly quadrupling its previous total. The company didn’t break down how much of that came specifically from crypto, but the asset class clearly played a major role.
The company also added nearly 15 million new customers last year, boosting income from card fees and interest on deposits.
Revolut CEO and co-founder Nik Storonsky described 2024 as a “landmark year,” citing the company’s newly secured UK banking license and $45 billion valuation.
“This performance earned us the status of Europe’s most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory,” Storonsky said in the company’s annual report.
“But we’re just getting started. We’re making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets,” he added.
Storonsky notes that this target will keep Revolut focused on “revolutionizing global financial access through innovative products and seamless user experiences.”
A Banking App That’s Still Not a Bank, for Most Users
Despite the banking license it secured in July 2024, Revolut still struggles to convince users to treat it as their primary financial hub.
While balances rose from £18 billion to £30 billion and its loan book now sits at £979 million, many users still treat Revolut as a secondary service.
Premium subscriptions brought in £423 million—up 74% year-on-year, and its business offering now accounts for 15% of total revenue.
IPO on the Horizon, But No Rush
Talk of a public listing has been circulating for years. While Revolut hasn’t named a date, expectations are centered on 2026.
UK CEO Francesca Carlesi recently told the Wall Street Journal that getting full banking status was a critical step toward an IPO.
Revolut’s rising valuation, now reportedly higher than Barclays and Société Générale, could push it to act sooner.
Still, leadership is likely to hold out for stronger market conditions. And while UK officials have lobbied for Revolut to list in London, insiders suggest a New York debut remains the preferred option.
