Revolut has reported bumper growth for the full year 2024, driving pre-tax profits to $1.4 billion and net profit at $1 billion.
Group revenues rose 72% to $4.0bn, up from $2.2bn in 2023, driven by strong growth across all revenue streams and a growing user base.
Revolut's customer base grew by 38% to 52.5m globally while total customer balances surged 66% to $38bn following the roll out of a slate of new products.
Across its diverse revenue streams, card payments grew 43% YoY to $887m, wealth increased 298% to $647m, up from $158m, FX rose by 58% to $540m, while subscriptions turnover reached $541m , a 74% YoY increase from $303m.
Nik Storonsky, CEO of Revolut says: “2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business."
The performance has earned Revolut the status of Europe's most valuable private technology company. "But we’re just getting started," says Storonsky. "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. This ambitious goal will keep us focused on revolutionising global financial access through innovative products and seamless user experiences."
The Revolut Business segment showed equally strong momentum, with monthly active businesses surging 56% YoY. This contributed to turnover from business customers reaching $592m, accounting for approximately 15% of total group revenue and positioning the business as one of the largest B2B digital banking players in Europe.
Revolut's market penetration remains around 15% of the adult population in key markets, signalling a substantial opportunity for continued growth. The business shows no sign of wilting as it prioritises the formal launch of its UK bank alongside the launch of a bank in Mexico. New products in the works include a push into loans, overdrafts, mortgages and private banking.
The fintech's success has been warmly welcomed by investors.
Index Ventures has been an investor since day one and remains one of Revolut’s biggest shareholders.
Martin Mignot, partner at Index Ventures, says: "Revolut is experiencing growth on multiple fronts: existing customers are expanding their use of Revolut across their entire financial lives, business users now generate 15% of revenue and continue to grow, expansion into new regions is bringing millions of new customers to the app, and Revolut continues to bring in new products.
“Today’s results put Revolut on track to become not just one of the most valuable fintechs of all time, but also one of the largest financial institutions globally. With growth across geographies, and business and consumer products alike, Revolut shows no sign of slowing down.”