Revolut has reported a record pre-tax profit of $1.4bn (£1.1bn) in 2024, marking its fourth consecutive year of profitability.
In its annual report for the year ending 31 December last year, the British neobank revealed significant growth across all business segments, with its pre-tax profit up 149% year-on-year and customer base growing by 38% to 52.2 million global users.
According to the report, group revenues rose 72% to $4bn (£3.1bn) thanks to strong growth across all revenue streams, while net profit was recorded at $1bn (£790m).
Nik Storonsky, chief executive of Revolut, explains how 2024 was a “landmark” year for Revolut. “We not only accelerated our customer growth, 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.
“This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability.”
According to the annual report, card payments grew 43% year-on-year to $887m (£694m); wealth increased 298% to $647m (£506m); FX increased 58% to $540m (£422m) and subscriptions turnover reached $541m (£423m) fuelled by enhanced paid tier benefits.
Transaction volumes for the bank increased 52% approaching $1.3trn (£1trn) and total customer balances reached $38bn (£30bn).
The Revolut Business segment showed equally strong momentum, with monthly active businesses surging 56% since 2023. This contributed to turnover from business customers reaching $592m (£463m).
Revolut’s market penetration remains around 15% of the adult population in key markets, signalling an opportunity for continued growth.
It is opportunities such as these that prompt Storonsky to emphasise how these promising growth figures are only the beginning. “We’re just getting started,” he explained. “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.”
Revolut is planning to prioritise the formal launch of its UK bank in 2025 alongside the launch of its bank in Mexico.
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