For Revolut a billion dollars net profit and 52 million users
Digital bank closes a record-breaking 2024 with growth in all business areas and increased user engagement. Now complete bank challenge in the UK and expansion into Mexico, Brazil and India
3' min read
3' min read
Revolut closed its fourth profitable year in 2024 with net profit more than doubling to USD 1 billion and a net margin of 26%. Total revenues grew 72% to $4 billion, driven by both the expansion of the customer base to 52.5 million globally and increased product utilisation. Pre-tax profit jumped 149% to 1.4 billion.
The growth of the UK digital bank, which is expanding its offering to become a full-service bank, continued across all business areas. In particular, the Wealth division, which includes the stock trading business, grew 298% to $647 million, while subscription revenues jumped 74% to $541 million. At the same time, the loan portfolio rose by 86% to 1.2 billion, while total transaction volume increased by 52% to 1.3 trillion.
With a 38% growth in the customer base, total balances increased by almost double, up 66% to USD 38 billion, driven mainly by strong growth in deposits and increased balances in savings products. The figure seems to confirm a greater customer engagement, confirming the success of the strategy to become the first bank for its customers.
The Business offer recorded a 56% increase in the number of active companies each month, contributing to a turnover of EUR 592 million, or about 15% of the total turnover
of the group.
