Revolut, profit doubles to $1 billion

Revolut ended its fourth profitable year with net profit more than doubling to $1 billion in 2024 with 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. Against a 38% growth in the customer base, total balances increased almost twice as much, up 66% to USD 38 billion, driven mainly by strong growth in deposits and increased balances in savings products.

The growth involved all the different business areas. In particular, the Wealth division, which includes the equity trading business, grew by 298% to USD 647 million, while subscription revenues jumped by 74% to USD 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.

"2024 was a record year for Revolut, in terms of profitability and revenue," comments David Tirado, Vp Profitability at the bank. The increase in deposits confirms that customers are increasingly attracted by our offers and that their trust in us is growing, which is also evidenced by the entry of 15 million new users. In particular, the increase in card transactions and subscriptions, which grew by 70 per cent in revenue, shows that people are using our account for everyday needs and are increasingly willing to pay for quality services".

It is precisely on value-added services that the bank is betting to continue its growth, focusing on advanced core banking, savings and investment services after the launch of money funds, the expansion of trading products, and the enhancement of the offer linked to loans, following the trial launched in Lithuania for mortgages. The group is also focusing on the expansion of the Business division, which has seen an increase of 56% in the number of active businesses each month, accounting for around 15% of the group's total turnover.

The dynamic and flexible offer for companies, SMEs in particular, is, together with the launch of credit cards, one of the focuses for growth in Italy, where Revolut became a fully-fledged Italian bank with a national Iban at the end of 2024. Customers grew by 1.2 million to over three million, with a target of four million by the end of the year. Balances grew by 80%, subscriptions by 82% and joint accounts by 219%, demonstrating a shift to Revolut as a shared finance solution between copies and families. In Italy, Pos Revolut is already available for companies.