2 days ago
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Coinspeaker
Revolut’s Profits Increase to $1.3B Amid User Growth and Crypto Trading Boom
Revolut, a fintech company, has doubled its profit to £1 billion ($1.3 billion) in the fiscal year of 2024. The company reported that this rise in profit was linked to tremendous growth in the crypto trading activities, an increase in new users, as well as securing the highly anticipated UK regulatory banking approval.
Revolut published its annual report on April 24, which highlighted that the pre-tax profit in the past fiscal year increased from £438 million in 2023 to £1 billion in 2024. Revenue also shot from £1.8 billion in 2023 to £3.1 billion in 2024.
Revolut’s Customer Growth
A major driver behind Revolut’s strong performance was the increase in new clients in the past year. The digital finance company received an influx of 14.5 million new customer accounts. This came from Revolut’s expansion plans into other European markets, apart from their traditional UK and Ireland territories.
According to the end-of-year report, Revolut had 52.5 million active customers. As a result of the expansion, revenue linked to card payment fees and deposits’ interest increased.
