- Fourth consecutive year of net profitability; Profit before tax up 149% to $1.4bn (£1.1bn); net profit $1.0bn (£790m); net profit margin of 26%, up from 19% in 2023.
- Group revenues rose 72% to $4.0bn (£3.1bn), up from $2.2bn (£1.80bn) in 2023, driven by strong growth across all revenue streams.
- Customer base grew by 38% to 52.5m globally while total customer balances surged 66% to $38bn (£30bn), driven by increased customer engagement.
24 April 2025: Today, Revolut Group released its Annual Report for the year ending 31 December 2024, delivering significant growth across all business segments and its fourth consecutive year of profitability.
| Nik Storonsky, CEO of Revolut said: “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. This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability. “This performance earned us the status of Europe’s most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory. But we’re just getting started. 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.” |
2024 Performance Highlights
Strong Financial Performance Across the Business (see Figure 1)
A robust mix of revenue streams saw Revolut achieve strong financial results in 2024:
- Revenue growth: Group revenue increased by 72% to $4.0bn (£3.1bn), up from $2.2bn (£1.8bn) in 2023, driven by both an expanding customer base and increased product utilisation.
- Revenue breakdown: Growth was strong across all key business segments (see Figure 2):
- Card Payments grew 43% YoY to $887m (£694m);
- Wealth increased 298% to $647m (£506m), up from $158m (£127m);
- FX increased 58% to $540m (£422m), up from $333m (£267m);
- Subscriptions turnover reached $541m (£423m), a 74% YoY increase from $303m (£244m), fueled by enhanced paid tier benefits.
- Customer balances & lending: Total customer balances expanded 66% to $38bn (£30bn), up from $23bn (£18bn) in 2023, primarily driven by strong growth in customer deposits and increased balances in our Savings products (including those held externally with Partners and Money Market Funds). Revolut maintained a prudent approach to balance sheet management, holding 62% of assets as Cash and Cash Equivalents. Simultaneously, the customer lending portfolio grew by 86% YoY to $1.2bn (£979m).
- Interest income grew 58% YoY to $1.0bn (£790m), compared to $621m (£500m) in 2023, directly resulting from managing these increased deposits effectively and expanding lending activities.
- Record profitability: This strong top-line growth translated into record profitability, marking the fourth consecutive year of net profitability:
- Profit before tax was $1.4bn (£1.1bn)
- Net profit grew to $1.0bn (£790m), up from $428m (£344m) in 2023
- Net profit margin strengthened to 26%, reflecting the operating leverage of the business model.
Accelerated Customer Growth & Deepening Engagement (see Figure 3)
2024 set a new record for customer acquisition, laying the foundation for future expansion and growth.
- Record customer acquisition: Revolut welcomed almost 15m new customers globally, bringing the total to 52.5m by year-end (a 38% increase).
- Market leadership & reach: Growth momentum was strong across Europe. Revolut is now the most downloaded app in the Finance category, ranking first in 19 countries and secured a spot in the top three in 26 countries across the continent.
- Customer activity surged:
- Transaction volumes rose 52% YoY, approaching $1.3tn (£1.0tn).
- Retail monthly active users increased 42% YoY.
- The Revolut Business segment showed equally strong momentum, with monthly active businesses surging 56% YoY. This contributed to turnover from business customers reaching $592m (£463m), accounting for approximately 15% of total group revenue and positioning Revolut Business as one of the largest B2B digital banking players in Europe.
- Deepening engagement: Use of value-added services grew significantly:
- Paid plan adoption increased by 45% YoY.
- The new loyalty programme, RevPoints, attracted 6.6m users since it launched in June 2024.
- Efficient growth engine: Strong organic growth continued, with over 65% of new retail customers joining via word-of-mouth or referrals. This was supplemented by a $591m (£463m) investment in targeted sales, advertising, and marketing activities.
- Significant growth opportunity: Despite significant scale, Revolut’s market penetration remains around 15% of the adult population in key markets, signalling a substantial opportunity for continued growth towards its mission. (see Figure 4)
Investing in Best-in-Class Products, Customer Experience, & Talent
Revolut continued significant reinvestment into enhancing its platform, improving customer experience, and strengthening its foundations.
- Progressed Core Banking: Expanded essential local features like IBANs across 7 European countries that strengthen Revolut’s primary account offering.
- Enhanced Wealth & Savings: Expanded Savings and MMF availability (over 30 countries, attracting $12.3bn (£9.8bn) deposits since launch), launched the Revolut X crypto exchange amid increased trading activity, added Bonds and European investment plans, launched the Revolut Invest app, and secured UK Investment license.
- Strengthened lending capabilities: Continued to develop the lending offering, building on significant portfolio growth and initiating internal testing of mortgages to support customers through major financial decisions.
- Transformed Revolut Business: Upgraded Revolut Business significantly (RB5 redesign, Revolut BillPay, Flexible Cash Funds); merchant acquiring payment volumes tripled YoY on the back of growing merchant adoption and expansion of our acceptance solutions.
- Improved service & safety: Increased customer service efficiency (achieving 80% faster resolution times) while prioritising safety, preventing an estimated over $800m (£600m) in potential fraud through enhanced controls.
- Enhanced governance & controls: Significantly enhanced governance and compliance functions, including a 30% increase in the risk function alongside new NED appointments to Revolut’s UK and EU Bank Boards.
2025 Outlook
Revolut is poised for continued significant growth in 2025 and beyond, driven by further platform enhancements and global expansion.
- Bank launches in 2025: Prioritising the formal launch of our UK bank alongside the launch of our bank in Mexico.
- Global licensing & new market entries: Actively securing over 10 global licenses, scaling recent market entries like Brazil, preparing for our service launch in India (following recent PPI license approval), and seeking further opportunities across the Americas and Asia-Pacific.
- Product innovation: Continuing to enhance core banking, wealth, credit, and lifestyle offerings, including further development of mortgages, loyalty programs like RevPoints, and eSIMs.
- Customer experience: Ongoing investment in customer service efficiency and effectiveness, alongside robust security and anti-fraud measures.
- Global growth trajectory: Pursuing a strategic path towards achieving 100 million daily active users across 100 countries, solidifying Revolut’s global leadership.
The 2024 Annual Report can be viewed online or downloaded in PDF format at: revolut.com/financial-statements/
Additional Information
Reporting currency & calculations: Revolut Group’s reporting currency is Pound Sterling (GBP), and percentage growth figures presented are calculated based on these GBP results unless otherwise stated. US Dollar (USD) figures are provided for illustrative context using average FX rates for P&L items and the year-end FX rate for 31 Dec 2024 Balance Sheet items; USD percentage changes may differ due to FX movements.
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