Revolut has announced a record-breaking year in its 2024 Annual Report, posting a $1.4 billion profit before tax, a 72% increase in revenue, and a 38% rise in its global customer base, bringing total users to 52.5 million. These achievements mark the company’s fourth consecutive year of profitability and reinforce its status as Europe’s most valuable private technology company, with a secondary share sale at an implied $45 billion valuation.
CEO Nik Storonsky described 2024 as a “landmark year,” driven by a surge in customer engagement across both its retail and business verticals, an expanding product portfolio, and increasing use of Revolut as a primary banking service. Customers now trust Revolut with over £30 billion in total balances, and monthly active user numbers have surged across all demographics.
Explosive Growth in Revenue and Profits
Revolut’s group revenue soared to $4.0 billion (or £3.1 billion), a jump from $2.2 billion in 2023. This was fuelled by growth across all revenue streams. The company reported:
- Card payments: $887 million (+43% YoY)
- Wealth services: $647 million (+298%)
- Foreign exchange (FX): $540 million (+58%)
- Subscription plans: $541 million (+74%)
- Business segment: $592 million, contributing around 15% of total group revenue
Total customer deposits grew by 66% to £30.2 billion, and Revolut’s net profit rose to $1.0 billion, representing a net margin of 26%.
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Customer Base & Engagement Hit New Milestones
Revolut added 14.5 million new users in 2024 alone, with significant growth in countries like France, Italy, Spain, and across the Nordics. The app ranked #1 in the finance category by downloads in 19 countries and entered the top 3 in 26.
Usage metrics soared:
- Transaction volumes grew by 52%, reaching $1.3 trillion
- Retail monthly active users rose by 42%
- Business customer activity increased by 56%
- Over 6.6 million users joined RevPoints, the company’s new loyalty program
- 45% more customers adopted paid plans, attracted by upgraded benefits
Revolut’s global marketing efforts also made a mark, with £463 million invested in campaigns, including sponsorships and events like the 50-million-user celebration in London and major activations in Rome and Budapest.
Major Product Innovations Across Banking, Wealth, and Lifestyle
Revolut expanded its product suite significantly in 2024:
- eSIMs available in over 100 countries
- Instant-access savings rolled out in 7 countries, gathering £1.9 billion
- Local IBANs launched in several European markets
- Salary Sorter, tax payment features, and new local payment methods integrated
- Enhanced wealth products, including bonds, ETFs, CFDs, and a Robo-advisor
The business platform also saw substantial upgrades, including the redesigned RB5 app, new features like Revolut BillPay, and expansion of Revolut Pay, which now supports over 1.2 million users. Payments volume through Revolut Business more than tripled year-over-year.
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Operational Efficiency and AI Integration
Despite adding millions of new users, Revolut maintained tight cost discipline. Headcount rose 20%, yet customer support costs increased just 5%, thanks to AI-powered automation in chatbots and fraud prevention. Internal AI tools also began to support compliance functions.
The company continued to invest in talent and culture, achieving record employee retention and 1.6 million job applications. A global HQ move to Canary Wharf and new hubs like the Barcelona TechHub underscore Revolut’s commitment to long-term growth.
A Global Financial Powerhouse in the Making
Looking ahead to 2025, Revolut is preparing for:
- The formal UK bank launch, alongside new banking operations in Mexico
- New licenses in over 10 countries, with expansions planned in Brazil, India, and across Asia-Pacific
- Further innovations in credit (including mortgages), RevPoints loyalty, and eSIM integration
Revolut remains steadfast in its mission to simplify money management for individuals and businesses around the globe — with an ambitious long-term goal of reaching 100 million daily active users in 100 countries.
Source: Revolut Annual Report 2024, available at revolut.com/reports-and-results
