Revolut's 2024 profit doubles to $1.3 billion, thanks to user growth and cryptocurrency trading recovery

According to Cointelegraph, British fintech giant Revolut announced its 2024 financial report, doubling its pre tax profit to £ 1 billion ($1.3 billion), setting a new historical high. The company's annual revenue surged from £ 1.8 billion in 2023 to £ 3.1 billion, with the recovery of cryptocurrency trading driving the wealth management department's revenue to nearly quadruple, reaching £ 506 million. In 2024, Revolut added nearly 15 million new users and the total number of users exceeded 50 million. Despite the increase in total customer deposits from $23.9 billion to $39.8 billion, converting existing users into core bank customers remains a challenge. Paid subscription revenue increased by 74% year-on-year to £ 423 million, with enterprise service revenue accounting for 15%. CEO Nik Storonsky stated that Revolut's goal is to cover 100 countries and reach 100 million daily active users.