Revolut Reports Record $1.46 Billion Pretax Profit in 2024
LONDON, April 24 – Revolut, the London-based financial technology firm, has reported a 149% surge in its pretax profit to 1.1 billion pounds ($1.46 billion) for the year 2024. The significant growth was driven by a wave of crypto trading activity and increased earnings from interest rates and card fees.
The company’s revenue rose to 3.1 billion pounds, up from 1.8 billion pounds in 2023, with significant contributions from its “Wealth” segment, which includes trading and crypto products. The “Wealth” business saw a 300% year-on-year growth in revenues, primarily driven by increased crypto trading activity and the launch of Revolut’s crypto exchange.
Revolut’s chief financial officer, Victor Stinga, attributed the growth to market volatility, stating, “Market volatility drives activity and this was the case across all asset classes.” However, he declined to comment on the specific contribution of crypto to the Wealth revenues.
The fintech firm has been expanding its customer base, which grew to 52.5 million, up from 38 million in 2023. Business customers now make up 15% of the company’s revenue. Despite this growth, Revolut remains relatively small in customer lending, with 979 million pounds of customer loans on its balance sheet in 2024.
Revolut has also been investing heavily in protecting customers from fraud and scams. The company has faced criticism in the past for being named in numerous cases of fraud, more than major UK high street banks. Revolut’s “Karma” system, which tracks employees’ behavior around risk and compliance processes, was expanded in 2024, affecting employee bonuses.
CEO and co-founder Nikolay Storonsky increased his ownership in the company in April 2025, acquiring an “indirect, non-voting interest” during a reorganization of its ownership structure. Storonsky now owns more than 25% of Revolut.
The company has previously signaled its intention to pursue a public listing, but CFO Victor Stinga declined to comment on the timeline for a possible IPO. Revolut is expected to start operating as a UK bank this year after securing a UK banking license.
“Revolut remains poised for exponential growth,” Storonsky said, highlighting the company’s ambitious plans to expand into mortgages and consumer lending, challenging traditional high street lenders, as well as growing its presence in the United States.
