Last year was a landmark year for Revolut according to CEO Nik Storonsky with the UK fintech announcing its financial results in its 2024 Annual Report.
Revolut saw considerable growth across the number of customers, revenue and profit as it finally secured the long elusive UK banking licence it so long desired, as well as launched a plethora of new crypto, stocks and trading, and payments services last year.
For the full financial year ending 31 December 2024, Revolut confirmed that revenue grew by 72% from £1.8bn in 2023, to £3.1bn in 2024. Profit before tax also saw huge growth, surpassing £1bn, a 149% increase from the £438m generated in 2023.
As Revolut continued to cater to new and existing markets, so too did its customer base. The digital bank surpassed 40 million customers last year and within its annual report, its total customers stood at 52.5 million by the end of 2024, rising from 38 million the year prior.
Looking closer at the various categories that contributed to Revolut’s revenue last year, interest income and card payments made up a majority, followed by wealth, foreign exchange rates, subscription income and other income.
Highlighting the 14.5 million new customers it acquired last year, Revolut revealed that the UK and Ireland made up the majority of its overall customer base by 29%. The company also revealed it became the number one downloaded financial app in the UK and Ireland, rising from third in 2021 to number one in 2024.
The fintech firm’s home location of the UK has been the core market of Revolut since its inception in 2015, but has been without a banking licence to solidify its position as part of the UK financial landscape.
That changed last summer as the Prudential Regulation Authority (PRA) officially granted Revolut a banking licence that will enable the company to open up new opportunities when it comes to lending and other capabilities not possible without a licence.
Reflecting back on last year, Storonsky said: “2024 was another landmark year for Revolut, with continued growth across all key business areas.
“We received a UK banking license (with restrictions), paving the way for future product enhancements in our home market. We improved our economics and accelerated product adoption, resulting in our 4th consecutive year of profitability, and earning us the status of most valuable private technology company in Europe. We welcomed new investors through a secondary share sale at an implied $45bn valuation.
“Our exceptional team is the driving force behind these achievements. Their relentless dedication bring us closer to our ambitions, and I extend my sincere gratitude to everyone involved.”
Simplifying the banking experience
With new customers and revenue increasing, Revolut highlighted that its monthly transactions and volume continued to increase in line with its growth in other areas.
Monthly transactions amongst customers rose by 59%, from 590 million in 2023, to 940 million in 2024. Customers are also remaining with Revolut as their preferred account, with total customer balances rising from £18.2bn in 2023 to £30.2bn the year after, a 66% increase.
“We’re on a mission to simplify all things money, empowering our customers to achieve their financial goals through innovative and effortless banking solutions,” said Storonsky.
Revolut remained active last year in rolling out new services that diversify the digital banking experience, from launching in-app cash deposits, to its native integrated crypto trading platform Revolut X.
These services add to Revolut’s core offerings, such as instant access savings accounts, competitive foreign exchange rates, and the debit card loyalty rewards program RevPoints.
An eye on 100m customers in 100 countries
While the UK and Ireland remained the core markets for Revolut’s customers, the UK digital bank has tailored and expanded its services to meet the evolving needs of a plethora of different markets and customers.
Revolut revealed it has now become the number one financial service app downloaded in Western Europe with a 7% market penetration, revealed in the annual report.
It has also consolidated its number one position in Eastern Europe with a 22% market penetration, continuing its three-year streak. Other regions where Revolut has seen increasing growth are Southern Europe – 13% market penetration – and the Nordics – 9% market penetration.
But outside of Europe, Storonsky stated that he intends to replicate this success across the world in emerging markets that are setting the tone for alternative digital payment method adoption.
He said: “We set the stage for replicating the success we’ve had in Europe across other markets. In 2024, we submitted over 10 new licence applications and made significant progress on our ongoing applications.”
“We successfully launched a local direct credit society in Brazil and obtained a banking licence in Mexico. In newer markets we expanded our core product range, with Revolut Business introduced in Singapore, and launched in New Zealand.”
The ambition now for Revolut seems to be clear; deliver the same diverse, digital banking solutions to new markets across the world, while also taking into consideration market conditions and consumer preferences.
Revolut’s CEO forecasted that the company intends on reaching 100 million customers in 100 countries, but acknowledges that “we are still early on our journey to simplify all things money”.
