{"id":127856,"date":"2025-04-24T08:16:04","date_gmt":"2025-04-24T08:16:04","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127856"},"modified":"2025-04-24T08:16:04","modified_gmt":"2025-04-24T08:16:04","slug":"revolut-doubles-profits-to-1-3b-on-user-growth-crypto-trading-boom","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127856","title":{"rendered":"Revolut doubles profits to $1.3B on user growth, crypto trading boom"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsFintech giant Revolut reported a record-breaking year, doubling its pre-tax profit to 1 billion British pounds ($1.3 billion) in 2024, driven by rapid customer growth and a resurgence in cryptocurrency trading.<br \/>\nAccording to its annual report published on Thursday, April 24, Revolut\u2019s profit soared from 438 million pounds in 2023, while revenue jumped to 3.1 billion pounds from 1.8 billion pounds.<br \/>\nA key contributor to Revolut\u2019s strong performance was its wealth division, which includes stock and digital asset trading. The segment generated 506 million pounds in revenue \u2014 nearly four times higher than in 2023 \u2014 as crypto trading activity rebounded.<br \/>\nRevolut\u2019s increasing profit. Source: RevolutRevolut added nearly 15 million new users in 2024, pushing its total customer base past 50 million. This expansion boosted revenue from card payment fees and interest on deposits, the fintech\u2019s two largest income streams.<br \/>\nFounder and CEO Nik Storonsky said in the report that \u201c2024 was another landmark year for Revolut, with continued growth across all key business areas.\u201d<br \/>\nRelated: Pyth partners with Revolut for real-time digital asset data<br \/>\nRevolut receives long-awaited UK banking license<br \/>\nStoronsky noted that the company obtained a long-awaited UK banking license in 2024, which was secured in July after a three-year regulatory process.<br \/>\nThe license paved the way for Revolut to expand its lending services, including credit cards, buy-now-pay-later products and potentially mortgages, which the company confirmed are currently in testing.<br \/>\n\u201cWe received a UK banking license (with restrictions), paving the way for future product enhancements in our home market,\u201d Storonsky said.<br \/>\nIn May 2024, Revolut introduced Revolut X, a dedicated desktop crypto exchange targeting experienced traders. The platform offers trading for 100 tokens with low fees and real-time on\/off-ramp capabilities, with plans to expand to mobile in 2025.<br \/>\nIn November, Revolut expanded its crypto exchange in Europe, rolling out Revolut X in 30 markets across the European Economic Area (EEA),\u00a0including\u00a0Belgium, Cyprus, Denmark and others.<br \/>\nRevolut launches new products. Source: Revolut.Revolut continued to expand its digital asset services during the year, offering customers access to cryptocurrencies alongside other investment options like stocks, ETFs, bonds and commodities within its app ecosystem, per the annual report.<br \/>\nRelated: Revolut and Ledger wallet enable new crypto rails in EEA<br \/>\nRevolut struggles to attract banking customers<br \/>\nDespite its growth, Revolut faces challenges in converting users of its popular app into primary banking customers.<br \/>\nGrowing deposit volumes remain critical for funding future lending operations and competing with established retail banks. In 2024, total customer balances rose to $39.8 billion from $23.9 billion.<br \/>\nRevolut is also focusing on expanding its premium subscription base, with revenue from paid plans climbing 74% year-on-year to 423 million pounds, per the report.<br \/>\nAdditionally, its business services arm now accounts for 15% of total revenue, reflecting efforts to diversify income streams beyond retail banking.<br \/>\nLooking ahead, Storonsky said Revolut intends to reach 100 million daily active users across 100 countries.<br \/>\nMagazine:\u00a0Ethereum maxis should become \u2018assholes\u2019 to win TradFi tokenization race<a href=\"https:\/\/cointelegraph.com\/news\/revolut-doubles-profit-user-growth-crypto-trading?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsFintech giant Revolut reported a record-breaking year, doubling its pre-tax profit to 1 billion British pounds ($1.3 billion) in 2024, driven by rapid customer growth and a resurgence&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127856"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127856"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127856\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127856"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}