Revolut Makes a Killing: £1 Billion Profit, Crypto Boom, and UK Banking License!

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Ah, Revolut. The fintech darling that has decided it’s not enough to simply be good at what it does; it wants to be great, to be exceptional, to make all of its competitors feel just a little less important. And, judging by its recent financials, the company is succeeding magnificently. In the fiscal year 2024, Revolut has doubled its profits to a jaw-dropping £1 billion (or $1.3 billion for our transatlantic friends). Why, you ask? Well, crypto, darling, crypto. And a few other things, like an influx of new users and a shiny new UK banking licence. Quite the trifecta of modern success, wouldn’t you say? 👏

The annual report, released on April 24, revealed that pre-tax profits shot up from £438 million in 2023 to £1 billion in 2024. But that’s not all. Revenue surged from £1.8 billion to £3.1 billion. I know, it’s almost as if they were trying to outdo themselves.

Revolut’s Customer Growth

And let’s talk customers. The company added a cool 14.5 million new accounts in the last year, mostly thanks to a dramatic expansion into European markets beyond the quaint confines of the UK and Ireland. It seems the rest of Europe has finally decided they like the idea of moving money with all the ease of a smartphone app. With a total of 52.5 million active customers by year-end, it’s clear that Revolut is now a household name for many. Who knew a “digital finance company” could sound so sexy? 💁‍♀️

With that many new customers, you can bet Revolut saw a rise in revenues from card payment fees and interest on deposits. It’s almost as if Revolut is taking over, one transaction at a time.

Revolut’s Crypto Trading Services

And then there’s the crypto. Ah yes, the real moneymaker. Revolut’s wealth division, which includes crypto and stocks trading, brought in a staggering £506 million in revenue—nearly quadrupling the previous year’s numbers. They even launched a new crypto exchange for professional traders, Revolut X, which offers all the bells and whistles: advanced trading tools, 0% maker fees, and 0.09% taker fees. For the uninitiated, that’s basically like getting a VIP pass to the crypto party. 🎉

Of course, it’s not just crypto trading that’s driving the money train. Revolut has also dipped its toes into traditional investment options like bonds, ETFs, stocks, and commodities. Who says you can’t be old-school and trendy at the same time?

Revolut’s UK Banking Licence

But wait, there’s more. Revolut also bagged a UK banking licence in July 2024 after three years of persistent negotiations. Nik Storonsky, the company’s CEO, explained that this new licence opens up a whole new world of opportunities. Expect Revolut to offer credit cards, mortgages, and, of course, the ever-popular “buy now, pay later” (BNPL) services in the near future. Because who doesn’t want to live on credit in a world where everything is available at the click of a button? 🛍️

2024 has certainly been a year for Revolut, and if the company keeps it up, it might just end up with more power than some of the old-school banks it once sought to challenge. But don’t worry, they won’t let all this success go to their heads. After all, it’s all part of the plan. Keep an eye on them. They’re just getting started.

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2025-04-24 16:52