Revolut just wrapped up an amazing 2024 - and much of that momentum came from a familiar friend: crypto.
Revolut more than doubled its pre-tax profit, reporting £1 billion ($1.3 billion), up from £438 million the year prior. That rise came as users have shown significant growth of interest in the app’s crypto and stock trading features, reigniting activity in its wealth division after a quieter 2023.
In short: crypto’s comeback wasn’t just a market story. It was a balance-sheet boost.
2024 has marked a strict growth for the Platform, nearly 15 million new users joined Revolut, surpassing a total of 50 million worldwide. Furthermore, the Financial Times reported a significant surge in customer deposits from £18 billion to £30 billion, a crucial inflow for the company's ambition to become a full-stack bank, Financial Times also points out that Revolut’s wealth business contributed £506 million to the total revenue, nearly quadrupling its earnings compared to the previous year. Itself, Revolut’s total revenue rose to £3.1 billion, a noticeable jump from £1.8 billion the year before.
After three years waiting, Revolut secured a UK banking licence which provided them access to a broader scale of instruments and attracted more people to it. Cointelegraph reports that this license allows Revolut to introduce traditional products such as credit cards, buy-now-pay-later options, and even mortgages, which are currently in early testing.
This brings Revolut closer to competing directly with legacy banks—not just as a payment or travel solution, but as a primary financial provider.
Still, Revolut’s next big challenge is as much behavioral as it is technical: converting users into full-time banking customers.
What Comes Next for Revolut?
Looking ahead, Revolut is well-positioned and open on where they are heading — banking, investing, and crypto combined within one place.
If crypto markets stay active and Revolut continues layering on lending products, we could see it grow from a trading-first app into a full-spectrum financial ecosystem, much like a mobile-native version of traditional banks.
But execution will be everything. Regulatory compliance, user trust, and product stickiness will define whether this momentum becomes a one-year spike or a lasting shift in how people bank, invest, and spend.
The next 12 months may be Revolut’s most important chapter yet.
Abimbola Adu
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