Revolut has demonstrated its ability to translate its mission of helping to ‘simplify all things money’ from a bold statement into tangible results through the release of its 2024 Annual Report.
The report details a year of record growth, with revenue rising 72% to £3.1bn (US$4.1bn) and net profit increasing 130% to £790m (US$1.1bn).
Revolut secured its position as Europe’s most valuable private tech firm, achieving a US$45bn valuation via a secondary share sale.
Not only did its customer base grow by 38% to 52.5m, but the company also expanded its global footprint to 30 countries and submitted more than 10 new license applications.
Nikolay Storonsky and Vlad Yatsenko, founders of Revolut, say: “2024 was another landmark year for Revolut — redefining the expectations of what it means to be a truly global bank, while still feeling local.
“With products that continue to attract record numbers, and a diversified business model fuelling exceptional financial performance, we’ve cemented our status as Europe’s most valuable private technology company.
“We sincerely thank our employees, investors, and customers for the dedication and support — and remain committed to our mission to simplify all things money, for everyone.”
Financial performance: scale with profitability
Revolut’s 2024 Annual Report demonstrates how they have achieved scale with profitability, securing its financial discipline and business model.
- Revenue grew by 72%, reaching £3.1bn (US$4.1bn)
- Profit before rose by 149% to £1.089bn (US$1.45bn)
- Net profit increased by 130%, reaching £790m (US$1.1bn)
- Total customer balances rose from £18.2bn (US$24.2bn) to £30.2bn (US$40.2bn)
Revolut’s profitability was driven by deeper product engagement and a strong customer base growth (which rose 38% to 52.5m).
It experienced vast revenue growth in subscriptions, wealth products, FX services and card payments and interest income.
Its business segment contributed more than £460m (US$612m), accounting for 15% of total revenue. This positioned Revolut Business among the largest B2B digital banks in Europe.
Customer loans grew to £979m (US$1.3bn), making up an 86% YoY increase.
Revolut’s impressive financial performance highlights the strength of its strategy of operational efficiency, product diversification and prudent financial management.
Nikolay says: “We continued on the trajectory of rapid growth, solidifying our position across markets. In 2024, we welcomed a record 14.5 million new customers, bringing our total user base to 52.5 million. We ended the year with Revolut as the leading finance app in Europe, ranking first in 19 countries and securing a spot in the top three in 26 countries across the continent.
“Our transaction volumes grew 52% year-on-year, topping £1 trillion. More people chose Revolut as their preferred spending account, keeping more balances with us and using our services more frequently.
"Total customer balances increased to £30 billion, and our monthly active user base continued to grow, with the retail segment increasing by 42% and business segment by 56% this year.”
Product innovation and user growth
Revolut’s Annual Report demonstrates its strong product innovation and user growth, driven by strategic market expansion and technological advancement.
It added 14.5 million new customers in 2024, reaching a total of 52.5 million users (a 38% year-on-year increase).
Not only did its transaction volume grow by 52%, topping £1 trillion (US$1.3 trillion) for the year, but the retail segment also grew significantly by 42%.
More than 65% of new users joined organically or via referrals, demonstrating strong brand affinity.
Revolut launched several new products in 2024:
- RevPoints
This pan-European debit card loyalty programme attracted 6.6 million users across 30 countries - eSIMs for international data
- Instant Access Savings products
These were rolled out in seven countries and attracted £1.9bn (US$2.5bn) in balances - Revolut
A desktop crypto trading platform for advanced users - Local IBANs launched in Romania, Switzerland, Italy and Germany
The number of users treating Revolut as their primary bank grew 59% year-on-year, highlighting the success of its global expansion.
Wealth offerings also grew with new products like European ETFs, Robo-advisors, bonds and CFDs.
Revolut Business experienced significant growth, with monthly active customers growing by 56%. It introduced a redesigned app with enhanced users control and personalisation, RB5.
Several new innovative products were introduced, such as Revolut Terminal, Revolut BillPay and Flexible Cash Funds.
Revolut’s 2024 Annual Report highlights its evolution into a global financial ecosystem, focusing on product breadth, user-centric design and functional depth.
Martin Gilbert, Chair of Revolut, says: “In 2024, we were delighted to enter the ‘mobilisation’ period with our UK Bank, after being authorised with restrictions by the PRA.
"During this period, a common regulatory stage for new banks, our UK Bank team is working hard to complete the setup of our processes before formally starting operations as a UK bank during 2025.
“Our strong financial performance and continued successful execution against our strategic objectives gave rise to Revolut facilitating a record secondary share sale, at an implied US$45bn valuation, cementing our status as the most valuable private technology company in Europe.”
Victor Stinga, Chief Financial Officer at Revolut, echoes the success: “Beyond these business and financial results, 2024 represented a year when we unlocked several key milestones that set the foundation for our strategy in future years.
"Receiving the Authorisation with Restrictions on our UK Banking licence application will enable us to expand the products available to UK customers in the future, such as accepting bank deposits and extending credit.
“It also underpins the transition to a consolidated banking group, supporting our geographic expansion roadmap as we pursue new licenses in jurisdictions around the world.
"In addition to this, we rolled out exciting products like RevPoints, Revolut’s first customer loyalty programme to offer greater rewards to our most engaged users, eSIMs to make travelling abroad even easier and expanded our Savings and Flexible Cash Funds products across a broader set of markets. “
The future for Revolut
Revolut’s Annual Report 2024 outlines a clear roadmap for the company’s future direction.
It aims to serve 100 million daily active customers across 100 countries and sees itself as still early on this journey.
Revolut will strive to deepen its role as customers’ primary financial service provider through rolling out more local IBANs and tax payment integrations, scaling credit products and expanding wealth-building tools, such as Robo-advisors.
It is preparing to launch and expand in more countries as part of its wider geographic expansion strategy that relies on gaining new regulatory approvals.
Upcoming innovations in the product development pipeline include the expansion of Revolut X to mobile, the launch of mortgage products and the growth of loyalty ecosystem via RevPoints.
Revolut is also in the mobilisation phase and preparing to launch full-service UK banking operations in 2025, including deposit-taking. This follows receipt of a UK banking licence without restrictions.
Nikolay concludes: “Revolut remains poised for exponential growth. Our customer base is expanding at impressive rates year after year, and our diversified business model continues to fuel exceptional financial performance. Despite considerable scale, we are still early on our journey to simplify all things money for 100 million daily active customers in 100 countries.”
Not only will security enhancements like in-app fraud education, biometric controls and ML fraud detection remain vital for customer trust strategies, but Revolut will continue to utilise AI to enhance compliance and risk management.
Through product innovation, global expansion, sustainable growth and customer-centricity, Revolut is set to redefine global banking.
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