Revolut Delivers First $1 Billion Profit as Subscription, Wealth Units Boom
Revolut booked its first billion-dollar annual profit in 2024, underscoring how the London-based super-app’s widening menu of wealth, credit and subscription services is translating customer growth into bottom-line results.
The privately held company said Thursday (April 24) that group revenue soared 72% to $4.0 billion, driven by double-digit expansion in every major line, from card payments and foreign exchange to its fledgling wealth arm, where revenue leapt 298% to $647 million. Profit before tax rose 149% to $1.4 billion, while net profit more than doubled to $1.0 billion, lifting the net margin to 26% from 19% a year earlier.
Revolut credited the gains to an expanding and increasingly engaged customer base. Total users climbed 38% to 52.5 million after the FinTech added nearly 15 million customers—the biggest annual increase in its nine-year history. Transaction volumes approached $1.3 trillion, up 52%, and total customer balances jumped 66% to $38 billion, providing low-cost funding that helped interest income rise 58% to $1.0 billion.
Growth was broad-based. Card-payment income advanced 43% to $887 million as spending limits on its higher-tier accounts were raised. Subscription turnover climbed 74% to $541 million, aided by richer perks on its Premium, Metal and Ultra plans; paid-plan adoption overall increased 45%. In business banking, monthly active corporate users surged 56%, pushing revenue in that unit to $592 million — or about 15% of the group total — making Revolut one of Europe’s largest digital B2B banking providers.
Chief Executive Nik Storonsky said the company is “just getting started,” outlining ambitions to reach 100 million daily users across 100 countries. Key milestones for 2025 include launching licensed banks in the U.K. and Mexico, rolling out mortgages, and entering India after securing a payments license. Even after its record year, Revolut estimates its penetration is only about 15% of adults in its core markets, leaving what it calls “substantial headroom” for further expansion.
Most recently, as covered in PYMNTS, Revolut is developing a rewards credit card that would plug into its RevPoints loyalty program, according to people familiar with the matter. The product, still in early design, is expected to debut in the U.K. across all of the London-based FinTech’s subscription tiers, the people said.
RevPoints, introduced last July, lets debit-card users accumulate points on everyday purchases and convert them into airline miles or discounts on hotels and experiences. Extending the scheme to credit cards would move Revolut more squarely into the lucrative U.K. rewards market dominated by traditional lenders and American Express.
The planned card is the latest in a flurry of product additions by the company. Revolut said last week it will offer U.K. equities on its trading platform, which already provides access to U.S. and European stocks for roughly 800,000 domestic investors. “We’ve seen growing demand from customers looking to diversify into their home market,” Yana Shkrebenkova, chief executive of Revolut’s U.K. wealth business, told Bloomberg.
Chief Executive Francesca Carlesi said in a March interview that Revolut is focused on securing a full banking license in Britain, expanding in new markets and ultimately pursuing an initial public offering. The super-app currently lets users pay, trade and store money, and aims to position itself as a one-stop shop for consumer financial services worldwide.
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