Revolut profit tops £1bn as UK bank to launch this year
Revolut has revealed its annual profits have topped £1bn, as the fast-growing fintech cashed in on demand for cryptocurrency trading and attracted more paying subscribers.
The company, Europe’s most valuable start-up, is preparing to launch its UK bank this year. It reported a pre-tax profit of 1.4 billion US dollars (£1.1 billion) for 2024, more than double the 438 million US dollars (£329 million) made in 2023.
This was driven by revenues within its wealth division which quadrupled year-on-year, thanks to increased crypto trading activity and the launch of Revolut’s own crypto exchange, it said.
The price of Bitcoin hit an all-time high in late 2024, topping 100,000 dollars (£75,100) before falling in recent months. The group’s subscriptions revenue also soared 74% to £423 million as more customers took advantage of the money app’s paid plans.
Revolut’s most expensive Ultra plan costs £45 a month for perks including cashback, insurance, higher savings rates, and travel benefits such as access to airport lounges. Customer balances also surged by two thirds to 38 billion US dollars (£28.6 billion) in 2024. Revolut secured a banking licence in the UK last year, but it has been working to build and test the systems that will allow it to operate as a bank later in 2025.