Revolut smashes records with $1.4bn profit in 2024

Revolut has posted a standout performance for 2024, with revenue soaring 72% to $4.0bn (£3.1bn) and pre-tax profit more than doubling to $1.4bn (£1.1bn). The neobank’s customer base grew 38% to 52.5 million globally, while total customer balances jumped 66% to $38bn (£30bn), showing deeper user engagement and trust.

Profitability hit a new high with a net margin of 26% and a $1bn (£790m) net profit—up from $428m the year before—marking the fourth straight year in the black. Growth came from all corners: wealth revenue surged 298% to $647m, FX revenue hit $540m (up 58%), and business banking now accounts for 15% of turnover.

Beyond strong financials, 2024 saw major product and service expansion. RevPoints loyalty, new investment products, and an upgraded Revolut Business platform all contributed to deeper customer adoption. Paid subscriptions and lending also scaled, while Revolut prevented over $800m in fraud and achieved faster customer service.

With plans to launch full banking services in the UK and Mexico, plus global expansion into India and beyond, Revolut’s push toward 100 million daily users looks well underway.