Revolut Group reported record growth in 2024 as profit before tax climbed 149% to a staggering £1.1bn.
The London-based digital banking giant has now enjoyed four consecutive years of profitability, with revenue increasing 72% to £3.1bn in the year ending 31st December 2024.
It brought in 15m new customers during the period.
Loyalty programme RevPoints, which launched in June 2024, has already gained 6.6m users.
“2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business,” said Nik Storonsky, CEO of Revolut.
“This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability.
“This performance earned us the status of Europe’s most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory. But we’re just getting started.
“We’re making strong progress towards 100m daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets. This ambitious goal will keep us focused on revolutionising global financial access through innovative products and seamless user experiences.”
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The firm had a total of 52.5m customers at the end of FY2024, a 38% increase on 2023.
The Revolut Business segment showed strong momentum, with monthly active businesses surging 56% YoY. This contributed to turnover from business customers reaching £463m, accounting for approximately 15% of total group revenue.
Revolut says it is now poised for continued significant growth in 2025 and beyond, driven by further platform enhancements and global expansion.
It is looking to prioritise the formal launch of its UK bank alongside the launch of its bank in Mexico, as well as actively securing over 10 global licenses, scaling recent market entries like Brazil, preparing for its service launch in India, and seeking further opportunities across the Americas and Asia-Pacific.
The company will also continue to enhance its core banking, wealth, credit, and lifestyle offerings, including further development of mortgages, loyalty programs like RevPoints, and eSIMs.
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