Overview

Digital bank Revolut has reported a profit exceeding 1 billion pounds ($1.33 billion) for the year 2024, primarily attributed to a notable increase in revenue from cryptocurrency trading.

Financial Performance

• Revolut’s wealth revenue experienced a staggering 298% rise, moving from 127.1 million pounds to over 500 million in 2024.
• Overall, the company’s revenue rose 72%, going from 1.8 billion pounds to more than 3 billion pounds.

User Growth

Revolut also noted an expansion beyond 50 million customers in 2024, many of whom are expected to engage in cryptocurrency trading amid a favorable market.

Market Trends

Bitcoin surged in price by over 120% throughout 2024, an increase fueled by events such as the approval of spot bitcoin ETFs in January and the pro-crypto political climate following President Trump’s election in November.

Competitors

The cryptocurrency trading boom also benefited firms like Coinbase and Robinhood, both of which are set to announce their earnings soon.

Conclusion

Revolut’s trajectory highlights the significant impact of the cryptocurrency market on fintech profitability, especially after witnessing substantial earnings tied to crypto activities.