Revolut reports record profit driven by crypto

Fintech giant Revolut has reported a record-breaking pre-tax profit of £1.09 billion ($1.4 billion) for 2024 — up 149% year-over-year. A major driver of this growth was the surge in revenues from digital asset operations and wealth management products.

Crypto Fuels Explosive Growth

Revolut’s wealth division revenue soared by 298%, reaching $647 million. This figure includes income from trading digital assets, commodities, investment tools, and savings products.

A key milestone was the launch of the standalone crypto platform Revolut X in 2024, which granted trading access to users across 30 European countries. This strategic move expanded the company’s presence in the crypto sector and positioned it to compete with major exchanges.

Strong Business Expansion

Total revenue jumped by 72% to £3.1 billion ($4 billion), while the user base grew 38% to 52.5 million clients. Assets under management (AUM) increased by 66% to £30.2 billion ($38.8 billion), and transaction volume rose 52% year-over-year to £1 trillion ($1.28 trillion).

Revolut also secured a banking license from the UK’s FCA after a three-year application process. In January 2025, the company partnered with Pyth Network to supply price feeds and trading data for blockchain oracles. Earlier, in August 2024, it integrated its Ramp crypto-buying service into the Ledger Live app.

According to Financial Times, Revolut is now exploring the launch of its own stablecoin — a potential next step in expanding its digital asset strategy.