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Revolut, the UK-based fintech unicorn, achieved £3.1 billion in revenue in 2024, a 72% increase from the previous year. This growth was driven by subscription services, cryptocurrency trading, business banking expansion, and global customer acquisition. Yet behind the celebratory headlines, a growing trail of regulatory fines, customer complaints, and systemic risks threatens to overshadow the fintech’s rapid ascent.
Earlier this month, Revolut introduced credit cards as part of its bid to become the European equivalent of American Express. Yet as it chases prestige, the company faces mounting scrutiny over its compliance practices and the real-world consequences for users caught in the crosshairs of its crypto-fueled growth.
In 2024, Revolut’s revenue reached £3.1 billion ($4.0 billion), marking a 72% increase from £1.8 billion in 2023. While impressive, this growth rate was lower than the 95% surge between 2022 and 2023, though momentum remains strong.
The increase was further strengthened by four consecutive years of net profitability. Pre-tax profits surged 149% to £1.1 billion, with net profit rising to £790 million. The net profit margin grew from 19% to 26%, demonstrating Revolut’s ability to convert revenue growth into earnings through technology-driven cost management.
A diversified revenue model proved key to this success. While cryptocurrency trading significantly boosted wealth management revenue, showing a 298% year-over-year rise, subscriptions, foreign exchange services, and business banking also contributed substantially. This diversification helped buffer against fluctuations in the cryptocurrency market, positioning Revolut as a comprehensive financial services provider.
Yet the company’s crypto obsession exposes customers to unprecedented risks. Cryptocurrency trading accounted for 32% of Revolut’s 2024 profits, generating £506 million through its new Revolut X exchange. This revenue stream operates in a regulatory grey area: the Financial Services Compensation Scheme (FSCS) explicitly excludes crypto assets, leaving users like Bulgarian engineer Tzoni Raykov stranded after a flawed USDC transfer. When Raykov mistakenly sent funds via an unsupported network, Revolut cited “standard industry practice” to deny recovery, a stark contrast to the protections typically offered by traditional banking.
Premium account tiers generated £423 million, a 74% increase from 2023, driven by enhanced benefits like higher savings rates and travel insurance. Revolut’s Premium and Metal plans attracted 38% more subscribers year-over-year, with growing adoption across European markets.
Crypto trading spurred a 298% rise in wealth revenue to £506 million, boosted by the launch of Revolut X, the company’s new cryptocurrency exchange. Traditional investment products, including stock trading and commodity investments, contributed 22% of the wealth segment’s growth, showing balanced diversification.
However, Revolut’s crypto-fueled expansion has drawn the attention of regulators. Operating under a Lithuanian banking license, Revolut was fined a record €3.5 million in 2025 for anti-money laundering (AML) failures related to crypto transactions. The Bank of Lithuania found Revolut repeatedly failed to flag suspicious activity, including £1.7 million in withdrawals from NCA-flagged accounts. Meanwhile, the FCA in the UK forced Revolut to restrict crypto promotions to accredited investors in late 2024, threatening a revenue stream that contributed £168 million in profit.
Foreign exchange revenue increased by 58% to £422 million, driven by higher cross-border transactions as international travel recovered and Revolut expanded into new markets. The company processed nearly £1 trillion in total transaction volume, maintaining stable foreign exchange margins of 0.45% per transaction.
Revolut Business generated £460 million, 15% of total revenue, serving over 500,000 SMEs with multi-currency accounts, payroll services, and expense management tools. This segment’s growth accelerated to 43% year-over-year, outpacing the 38% growth rate achieved in 2023.
In 2024, Revolut gained 15 million new customers, bringing its total to 52.5 million globally — a 38% increase from the previous year. This growth accelerated from 2023, when the company added 5 million users in six months. The UK remained the largest market with 10 million users, while European markets, particularly Romania, saw a 28% increase to 4.3 million customers.
Enhanced customer lifetime value through broader product adoption drove revenue growth. Users engaged with an average of 4.2 products in 2024, up from 3.1 in 2023. Key features included RevPoints, a pan-European debit card rewards program that increased transaction frequency by 22%; Savings Vaults, high-yield accounts holding £8.3 billion in deposits and generating £790 million in net interest income; and Revolut X, the crypto exchange that attracted 2.1 million active traders in its first year, facilitating £4.2 billion in trading volume.
Yet as Revolut’s customer base grows, so do the risks. In one notable case, the Financial Ombudsman upheld a complaint against Revolut for failing to prevent a user from transferring £301,800 to a crypto scammer, despite detecting “unusual activity” on their account. Revolut claimed it merely followed payment instructions, revealing gaps in its fraud prevention systems. Meanwhile, between 2023 and 2024, Revolut’s Lithuanian arm processed €9.2 billion in cryptocurrency transactions while reducing the number of fraud monitoring staff by 14%.
These engagement strategies resulted in a 66% increase in customer balances, totalling £30 billion, with 62% held as cash equivalents for liquidity purposes. A late 2023 mobile app redesign, featuring customisable widgets and financial planning tools, resulted in a 31% reduction in customer churn.
Despite diversified revenues, 32% of 2024 profits came from cryptocurrency trading, a notably volatile market. Regulatory scrutiny intensified in Q4 2024, with the FCA limiting crypto promotions to accredited investors in the UK. The pending approval of a full banking license brings compliance costs that could pressure 2025 margins.
Revolut’s $45 billion valuation faces market tests as it eyes a 2026 IPO. While its revenue multiple of 11x aligns with fintech peers like Stripe, public investors may discount the valuation if crypto revenues fluctuate or customer acquisition costs rise. A 20% drop in crypto trading volume, similar to the $1.1 trillion market decline in Q1 2025, could erase £100 million in profit.
Revolut’s £3 billion revenue milestone underscores the viability of its global super-app strategy. By combining aggressive customer acquisition with deep product integration, the company has created a virtuous cycle where user growth fuels revenue diversification, which in turn funds technological innovation. The 2024 results validate CEO Nik Storonsky’s vision of “revolutionising global financial access through innovative products and seamless user experiences.”
However, beneath the surface, Revolut’s crypto-fueled growth has exposed millions to risks regulators deem “high risk.” As CEO Nik Storonsky courts IPO investors, fundamental questions linger: Can a company fined £3 million for AML failures credibly manage £30 billion in customer balances? Will public markets tolerate 32% profit volatility from crypto? And crucially — how many more Tzoni Raykovs will Revolut create before regulators force change? The answers may determine whether this “revolution” ends in reinvention or reckoning.
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Crypto trading drives Revolut to £3.1 billion in revenue in 2024 – is IPO closer than we think or further than ever? – Tech Funding News
