Revolut Group has announced a record profit of $1.4 billion for 2024, marking its fourth consecutive year of profitability. The fintech company saw its customer base grow by 38% to 52.5 million globally, with total customer balances increasing by 66% to $38 billion. This growth was driven by heightened customer engagement and a diversified product offering.
Revolut’s revenue rose by 72% to $4 billion, up from $2.2 billion in 2023, as the company expanded its range of services across both retail and business sectors. CEO Nik Storonsky highlighted the year’s achievements, stating, “2024 was a landmark year for Revolut. We not only accelerated our customer growth but also saw customers engaging more deeply by adopting a wider range of our services.”
In Singapore, Revolut achieved its first year of net profitability with a 15% profit margin. The company plans to leverage this success to expand further into Southeast Asia, a key region in its goal to reach 100 million global users. Revolut Singapore’s annual revenue increased by nearly 70%, with subscription revenue rising over 50% due to a 45% increase in paid subscriptions.
Revolut’s 2025 outlook includes plans to launch banks in the UK and Mexico, secure over 10 global licences, and continue product innovation. The company aims to enhance its core banking, wealth, credit, and lifestyle offerings whilst maintaining robust security measures. As Revolut continues its global expansion, it remains focused on revolutionising financial access through innovative products and seamless user experiences.
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