Revolut Rides Crypto Wave to $1.3B Profit—Banking App Cashes In on User Surge and Digital Asset Mania

Another quarter, another fintech moonshot—this time with Revolut posting a staggering $1.3 billion profit. The secret sauce? A cocktail of user growth and crypto trading frenzy, proving once again that retail investors will FOMO into anything with a chart.

User numbers skyrocketed as Revolut’s in-app crypto features turned casual spenders into overnight ’traders.’ Because nothing says financial literacy like swapping your paycheck for Shiba Inu tokens before breakfast.

While traditional banks fret over compliance, Revolut’s asset-light model rides the volatility wave—because when your customers treat trading like a casino, the house always wins.

Revolut’s Customer Growth

A major driver behind Revolut’s strong performance was the increase in new clients in the past year. The digital finance company received an influx of 14.5 million new customer accounts. This came from Revolut’s expansion plans into other European markets, apart from their traditional UK and Ireland territories.

According to the end-of-year report, Revolut had 52.5 million active customers. As a result of the expansion, revenue linked to card payment fees and deposits’ interest increased.

Revolut’s Crypto Trading Services

Another contributor to Revolut’s rise in profit is their in-house crypto trading service. The wealth division of the company, which includes crypto and stocks trading services, brought in a revenue of £506 million, which almost quadrupled 2023’s revenue figure. Revolut launched a crypto exchange for pro traders, Revolut X, in the past year, which offers advanced trading facilities and has a 0% maker fee and 0.09% taker fees.

Apart from expanding its crypto trading facilities, Revolut introduced more traditional investment offers such as bonds, ETFs, commodities, and stocks.

Revolut’s UK Banking Licence

Revolut had been in talks with the UK government to secure a banking licence for three years before it succeeded in July 2024. Nik Storonsky, CEO of Revolut, disclosed that securing the licence made it feasible for the fintech company to expand its operations and services in the UK. Revolut is seeking to offer credit cards, mortgages, buy-now-pay-later (BNBL) and similar services in the future.

The past year was a promising one for the online banking firm, especially in terms of crypto trading. Amongst the products launched in 2024 was the Revolut Ramp, which allows users to directly buy cryptocurrencies on MetaMask.

Revolut’s Profits Increase to $1.3B Amid User Growth and Crypto Trading Boom