Crypto Trading Supercharged Digital Bank Revolut's Profit to Over 1B Pounds in 2024

Hifi Tech India

What to know:
Revolut's profits surpassed 1 billion pounds ($1.33 billion) in 2024, thanks in part to a big jump in revenue from cryptocurrency trading.
Revolut surpassed 50 million customers for the first time in 2024, with many of them possibly keen to dip their toe into cryptocurrency trading as the market boomed.
The fintech group's revenue increased 72% from 1.8 billion pounds to over 3 billion, with wealth revenue (which includes crypto) jumping by 298%.

Digital bank Revolut's profits surpassed 1 billion pounds ($1.33 billion) in 2024, thanks in part to a big jump in revenue from cryptocurrency trading.

The London-based fintech group's wealth revenue increased 298% from 127.1 million pounds to just over 500 million pounds in the full year 2024. Revolut's wealth business includes cryptocurrency, commodities, trading, and savings products.

Revolut also surpassed 50 million customers for the first time in 2024, with many of them possibly keen to dip their toe into cryptocurrency trading as the market boomed. Bitcoin (BTC) increased in price by over 120% during the calendar year, which was bookended by the approval of spot bitcoin ETFs in the U.S. in January and the election victory of the pro-crypto President Trump in November.

The fintech firm wasn't the sole benefactor of the crypto trading surge. Crypto exchange Coinbase (COIN) and popular trading platform Robinhood (HOOD) also said they saw a boost from crypto trading activities last year. Both firms are set to report their earnings in the next few weeks.

Across the business at large, Revolut's revenue also increased 72% from 1.8 billion pounds to over 3 billion. Profits before tax surpassed 1 billion pounds, following a nearly 150% increase compared to 2023.

Cryptocurrency has a track record of bolstering Revolut's earnings. The fintech's first annual profit came in 2021, another time customers were looking to cash in on a crypto bull market.