In 2024, Digital bank Revolut cemented its position as a key player in the global neobanking sector, reporting $1.4 billion in pre-tax profit—a 149% surge year-over-year—and revenues of $4 billion, up 72% from 2023.
Revolut’s annual report, released on April 24, 2025, highlights steady growth driven by a 38% increase in its customer base to 52.5 million, the addition of nearly 15 million new users, and a fast-growing cryptocurrency division.
However, despite its achievements, Revolut faces challenges, including a growing number of concerning fraud complaints, regulatory scrutiny, and struggles to penetrate the crowded US market.
Nevertheless, Revolut’s 2024 performance underscores its evolution from a startup to Europe’s most valuable private technology company, with a valuation of $45 billion following a secondary share sale.
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut began as a foreign exchange app, raising early funds through a 2016 Crowdcube campaign that drew thousands of retail investors.
Today, it offers a diverse suite of services, including digital banking, wealth management, business tools, and cryptocurrency trading.
CEO Nik Storonsky described 2024 as a “landmark year,” noting that customers engaged more deeply with Revolut’s offerings, fueling record profitability with a net profit margin of 26%, up from 19% in 2023.
The company’s wealth division, encompassing crypto, commodities, trading, and savings products, was a standout, with revenue soaring 298% to $647 million, largely driven by a crypto trading boom.
Revolut X, a standalone cryptocurrency exchange launched in May 2024, has attracted experienced traders with low fees and support for over 100 tokens.
The platform’s integration with MetaMask via Revolut Ramp further simplifies crypto purchases, positioning Revolut as a gateway for retail and institutional digital asset adoption.
Revolut also secured a restricted UK banking license in July 2024, a milestone after a three-year regulatory battle with the Prudential Regulation Authority (PRA).
This license, currently in a 12-month mobilization period, paves the way for Revolut to offer secured lending products like overdrafts, mortgages, and credit cards in its largest market.
The company plans to launch full banking operations in the UK and Mexico in 2025 while expanding into India and Brazil, targeting 100 million daily active users across 100 countries.
Revolut’s performance draws comparisons to Nubank, the Brazilian neobank that has dominated Latin America with over 100 million customers.
While Nubank claims a larger user base, Revolut outperforms in profitability and product diversification.
Revolut’s subscription revenues, up 74% to $541 million, and its business services arm, contributing 15% of total revenue, showcase a broader income stream than Nubank’s reliance on credit products.
However, Revolut has struggled to replicate this success in the US, where it faces fierce competition from established players like Chime, SoFi, and traditional banks.
Despite launching in the US in 2020, Revolut’s market share remains modest, with analysts pointing to its late entry and a crowded field.
Revolut’s embrace of cryptocurrency sets it apart from UK rivals Monzo and Starling Bank, which have largely sidestepped this high-growth area.
Monzo and Starling, with full UK banking licenses since 2016 and 2017 respectively, focus on traditional banking and SME services but offer limited or no crypto products.
Revolut X’s low-fee model and real-time on/off-ramp capabilities have drawn both novice and seasoned traders, with trading volumes reaching $18.2 billion in 2024.
However, this focus on crypto exposes Revolut to volatility risks and regulatory scrutiny, particularly as global authorities tighten digital asset rules.
Despite its achievements, Revolut has faced significant challenges.
Customer complaints about fraud have surged, with cases like Tzoni Raykov’s loss of $1,500 in USDC due to unclear deposit instructions highlighting vulnerabilities.
Revolut’s refusal to reimburse affected users has drawn criticism, with Raykov telling the BBC that the company’s crypto deposit guidelines were inadequate.
Regulatory compliance remains another hurdle.
In 2024, Revolut paid a £150,000 fine from the UK’s Financial Conduct Authority for minor breaches in anti-money laundering protocols.
Though small, the fine underscores the importance of robust compliance as Revolut transitions to a full bank.
Its protracted struggle to secure a UK banking license, delayed by concerns over financial reporting and governance, further illustrates the regulatory challenges that fintechs face.
Revolut’s IPO plans remain on hold, with a spokesperson stating, “We have no immediate plans or timeline to announce regarding an IPO.”
Instead, the company has focused on secondary share sales, with investors pushing for a $60 billion valuation, per Bloomberg.
This strategy allows early backers to cash out while maintaining Revolut’s private status.
Notably, Revolut’s 2024 results position it as an impactful fintech, outpacing Nubank in profitability and leveraging crypto (and many other innovative products) to outperform Monzo and Starling.
Its UK banking license and global expansion plans signal a shift toward mainstream finance, but challenges like fraud complaints, US market struggles, and regulatory compliance demand attention.
As Storonsky eyes 100 million daily active users, Revolut’s ability to balance innovation with trust and stability will determine its long-term trajectory.