Today, Revolut Group released its Annual Report for the year ending 31 December 2024, delivering significant growth across all business segments and its fourth consecutive year of profitability.
2024 Performance Highlights
Strong Financial Performance Across the Business (see Figure 1)
A robust mix of revenue streams saw Revolut achieve strong financial results in 2024:
. Revenue growth: Group revenue increased by 72% to Є3.7bn (£3.1bn), up from Є2.1bn (£1.8bn) in 2023, driven by both an expanding customer base and increased product utilisation.
. Revenue breakdown: Growth was strong across all key business segments (see Figure 2):
– Card Payments grew 43% YoY to Є820m (£694m);
– Wealth increased 298% to Є598m (£506m), up from Є146m (£127m);
– FX increased 58% to Є499m (£422m), up from Є307m (£267m;)
– Subscriptions turnover reached Є500m (£423m), a 74% YoY increase from Є280m (£244), fueled by enhanced paid tier benefits.
Figure 2 – Revenue breakdown
. Customer balances & lending: Total customer balances expanded to Є36bn (£30bn), up from Є21bn (£18bn) in 2023, primarily driven by strong growth in customer deposits and increased balances in our Savings products (including those held externally with Partners and Money Market Funds).
Revolut maintained a prudent approach to balance sheet management, holding 62% of assets as Cash and Cash Equivalents. Simultaneously, the customer lending portfolio grew by 86% YoY to Є1.2bn (£979m).
. Interest income grew 58% YoY to Є934m (£790m), compared to Є575m (£500m) in 2023, directly resulting from managing these increased deposits effectively and expanding lending activities.
. Record profitability: This strong top-line growth translated into record profitability, marking the fourth consecutive year of net profitability:
– Profit before tax was Є1.3bn (£1.1bn)
– Net profit grew to Є934m (£790m), up from Є395m (£344m) in 2023
– Net profit margin strengthened to 26%, reflecting the operating leverage of the business model.
Accelerated Customer Growth & Deepening Engagement (see Figure 3)
2024 set a new record for customer acquisition, laying the foundation for future expansion and growth.
Revolut welcomed almost 15m new customers globally, bringing the total to 52.5m by year-end (a 38% increase).
Figure 3 – customer growth
. Customer activity surged:
– Transaction volumes rose 52% YoY, approaching £1.0tn. In Romania, the total volume of transactions made with Revolut increased by 54%, up to Є9.96bn (£8.3 bn).
– Retail monthly active users increased 42% YoY globally and 23% YoY in Romania.
– The Revolut Business segment showed equally strong momentum, with monthly active businesses surging 56% YoY. This contributed to turnover from business customers reaching Є547m (£463m), accounting for approximately 15% of total group revenue and positioning Revolut Business as one of the largest B2B digital banking players in Europe.
. Deepening engagement: Use of value-added services grew significantly:
– Paid plan adoption increased by 45% YoY.
– The new loyalty programme, RevPoints, attracted 6.6m users since it launched in June 2024.
. Efficient growth engine: Strong organic growth continued, with over 65% of new retail customers joining via word-of-mouth or referrals. This was supplemented by a Є547m (£463m) investment in targeted sales, advertising, and marketing activities.
. Significant growth opportunity: Despite significant scale, Revolut’s market penetration remains around 15% of the adult population in key markets, signalling a substantial opportunity for continued growth towards its mission. (see Figure 4).
Figure 4 – Finance App Download Ranking and Revolut’s Market Penetration
Investing in Best-in-Class Products, Customer Experience, & Talent
Revolut continued significant reinvestment into enhancing its platform, improving customer experience, and strengthening its foundations.
. Progressed Core Banking: Expanded essential local features like Revolut IBANs across 7 European countries, including Romania, that strengthen Revolut’s primary account offering.
. Enhanced Wealth & Savings: Expanded Savings and MMF availability – over 30 countries, attracting Є11.8bn (£9.8bn) deposits since launch – launched the Revolut X crypto exchange amid increased trading activity, added Bonds and European investment plans, launched the Revolut Invest app, and secured UK Investment license.
. Strengthened lending capabilities: Continued to develop the lending offering, building on significant portfolio growth and initiating internal testing of mortgages to support customers through major financial decisions.
.Transformed Revolut Business: Upgraded Revolut Business significantly (RB5 redesign, Revolut BillPay, Flexible Cash Funds); merchant acquiring payment volumes tripled YoY on the back of growing merchant adoption and expansion of our acceptance solutions.
. Improved service & safety: Increased customer service efficiency (achieving 80% faster resolution times) while prioritising safety, preventing an estimated over Є746m (£600m) in potential fraud through enhanced controls.
. Enhanced governance & controls: Significantly enhanced governance and compliance functions, including a 30% increase in the risk function alongside new NED appointments to Revolut’s UK and EU Bank Boards.
2025 Outlook
Revolut is poised for continued significant growth in 2025 and beyond, driven by further platform enhancements and global expansion.
Global growth trajectory: Pursuing a strategic path towards achieving 100 million daily active users across 100 countries, solidifying Revolut’s global leadership.
Bank launches in 2025: Prioritising the formal launch of our UK bank alongside the launch of our bank in Mexico.
Global licensing & new market entries: Actively securing over 10 global licenses, scaling recent market entries like Brazil, preparing for our service launch in India (following recent PPI license approval), and seeking further opportunities across the Americas and Asia-Pacific.
Product innovation: Continuing to enhance core banking, wealth, credit, and lifestyle offerings, including further development of mortgages, diversified features and functionalities relevant for local customers (tax payment integration, savings accounts in various currencies, savings accounts for Revolut <18 users, upgraded perks and benefits for paid plans), and local eSIMs.
Customer experience: Ongoing investment in customer service efficiency and effectiveness, alongside robust security and anti-fraud measures.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
