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Revolut Rockets to $1.3B Profit Thanks to Crypto Comeback

Revolut just smashed its own record. The fintech firm doubled its pre-tax profit to £1 billion ($1.3B) in 2024. The main fuel? A wild rebound in crypto trading and a flood of new users.

📈 Big Gains from Digital Assets
Revolut’s wealth division—home to its crypto and stock trading—earned £506M in revenue, nearly 4x higher than last year. As crypto bounced back, so did users’ trading habits.

👥 User Growth Like Never Before
The app gained 15 million new users this year. It now boasts over 50 million customers. That pumped up income from card fees and interest on deposits.

🏦 Finally, a UK Banking License
After three long years, Revolut got its UK banking license in July 2024. It’s restricted for now, but it opens the door to loans, credit cards, and even mortgages (currently in testing).

💻 Enter Revolut X
May saw the launch of Revolut X—a sleek crypto exchange built for pro traders. It offers over 100 tokens with low fees and fast cash-in/cash-out. Europe got its rollout in November, reaching 30 countries.

📊 Other Income Streams Growing Too
Paid subscriptions shot up 74% to £423M. Business services now make up 15% of total revenue. Not bad for a company once known just for travel-friendly currency exchange.

📅 What’s Next?
CEO Nik Storonsky says they aim to hit 100 million users across 100 countries. Ambitious? Yes. But given the 2024 leap, not impossible.

What do you think?

Written by 365Crypto

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