The profits from the Revolut digital bank exceeded 1 billion pounds ($ 1.33 billion) in 2024, thanks in part to a big leap in the revenues of the cryptocurrency trading.
The wealth income of the Fintech group based in London increased by 298%, from 127.1 million pounds to just over 500 million pounds in 2024. Revolut wealth activities include cryptocurrency, basic products, trading and savings products.
Revolut also exceeded 50 million customers for the first time in 2024, many of whom were possibly eager to dive their toe into the cryptocurrency trade while the market exploded. Bitcoin (BTC) increased by more than 120% in the calendar year, which was reserved by the approval of the FNB Bitcoin Spot in the United States in January and the electoral victory of President Pro-Crypto Trump in November.
The firm Fintech was not the only benefactor of Crypto’s commercial overvoltage. Crypto Exchange Coinbase (Coin) and the popular Robinhood (Hood) trading platform also said that they had seen a boost of cryptographic trading activities last year. The two companies should publish their gains in the coming weeks.
Throughout the company as a whole, revolut income also increased by 72% between 1.8 billion pounds to more than 3 billion. Profits before tax exceeded 1 billion pounds, after an increase of almost 150% compared to 2023.
Cryptocurrency has history to strengthen Revolut income. The first annual benefit of the Fintech occurred in 2021, another time that customers were looking to take advantage of a cryptographic bull market.
Read more: Revolut to strengthen crypto fraud protections with additional security, risk scores
