Revolut closed 2024 with a massive £3.1 billion ($4 billion) in revenue, a 72% year-over-year jump fueled by crypto trading, subscription growth, business banking expansion, and aggressive global customer acquisition. On paper, the UK-based fintech unicorn looks IPO-ready.
Yet beneath the impressive numbers, regulatory fines, compliance lapses, and customer risks threaten to cast a shadow over its ambitions—and raise serious questions about whether public markets are ready for a company so deeply entwined with volatile crypto revenue.
Inside Revolut’s 2024 Growth Engine
- Revenue surged to £3.1 billion, up from £1.8 billion in 2023.
- Net profit rose to £790 million, with net margins expanding to 26%.
- Pre-tax profits jumped 149% to £1.1 billion.
- Customer base grew by 15 million users, reaching 52.5 million globally.
While crypto trading played a starring role, Revolut’s growth was broad-based. Subscription services, business banking, and foreign exchange contributed meaningfully, helping reduce reliance on market swings.
But crypto remains a critical pillar: 32% of Revolut’s profits in 2024 came from cryptocurrency activity, notably through Revolut X, its new trading platform.
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A Closer Look at Revenue Streams
- Crypto trading: £506M (+298% YoY), driven by the launch of Revolut X.
- Premium accounts: £423M (+74%), with 38% more paid subscribers.
- FX services: £422M (+58%), boosted by international travel recovery.
- Business banking: £460M (+43%), serving over 500,000 SMEs.
Wealth management saw balanced diversification too, with traditional investments like stocks and commodities making up 22% of the segment’s growth.
The Hidden Risks Behind the Numbers
Despite diversifying, Revolut’s crypto expansion has heightened customer exposure and regulatory scrutiny:
- Regulatory fines: A record €3.5M penalty in 2025 for AML failures tied to crypto.
- Customer complaints: Cases like Tzoni Raykov’s £301,800 scam highlight gaps in fraud detection.
- Crypto vulnerability: Crypto promotions restricted to accredited investors by the UK’s FCA in late 2024.
- Operational risks: Staff cuts in fraud monitoring while crypto volumes surged (€9.2B processed in 2024 via Lithuania).
Without protections like the Financial Services Compensation Scheme (FSCS) covering crypto losses, Revolut users are left exposed to risks far greater than those faced with traditional banks.
Product Expansion and Customer Engagement
The multi-product ecosystem kept users engaged and boosted lifetime value:
- Average user adoption: 4.2 products per user in 2024 (up from 3.1 in 2023).
- Savings Vaults: £8.3B in deposits, generating £790M in net interest income.
- RevPoints: A new loyalty program, driving a 22% boost in transaction frequency.
A full mobile app redesign and deeper product integration helped reduce churn by 31%, highlighting the strength of its “super app” vision.
IPO Outlook: Strong Numbers, But Big Questions
Despite crossing the £3 billion revenue milestone, the company’s path to a 2026 IPO looks complicated:
- Crypto dependency: 32% of profits hinge on an unstable market.
- Compliance pressures: AML fines and stricter advertising rules could squeeze margins.
- Market volatility: A 20% crypto volume drop could wipe out £100M in profit.
At a $45 billion valuation, the fintech trades at fintech-peer levels (~11x revenue multiple), but public investors may demand a discount if crypto exposure or compliance risks are deemed too high.
The Bigger Picture: Revolution or Reckoning?
Revolut’s 2024 performance showcases the power—and peril—of building a financial empire at the bleeding edge of regulation and market volatility.
CEO Nik Storonsky’s dream of revolutionizing global finance is closer to reality than ever. Yet whether that dream ends in revolution, reinvention, or reckoning depends on Revolut’s ability to mature—fast.
Can it maintain explosive growth while hardening compliance controls? Will regulators continue tightening the noose around crypto-driven revenues? And crucially, will future customers trust Revolut enough to park £30 billion in deposits without traditional protections?
Those answers could define whether Revolut is 2026’s blockbuster IPO—or the next cautionary tale of fintech overreach.
