Digital Bank Revolut’s profits surpassed £ 1 billion ($ 1.33 billion) in 2024, partly thanks to a big leap in revenue from Cryptocurrency.
The London-based Fintech Group’s wealth income rose 298% from £ 127.1 million to just over £ 500 million throughout the year 2024. Revolut’s wealth shop includes cryptocurrency, raw materials, trading and savings products.
Revolut also surpassed 50 million customers for the first time in 2024, with many of them having been eager to dip their toe in cryptocurrency as the market jumped. Bitcoin (BTC) rose by over 120% during the calendar year, which was posted by the approval of Spot Bitcoin ETFs in the US in January and the election victory for the pro-crrypto president Trump in November.
The fintech company was not the only charity of Crypto Trading Surge. Crypto Exchange Coinbase (Coin) and the popular trading platform Robinhood (Hood) also said they saw a boost from Crypto Trading activities last year. Both companies are set to report their earnings in the next few weeks.
Across the business, Revolut’s revenue also rose 72% from £ 1.8 billion to over £ 3 billion. The profit before taxes surpassed £ 1 billion after an increase of almost 150% compared to 2023.
Cryptocurrency has a Track Record to strengthen the revenue’s earnings. Fintech’s first annual profit came in 2021, another time customers were looking to pay in a Crypto Bull market.
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