Revolut’s record-breaking growth, relentless innovation, and continued profitable contribution amid challenging macroeconomic conditions are just some of the reasons it has become Europe’s highest valued unicorns as a private company. Looking at what Revolut used to be and what it has become now, it is evident how much the bank has changed within a period of a few years.
Table of Contents
Growth Trajectory: 2023 vs. 2024
| Metric | 2023 Status | 2024 Status | % Change (YoY) |
| Revenue | $2.2 billion | $4.0 billion | +72% |
| Profit Before Tax | $545 million | $1.4 billion | +149% |
| Net Profit | $428 million | $1.0 billion | +134% |
| Net Profit Margin | 19% | 26% | +7 percentage points |
| Customer Base | 38 million | 52.5 million | +38% |
| Customer Balances | $23 billion | $38 billion | +66% |
| New Customers Added | 12 million | 15 million | +25% |
Source: Revolut Annual Reports 2023, 2024
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Key Drivers of Growth
Diversified Revenue Streams:
Back in 2023, no product or country represented over 30% of total revenue which strongly highlighting the resiliency and it’s flexibility of Revolut.
Customer Engagement:
Revolut’s 70% of new retail customers in 2023 taken on organically or by referral with increased penetration of the higher ASP products of cards, FX, wealth and subscriptions.
Business Expansion:
Revolut Business was onboarding 20,000 SMEs every month by the end of 2023, further strengthening its enterprise position.
Product Innovation:
Revolut’s Wealth management revenues and subscription fees each grew triple digits as customers increasingly looked to premium offerings and a more diversified set of offerings.
Valuable Additional Insights: Product Revenue Breakdown (2023)
| Revenue Stream | 2023 Revenue ($ millions) | YoY Growth (%) |
| Cards & Interchange | $605 | +59% |
| FX & Wealth | $491 | +46% |
| Subscriptions | $303 | +53% |
Source: Revolut 2023 Annual Report
CEO Perspective
“2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business. This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability.”
— Nik Storonsky, CEO of Revolut
Visions for 2025 and Beyond
Global Expansion:
Revolut strongly set its sights an impressive 100 million daily active customers in 100 countries, with big pushes in India, Mexico, West Asia and the U.K.
AI & Digital Innovation:
By by introducing an AI-powered financial assistant and fully digital photage, Revolut is not letting its fintech star fade.
Sustainable Growth:
Through it’s four years of stable profitability, Revolut’s diversified offering and also increased it’s customers engagement will significantly drive further Revolut growth.
Conclusion
Revolut’s metamorphosis between 2023 and 2024 is nothing short of miraculous: revenues almost doubled, profits rocketed, and the number of customers grew by more than a third. Betting on innovation, international expansion and product offering has made Revolut the equivalent of any “ticker” when it comes to success in fintech for the time being and the next few years to come.
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