Finance, Revolut, Crypto Trading, Earnings Reports, News The London-based fintech group’s wealth income elevated 298% from 127,139 kilos to simply over £500 million within the full 12 months 2024
Digital financial institution Revolut’s profits surpassed 1 billion pounds ($1.33 billion) in 2024, thanks partially to an enormous leap in income from cryptocurrency buying and selling.
The London-based fintech group’s wealth income elevated 298% from 127.1 million kilos to simply over 500 million kilos within the full 12 months 2024. Revolut’s wealth enterprise contains cryptocurrency, commodities, buying and selling, and financial savings merchandise.
Revolut additionally surpassed 50 million prospects for the primary time in 2024, with lots of them presumably eager to dip their toe into cryptocurrency buying and selling because the market boomed. Bitcoin (BTC) elevated in worth by over 120% throughout the calendar 12 months, which was bookended by the approval of spot bitcoin ETFs within the U.S. in January and the election victory of the pro-crypto President Trump in November.
The fintech agency wasn’t the only benefactor of the crypto buying and selling surge. Crypto change Coinbase (COIN) and fashionable buying and selling platform Robinhood (HOOD) additionally mentioned they noticed a lift from crypto buying and selling actions final 12 months. Both corporations are set to report their earnings within the subsequent few weeks.
Across the enterprise at massive, Revolut’s income additionally elevated 72% from 1.8 billion kilos to over 3 billion. Profits earlier than tax surpassed 1 billion kilos, following a virtually 150% enhance in comparison with 2023.
Cryptocurrency has a monitor file of bolstering Revolut’s earnings. The fintech’s first annual revenue got here in 2021, one other time prospects have been seeking to money in on a crypto bull market.
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