Revolut reched an impressive £3.1 billion revenue in 2024, up 72% from the year before. But while the UK fintech giant celebrates a surge powered by crypto trading, subscription services, and global expansion, fresh regulatory headaches and growing customer complaints cast long shadows. The company may be gearing up for an IPO—but whether it’s truly ready is a different question.
Revolut’s headline growth was led by more than just crypto. The company doubled down on its push to become a full-scale financial super app, expanding into business banking, introducing credit cards, and ramping up paid subscriptions. However, underneath the revenue boom lies a volatile mix of crypto risks, compliance failures, and fragile customer trust.
Inside Revolut’s £3.1 Billion Revenue Engine
In 2024, Revolut’s revenue soared from £1.8 billion to £3.1 billion—a £1.3 billion jump. Though that’s slightly down from the 95% growth it saw in 2023, it still signals strong momentum. The real headline? Net profit climbed to £790 million, while pre-tax earnings surged 149% to £1.1 billion. Revolut now boasts a 26% net margin, up from 19%, largely thanks to smart cost management and tech automation.
A closer look reveals that cryptocurrency trading was a major driver—responsible for nearly a third of Revolut’s profit. Its new crypto exchange, Revolut X, contributed £506 million in revenue, with a staggering 298% year-over-year increase in the wealth segment. Meanwhile, premium accounts and subscriptions added £423 million, while business banking brought in £460 million. Foreign exchange and cross-border payments weren’t left behind, generating another £422 million as global travel rebounded.
This diversification helped Revolut buffer against crypto’s ups and downs. But the heavy reliance on digital assets is not without risk—especially when things go wrong.
Crypto Profits, Customer Pain
Revolut’s crypto exchange may be a cash machine, but it’s also a regulatory lightning rod. In 2025, Lithuania fined the company €3.5 million for AML lapses tied to crypto flows. The Financial Conduct Authority (FCA) followed up by restricting its UK crypto marketing to accredited investors, citing concerns over unsophisticated users getting burned.
Stories like that of Bulgarian engineer Tzoni Raykov show how Revolut’s crypto ambitions can leave customers vulnerable. Raykov lost funds in a USDC transfer using an unsupported network. Revolut’s response? “Standard industry practice.” No protection. No reimbursement. And because crypto isn’t covered under the UK’s Financial Services Compensation Scheme, there’s little recourse.
While traditional investments and commodities helped round out the wealth management segment, crypto still made up 32% of Revolut’s total profit—raising serious questions about sustainability and exposure.
Subscriptions Grow, But So Does Scrutiny
Revolut’s Premium and Metal subscription plans have been a major revenue engine. They grew 74% year-over-year, bringing in £423 million. Features like higher savings rates and travel perks helped fuel a 38% jump in subscribers, especially in fast-growing European markets.
Yet, with higher engagement comes higher risk. A Financial Ombudsman ruling in the UK found Revolut at fault after a customer lost £301,800 to a crypto scam. Despite flagging “unusual activity,” the company processed the payment anyway. Even as user growth accelerates, cracks in fraud detection systems are beginning to show.
Between 2023 and 2024, Revolut processed €9.2 billion in crypto transactions through its Lithuanian arm—while reducing its fraud monitoring staff by 14%.
Customer Growth at a Cost
Revolut added 15 million new users in 2024, bringing its total to 52.5 million. That’s a 38% increase in just one year, with the UK and Eastern Europe leading the charge. On average, each user now engages with 4.2 products—up from 3.1 in 2023. These include high-yield Savings Vaults, rewards from the RevPoints program, and trading via Revolut X.
The result? Customer balances surged 66% to £30 billion, with 62% held in cash-like assets. But Revolut’s focus on rapid expansion has sometimes come at the cost of customer support and system resilience.
A recent app overhaul helped cut churn by 31%, yet the core issue remains: how safe is a fast-scaling fintech when oversight lags behind?
IPO Dreams, Crypto Headwinds
Revolut is aiming for a $45 billion IPO in 2026, but the road there may not be smooth. Investors love growth, but they also want predictability—and 32% of Revolut’s profit coming from crypto doesn’t exactly scream “stable.”
With the FCA cracking down on crypto promotions and a full UK banking license still pending, compliance costs could rise sharply. A 20% dip in crypto volumes—already underway in early 2025—could wipe out £100 million in profits. And public markets aren’t likely to ignore those risks.
Still, Revolut has built a compelling case. Its £3.1 billion revenue and consistent profitability suggest it has the chops to go public. The product ecosystem is sticky, customer adoption is broad, and the global fintech market remains massive. CEO Nik Storonsky’s vision of a super app delivering seamless financial access feels more real than ever.
But Revolut’s success story is also a cautionary tale. When 32% of profits hinge on an unregulated, high-risk sector, and AML violations are already on the record, trust becomes harder to earn—and even harder to keep.
Whether Revolut can evolve fast enough to meet the demands of the public markets—or whether regulators force a reckoning first—remains to be seen.
