1 month ago
Digital slope Revolut's profits surpassed 1 cardinal pounds ($1.33 billion) successful 2024, acknowledgment successful portion to a large leap successful gross from cryptocurrency trading.
The London-based fintech group's wealthiness gross accrued 298% from 127.1 cardinal pounds to conscionable implicit 500 cardinal pounds successful the afloat twelvemonth 2024. Revolut's wealthiness concern includes cryptocurrency, commodities, trading, and savings products.
Revolut besides surpassed 50 cardinal customers for the archetypal clip successful 2024, with galore of them perchance keen to dip their toed into cryptocurrency trading arsenic the marketplace boomed. Bitcoin (BTC) accrued successful terms by implicit 120% during the calendar year, which was bookended by the support of spot bitcoin ETFs successful the U.S. successful January and the predetermination triumph of the pro-crypto President Trump successful November.
The fintech steadfast wasn't the sole benefactor of the crypto trading surge. Crypto speech Coinbase (COIN) and fashionable trading level Robinhood (HOOD) besides said they saw a boost from crypto trading activities past year. Both firms are acceptable to study their net successful the adjacent fewer weeks.
Across the concern astatine large, Revolut's gross besides accrued 72% from 1.8 cardinal pounds to implicit 3 billion. Profits earlier taxation surpassed 1 cardinal pounds, pursuing a astir 150% summation compared to 2023.
Cryptocurrency has a way grounds of bolstering Revolut's earnings. The fintech's archetypal yearly nett came successful 2021, different clip customers were looking to currency successful connected a crypto bull market.
Read More: Revolut to Strengthen Crypto Fraud Protections With Added Security, Risk Scores
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