British neobank Revolut released its Annual Report for 2024 on Thursday, April 24, reporting significant growth across all business segments and its fourth consecutive year of profitability. Romanian users and businesses also hold large amounts of money in their Revolut accounts and have used the lending facility extensively relative to the previous year.
The Revolut Group’s revenue increased by 72% to EUR 3.7 billion, up from EUR 2.1 billion in 2023, driven by both an expanding customer base and increased product utilization. Growth was seen in card payments, wealth, FX, and subscriptions.
“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,” said Nik Storonsky, CEO of Revolut.
“We’re making strong progress towards 100 million daily active customers across 100 countries, driven by growth in the UK, Europe, and our expansion markets,” he added.
Total customer balances expanded to EUR 36 billion, up from EUR 21 billion in 2023, driven by customer deposits and increased balances in the savings products. Simultaneously, the customer lending portfolio grew by 86% YoY to EUR 1.2 billion. As a result, interest income grew 58% YoY to EUR 934 million.
In Romania, individuals and companies using Revolut as a primary bank account have deposited more than EUR 1.2 billion in their accounts as of December 31st, 2024 (+56% in 2024 vs 2023). The lending portfolio in Romania progressed by 88% in 2024 vs. 2023, and the number of local customers accessing personal loans increased by 41%.
Revolut welcomed almost 15 million new customers globally, bringing the total to 52.5 million by year-end (a 38% increase). By December 31, 2024, Revolut had 4.3 million retail customers in Romania, which was a 28% increase from the previous year.
Revolut is now the most downloaded app in Romania in the Finance category, ranking first in 19 countries and securing a spot in the top three in 26 countries across the continent. Also in Romania, the total volume of transactions made with Revolut increased by 54%, up to EUR 9.96 billion.
Overall, Revolut registered a before-tax profit of EUR 1.3 billion, marking the fourth consecutive year of net profitability. Net profit grew to EUR 934 million.
(Photo source: Linaskk | Dreamstime.com)
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