Revolut reports record profits in Australia & globally for 2024

Revolut has reported record financial results for 2024, both in Australia and globally, with substantial growth in profitability, customer numbers, and product adoption across its core business segments.

The company announced a net profit before tax of AUD $4.4 million for its Australian operations in 2024, an all-time high for the business in this market. Australian revenue increased by 163% year-on-year, reaching AUD $40.8 million, while fee income across foreign exchange, payments, subscriptions, business, and lifestyle products rose by 145%. Interest income, linked to an expanding lending portfolio and greater client e-money balances, climbed by 248% from the previous year.

Matt Baxby, Chief Executive Officer for Australia and New Zealand at Revolut, commented: "2024 was a breakout year for Revolut Australia. We achieved a record net-profit of $4.4 million before tax and customer growth continued to accelerate across our core verticals, with retail users and business users up 89% and 378% respectively.

"Our strong performance in 2024 has given us a lot of confidence around our product market fit, growth momentum and business model which leverage Revolut's global success to deliver a highly localised offering for Australian customers.

"We're just getting started and are continuing to invest in delivering a best-in-class financial experience for our Australian customers that's more innovative, cheaper and easier than what's been seen before."

Active user numbers in Australia rose strongly, with monthly active users up by 72% year-on-year, retail customers up by 89%, youth customers up by 104%, and business users up by 378%. Client e-money balances increased by 89% compared to the prior year, and card payments touched more than AUD $1.2 billion in volume, which represents an 80% increase. Total transactions, including both inbound and outbound, reached 35.1 million—up 72% year-on-year—with inbound and outbound transactions growing by 90% and 68%, respectively. Physical transactions saw an increase of 62% year-on-year.

In terms of credit, unsecured credit balances increased by 766% year-on-year, while the wealth and cryptocurrency product lines recorded revenue increases of 500%. Subscription revenues grew by 86% year-on-year. The Australian team also expanded by 34%, with 71 employees in the regional entity at year-end 2024.

Globally, Revolut achieved a profit before tax of USD $1.4 billion for the year, with net profit at USD $1.0 billion and a net profit margin of 26%. Total revenue for the group grew by 72% to USD $4.0 billion. The company experienced its fourth consecutive year of profitability, driven by growth in all key business lines, including card payments, wealth management, foreign exchange, and subscriptions.

Nik Storonsky, Chief Executive Officer of Revolut, said: "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.

"This performance earned us the status of Europe's most valuable private technology company, reflecting the confidence of existing and new investors in our trajectory. But we're just getting started. 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. This ambitious goal will keep us focused on revolutionising global financial access through innovative products and seamless user experiences."

The global customer base expanded by 38% in 2024, reaching 52.5 million. Customer balances grew by 66% to USD $38 billion, and transaction volumes approached USD $1.3 trillion. Retail monthly active users increased by 42%, and Revolut Business customers also showed strong momentum, contributing USD $592 million in turnover and accounting for around 15% of total group revenue.

Paid plan adoption increased by 45% year-on-year globally, and the new loyalty programme, RevPoints, attracted 6.6 million users since its launch in June 2024. More than 65% of new retail customers joined via word-of-mouth or referrals, supplemented by USD $591 million in targeted sales, advertising, and marketing activities.

Revolut also invested in enhancing its platform, launching new core banking features, expanding its wealth and savings products, and improving lending and business account capabilities. Customer service measures included achieving 80% faster resolution times and preventing over USD $800 million in potential fraud through updated controls.

The company's outlook for 2025 includes the formal launch of its UK bank and entry into the Mexican market, securing further licences globally, and additional investment in product innovation, customer experience, and security. The company is targeting a strategic path towards 100 million daily active users across 100 countries.