Group revenues at Revolut rose 72% from $2.2bn (€2.1bn) to $4bn (€3.7bn) in 2024 as the fintech posted a fourth consecutive year of net profitability.

Revolut's customer base grew by 38% to 52.5m while total customer balances increased by 66% to $38bn (€36bn).

The digital bank has more than 3m customers in Ireland, up 14% from 2023, including 420,000 children under the age of 18 (+36%) and 27,000 businesses (+40%).

Profit before tax rose 148% year-on-year to $1.4bn (€1.3bn), with net profits of $1bn (€934m) at an improved margin of 26%, up from 19% in 2023.

“2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15m 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.

"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 100m 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."

Revenue increased across all business segments, with card payments up 43% to €820m, wealth rising 298% to €598m, foreign exchange increasing 58% to €499m, and subscriptions up 74% to €500m.

Interest incomes grew 58% year-on-year to €934m as a result of more effective management of increased customer deposits and expanded lending activities.

Customer transaction volumes rose 52% to €1.2tn, and the company's retail monthly active users increased 42%.

The Revolut Business segment has also grown, with the number of monthly active business customers surging 56%. Business customers contributed turnover of €547m or 15% of total group revenues last year.

In Ireland, customer balances rose almost 80% last year, and the company held almost €1bn in customer deposits. The group also launched its credit card, personal loan and pay later products, helping to growth its Irish loan book 54% year-on-year.

Adoption of Revolut's paid plans increased 45% from 2023, and its loyalty programme, RevPoints, has attracted 6.6m members since launch last June.

The company saw strong organic growth, with over 65% of new retail customers joining through word-of-mouth referrals, supplemented by €547m investment in targeted sales, advertising and marketing.

Revolut estimates its market penetration at around 15% of the adult population in key markets, and said it has "a substantial opportunity for continued growth towards its mission."

Looking ahead, Revolut is prioritising the launch of its banks in UK and Mexico and actively seeking to secure 10 global licences, scaling in newer markets like Brazil and preparing to launch in India this year.