Revolut profits surge above £1bn on crypto trading boom

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The revolution of more than twice its profits led to one billion pounds last year, as the most valuable startups in Europe exceeded 50 million customers and benefited from an increase in the trading of encrypted currency.

In an annual report published on Thursday, Revolution said that its previous tax profits had increased from 438 million pounds in the previous year. Revenue increased to 3.1 billion pounds, from 1.8 billion pounds.

Droclut’s standard profits were supported by growth in customer numbers, which strengthened the two largest revenues: the fees it offers from the cards payments, and the benefit it earns on the deposit. She added approximately 15 million new customers last year.

“The year 2024 was a historic year of defense” for the year in which the London -based company obtained a bank license in its local market and a value of $ 45 billion, “said the founder and head of the CEO Nick Storonski.

“But we have just started,” he said, adding that the company is now targeting 100 million active customers per day in 100 countries.

The Fintech encryption trade also helped last year. Droclut’s Wealth, which includes shares and digital assets – brought 506 million pounds in revenue – an increase of about four times in 2023.

The department raised the revolution to its first annual profit in 2021 when retailers were rushing to obtain a slice of the encryption boom. However, the company’s coding revenues have turned the following year.

Although Revolution has attracted millions of customers to its elegant application of the mobile phone, Fintech is still facing a major challenge to persuade them to use them for their basic bank account. A critical mass collection of deposits is a decisive part of the company’s plan to cancel financing insurance for loans and compete with the largest retail banks.

The total customer assets in Revolution rose from 18 billion pounds to 30 billion pounds during the year. The company-which reported a loan notebook of 979 million pounds that includes credit cards and purchase products-paid-paid-on a bank license in the United Kingdom with restrictions in July last year.

The license, which was obtained after a long three -year operation with the UK organizers, represents a milestone that will enable the revolution to offer lending products in its local market. A revolution said that she is testing real estate mortgages internally.

The company also seeks to expand its ranks from the subscribers who pay. Revenues from fees on distinguished subscription plans, which provide a range of privileges, increased by 74 percent year on year to 423 million pounds. Corporate customers also targeted, as its business width now represents about 15 percent of revenues.