Revolut wealth revenue soars 298% as crypto offerings click into gear

Revolut’s big bet on crypto is finally paying off.

On Thursday, the British neobank said it made $1.5 billion in profit for 2024 ― the first time its annual profit exceeded $1 billion ― thanks in large part to its crypto trading venture.

The top line at Revolut’s wealth business division jumped 298%, to $674 million, thanks to surging crypto activity,, the company reported. .

The performance demonstrates how fintech ventures are profiting from crypto offerings and putting pressure on digital assets platforms such as Coinbase and Kraken.

In the fourth quarter, Robinhood, the online zero-commission brokerage, recorded a 700% jump in crypto sales, which pushed the US firm into profitability for the year.

On Wednesday, eToro, the UK-Israeli online broker that has long offered crypto, added 29 more tokens to the list of tradeable cryptocurrencies on its platform.

Last May, Revolut debuted a mobile crypto app called Revolut X. While the app is for its UK customers, the company said it has plans to expand coverage to traders in the US with the goal of challenging crypto exchange incumbents like Coinbase.

Walletshare

Market analysts say fintechs have an edge over crypto shops due to their name recognition and regulatory compliance. Revolut, for instance, already has a UK banking licence.

Moreover, by offering crypto as one of many services, fintechs such as Revolut can build their “walletshare” of customers and grow their revenues and earnings.

Last week, Kraken, the second-biggest US crypto exchange, announced it was going to offer its customers a new stock trading service for 11,000 equities and ETFs.

But crypto appears poised to generate more fee revenue for platforms. Crypto trading volume spiked in the fourth quarter but has declined since then by a third to $104 billion amid a broader slump for cryptocurrencies.

Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.