The news: Revolut earned its first $1 billion net profit in 2024, with pre-tax profits at $1.4 billion, driven by explosive revenue growth and product diversification, per PYMNTS.

How we got here: The fintech’s total revenue jumped 72% year-over-year to $4 billion, with every major segment—cards, foreign exchange, subscriptions, and wealth—posting double-digit gains.

And over the course of a year, Revolut added 15 million new users, growing its total to 52.5 million—its biggest annual jump to date. Transaction volume hit $1.3 trillion, up 52%. And paid plans like Premium, Metal, and Ultra saw subscription revenue rise 74% to $541 million, with 45% more users adopting paid tiers.

What this means for banking competitors: With ambitious global expansion plans (including licensed banks in the UK and Mexico, a move into India, and the launch of mortgages), Revolut is positioning itself as a full-spectrum financial super app. Its ability to scale rapidly while maintaining high user engagement gives it momentum that traditional banks are struggling to match.

Perhaps most importantly, Revolut’s subscription-based revenue model is something legacy banks have yet to fully explore. By monetizing premium features through paid plans, Revolut is generating steady, predictable income—something most banks still rely on interest spreads and fees to achieve. 

It’s clear that consumers are willing to pay for bundled, value-rich digital financial services—and traditional financial institutions must evaluate which premium services they can offer to paying customers.