The Fintech Loved by Croatians Achieved Record Profit Last Year

Revolut today reported record profits for the past year. This British fintech company doubled its profits in 2024 and for the first time exceeded the figure of one billion pounds, which translates to 1.3 billion euros in net profit. This profit was attributed to a record number of clients and an increase in cryptocurrency trading. Specifically, Revolut reached a total of 53 million active clients last year.

In a statement sent to the media, Revolut indicated that its revenues rose to 3.7 billion euros, which is 72 percent higher compared to the previous year. Revolut’s record profit was supported by the growth in the number of clients, which increased its two largest sources of revenue: fees earned from card payments and interest earned on deposits.

Founder and CEO Nik Storonsky stated that “2024 was a turning point for Revolut,” during which the London-based company secured a banking license in its home market and was valued at 45 billion dollars.

– But we have only just begun – he said, adding that the company is now aiming for one hundred million daily active customers in one hundred countries.

Last year, this fintech also benefited from the rise in cryptocurrency trading. Additionally, Revolut’s stock and digital asset trading segment generated approximately 590 million euros in revenue last year – nearly four times more compared to 2023.

Although Revolut has attracted millions of customers to its sleek mobile app, the fintech still faces a significant challenge in convincing clients to use it as their primary bank account. Gathering a critical mass of deposits is an important part of the company’s plan to unlock loan financing and compete in the market with the largest banks. The company is also looking to expand its subscriber base. Revenue from fees on premium plans increased by 74 percent year-on-year, and they are now focusing on corporate clients.

New Changes Starting This Week

Let us remind you, we recently wrote that almost half a million Croatians use the services of this fintech, but it is worth mentioning that just this week, specifically from April 22, changes in fees were introduced in Croatia, but without a direct increase in costs. Although service prices remain the same, the conditions for free cash withdrawals at ATMs and currency conversion on weekends, which is calculated from Friday at 5 PM to Sunday at 6 PM, are changing.

According to the new rules, users of the standard package will not see any changes – they can still withdraw up to 230 euros per month without a fee or withdraw cash a maximum of five times, after which a fee of two percent of the withdrawn amount applies, with a minimum of one euro per transaction. Additionally, an extra fee of one percent continues to apply for currency exchange on weekends. On the other hand, users of the premium package will receive slightly more favorable conditions. They, along with users of the metal and ultra packages, will have the one percent fee for currency conversion on weekends waived, while users of the plus package will see that fee reduced to 0.5 percent.

Premium users will also see an increase in the limit for free cash withdrawals at ATMs – from the previous 350 to 440 euros per month. After that amount, they, like users of the standard and plus packages, will be charged a fee of two percent of the withdrawal amount, with a minimum of one euro per transaction. For users of the metal package, that limit remains at 870 euros, and for the ultra package, it is 2000 euros.

The aforementioned changes, therefore, do not bring drastic differences, but users of the premium and plus packages will now be able to save on currency conversion, while premium users will also have a higher free limit for cash withdrawals. For other users, all fee amounts and conditions remain the same.

Other fees on Revolut for users in Croatia remain unchanged for now. Revolut confirmed to Lider that they plan to launch new products for the Croatian market during 2025, but currently cannot disclose more details. Indeed, Revolut has seen significant growth in the Croatian market in recent years, and besides cash transactions, Croatians are increasingly using Revolut for investments. The number of business clients, i.e., Croatian companies actively using Revolut, is also on the rise. However, despite this, as we recently wrote in Lider, further localization and expansion of operations by Revolut, including opening an office in Croatia, are not currently planned.