SINGAPORE: Fintech agency Revolut reported a 65 per cent improve in internet revenue, from US$1 billion in 2024 to US$1.7 billion final 12 months.
In its annual report launched on Tuesday (Mar 24), the UK-headquartered firm mentioned its income climbed to US$6 billion in 2025, up from US$4 billion within the earlier 12 months.
The largest contributors to income have been card funds and curiosity revenue at US$1.3 billion every, whereas income from subscriptions stood at US$936 million.
Revolut has 68.3 million retail prospects, a 30 per cent improve from 2024, and goals to succeed in 100 million by the center of subsequent 12 months.
The corporate additionally served 767,000 companies and held US$67.5 billion in buyer balances in 2025. Whole transaction quantity hit US$1.7 trillion final 12 months.
Revolut declined to disclose actual figures for Singapore, however mentioned subscriptions and card funds have been income drivers for the market.
“Singapore is a confirmed, worthwhile market that demonstrates the energy and scalability of Revolut’s enterprise mannequin,” mentioned Mr Raymond Ng, chief government officer for Singapore and Southeast Asia.
NEW SINGAPORE OFFICE SPACE
Mr Ng additionally shared the corporate’s plans to maneuver into its personal workplace area by the top of this 12 months.
“With increasingly headcount that we’re hiring, (a co-working area) does not make sense anymore,” he mentioned.
The corporate introduced in February that it plans to triple its Singapore workforce to over 300 workers within the subsequent three years.
“We will spend money on Singapore rather a lot, not solely when it comes to headcount hiring, but additionally in ensuring that we’ve got a very good setting for our colleagues to work in,” he mentioned.
The group additionally desires to construct model consciousness in Singapore and is in negotiations about the opportunity of having a emblem on the constructing that it strikes into.
Mr Ng mentioned he hopes the plans might be finalised within the subsequent one to 2 months.
The corporate intends to make use of Singapore as a base for development into Southeast Asia and Asia.
It declined to touch upon ongoing licence functions, however mentioned it’s exploring alternatives for development in new markets.
“Southeast Asia is a key development area for us. As we increase in a phased method, we see the chance to serve a couple of million customers over time, with Singapore as our base for regional development,” mentioned Mr Ng.
BANK AMBITIONS
Revolut has been public about its purpose to be a financial institution in each market that it operates in, with the ambition of being a “really international financial institution”.
Requested the place the corporate is within the means of getting a banking license in Singapore, Mr Ng mentioned Revolut is trying to convey extra services to its app, and a digital banking license is one option to proceed.
However it’s not the one method, and “our ambition isn’t depending on it”, he mentioned.
“We’re at all times in search of mutually useful collaborations and are working with native companions to convey higher worth and elevated app performance to our prospects,” he added.
Revolut was granted a full banking license within the UK this month after a years-long wait.
The corporate informed CNA that the method was extra complicated than for different companies as a result of Revolut already had many shoppers within the UK and around the globe.
“We weren’t simply constructing a financial institution – we have been transitioning a worldwide, systemically essential establishment into a brand new regulatory framework,” the corporate mentioned.
As for whether or not Singapore prospects can be assured about utilizing Revolut as a financial institution in future, Mr Ng mentioned the customers in Singapore are subtle and can be prepared to make use of services that convey good worth.
He additionally pointed to a rise in home transactions and peer-to-peer funds in Singapore.
“We’re seeing a transparent shift from Revolut getting used primarily for journey to changing into an on a regular basis monetary app,” he mentioned, including that this was an essential indicator for the enterprise.
