SINGAPORE: Fintech agency Revolut reported a 65 per cent improve in web 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 stated its income climbed to US$6 billion in 2025, up from US$4 billion within the earlier 12 months.
The most important contributors to income had been card funds and curiosity earnings 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 achieve 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. Complete transaction quantity hit US$1.7 trillion final 12 months.
Revolut declined to disclose precise figures for Singapore, however stated subscriptions and card funds had been income drivers for the market.
“Singapore is a confirmed, worthwhile market that demonstrates the power and scalability of Revolut’s enterprise mannequin,” stated 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 house by the top of this 12 months.
“With increasingly more headcount that we’re hiring, (a co-working house) does not make sense anymore,” he stated.
The corporate introduced in February that it plans to triple its Singapore workforce to over 300 workers within the subsequent three years.
“We’ll put money into Singapore loads, not solely when it comes to headcount hiring, but additionally in ensuring that we’ve got an excellent setting for our colleagues to work in,” he stated.
The staff additionally desires to construct model consciousness in Singapore and is in negotiations about the opportunity of having a brand on the constructing that it strikes into.
Mr Ng stated he hopes the plans could be finalised within the subsequent one to 2 months.
The corporate intends to make use of Singapore as a base for progress into Southeast Asia and Asia.
It declined to touch upon ongoing licence purposes, however stated it’s exploring alternatives for progress in new markets.
“Southeast Asia is a key progress area for us. As we develop in a phased means, we see the chance to serve a number of million customers over time, with Singapore as our base for regional progress,” stated Mr Ng.
BANK AMBITIONS
Revolut has been public about its objective to be a financial institution in each market that it operates in, with the ambition of being a “really world financial institution”.
Requested the place the corporate is within the means of getting a banking license in Singapore, Mr Ng stated Revolut is trying to carry extra services and products to its app, and a digital banking license is one solution to proceed.
However it’s not the one means, and “our ambition isn’t depending on it”, he stated.
“We’re all the time searching for mutually helpful collaborations and are working with native companions to carry better 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 instructed CNA that the method was extra advanced than for different companies as a result of Revolut already had many shoppers within the UK and world wide.
“We weren’t simply constructing a financial institution – we had been transitioning a worldwide, systemically necessary establishment into a brand new regulatory framework,” the corporate stated.
As for whether or not Singapore prospects could be assured about utilizing Revolut as a financial institution in future, Mr Ng stated the customers in Singapore are subtle and could be keen to make use of services and products that carry 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 turning into an on a regular basis monetary app,” he stated, including that this was an necessary indicator for the enterprise.
