SINGAPORE: Fintech agency Revolut reported a 65 per cent enhance in internet revenue, from US$1 billion in 2024 to US$1.7 billion final yr.
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 yr.
The largest contributors to income have 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 enhance from 2024, and goals to succeed in 100 million by the center of subsequent yr.
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 yr.
Revolut declined to disclose precise figures for Singapore, however stated 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,” 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 tip of this yr.
“With increasingly 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 staff within the subsequent three years.
“We’ll spend money on Singapore rather a lot, not solely by way of headcount hiring, but additionally in ensuring that we now have a great surroundings for our colleagues to work in,” he stated.
The staff additionally desires to construct model consciousness in Singapore and is in negotiations about the potential of having a emblem on the constructing that it strikes into.
Mr Ng stated he hopes the plans will 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 stated it’s exploring alternatives for development in new markets.
“Southeast Asia is a key development area for us. As we increase in a phased means, we see the chance to serve just a few million customers over time, with Singapore as our base for regional development,” stated Mr Ng.
BANK AMBITIONS
Revolut has been public about its aim to be a financial institution in each market that it operates in, with the ambition of being a “actually world financial institution”.
Requested the place the corporate is within the means of getting a banking license in Singapore, Mr Ng stated Revolut is seeking to convey 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 just isn’t depending on it”, he stated.
“We’re at all times in search of mutually helpful collaborations and are working with native companions to convey 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 complicated than for different companies as a result of Revolut already had many purchasers within the UK and all over the world.
“We weren’t simply constructing a financial institution – we have been transitioning a world, systemically essential establishment into a brand new regulatory framework,” the corporate stated.
As for whether or not Singapore prospects can be assured about utilizing Revolut as a financial institution in future, Mr Ng stated the customers in Singapore are refined and can be prepared to make use of services and products 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 turning into an on a regular basis monetary app,” he stated, including that this was an essential indicator for the enterprise.
