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SINGAPORE: Fintech firm Revolut reported a 65 per cent increase in net profit, from US$1 billion in 2024 to US$1.7 billion last year.<\/p>\n
In its annual report released on Tuesday (Mar 24), the UK-headquartered company said its revenue climbed to US$6 billion in 2025, up from US$4 billion in the previous year.<\/p>\n
The biggest contributors to revenue were card payments and interest income at US$1.3 billion each, while revenue from subscriptions stood at US$936 million.<\/p>\n
Revolut has 68.3 million retail customers, a 30 per cent increase from 2024, and aims to reach 100 million by the middle of next year.\u00a0<\/p>\n
The company also served 767,000 businesses and held US$67.5 billion in customer balances in 2025. Total transaction volume hit US$1.7 trillion last year.<\/p>\n
Revolut declined to reveal exact figures for Singapore, but said subscriptions and card payments were revenue drivers for the market.<\/p>\n
“Singapore is a proven, profitable market that demonstrates the strength and scalability of Revolut’s business model,” said Mr Raymond Ng, chief executive officer for Singapore and Southeast Asia.<\/p>\n
Mr Ng also shared the company’s plans to move into its own office space by the end of this year.<\/p>\n
“With more and more headcount that we are hiring, (a co-working space) doesn’t make sense anymore,” he said.<\/p>\n
The company announced in February that it plans to triple its Singapore workforce to over 300 employees in the next three years.<\/p>\n
“We’re going to invest in Singapore a lot, not only in terms of headcount hiring, but also in making sure that we have a good environment for our colleagues to work in,” he said.<\/p>\n
The team also wants to build brand awareness in Singapore and is in negotiations about the possibility of having a logo on the building that it moves into.<\/p>\n
Mr Ng said he hopes the plans can be finalised in the next one to two months.<\/p>\n
The company intends to use Singapore as a base for growth into Southeast Asia and Asia.<\/p>\n
It declined to comment on ongoing licence applications, but said it is exploring opportunities for growth in new markets.<\/p>\n
“Southeast Asia is a key growth region for us. As we expand in a phased way, we see the opportunity to serve a few million users over time, with Singapore as our base for regional growth,” said Mr Ng.<\/p>\n
Revolut has been public about its goal to be a bank in every market that it operates in, with the ambition of being a “truly global bank”.<\/p>\n
Asked where the company is in the process of getting a banking license in Singapore, Mr Ng said Revolut is looking to bring more products and services to its app, and a digital banking license is one way to proceed.<\/p>\n
But it is not the only way, and “our ambition is not dependent on it”, he said.<\/p>\n
“We are always looking for mutually beneficial collaborations and are working with local partners to bring greater value and increased app functionality to our customers,” he added.<\/p>\n
Revolut was granted a full banking license in the UK this month after a years-long wait.<\/p>\n
The company told CNA that the process was more complex than for other businesses because Revolut already had many customers in the UK and around the world.<\/p>\n
“We weren’t just building a bank \u2013 we were transitioning a global, systemically important institution into a new regulatory framework,” the company said.<\/span><\/p>\n As for whether Singapore customers would be confident about using Revolut as a bank in future, Mr Ng said the users in Singapore are sophisticated and would be willing to use products and services that bring good value.<\/p>\n He also pointed to an increase in domestic transactions and peer-to-peer payments in Singapore.<\/p>\n “We\u2019re seeing a clear shift from Revolut being used primarily for travel to becoming an everyday financial app,” he said, adding that this was an important indicator for the business.<\/p>\n<\/div>\n