Revolut posts US$1.7b in net profit for 2025; targets growth in Southeast Asia from Singapore base
Revolut Singapore intends to move into its own office space by the end of 2026, which will be able to accommodate at least 300 people.
Revolut reported net profit of US$1.7 billion for the financial year 2025. (Photo: Revolut)
This audio is generated by an AI tool.
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.
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.
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.
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.
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.
Revolut declined to reveal exact figures for Singapore, but said subscriptions and card payments were revenue drivers for the market.
"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.
NEW SINGAPORE OFFICE SPACE
Mr Ng also shared the company's plans to move into its own office space by the end of this year.
"With more and more headcount that we are hiring, (a co-working space) doesn't make sense anymore," he said.
The company announced in February that it plans to triple its Singapore workforce to over 300 employees in the next three years.
"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.
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.
Mr Ng said he hopes the plans can be finalised in the next one to two months.
The company intends to use Singapore as a base for growth into Southeast Asia and Asia.
It declined to comment on ongoing licence applications, but said it is exploring opportunities for growth in new markets.
"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.
BANK AMBITIONS
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".
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.
But it is not the only way, and "our ambition is not dependent on it", he said.
"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.
Revolut was granted a full banking license in the UK this month after a years-long wait.
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.
"We weren't just building a bank – we were transitioning a global, systemically important institution into a new regulatory framework," the company said.
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.
He also pointed to an increase in domestic transactions and peer-to-peer payments in Singapore.
"We’re 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.
