Revolut, a global neobank with over 52 million users, reported a net profit of US$1 billion (S$1.35 billion) for 2024, marking its fourth consecutive year of profitability.
Profit before tax rose to US$1.4 billion (S$1.86 billion), with the group’s net profit margin strengthening to 26%, up from 19% the year before.
Group revenues climbed 72% year-on-year to US$4.0 billion (S$5.28 billion), supported by growth across all key business segments.
Revenue from wealth services rose nearly 300% to US$647 million, while card payments and foreign exchange brought in US$887 million and US$540 million respectively.
Subscription income increased 74% to US$541 million, reflecting higher adoption of Revolut’s paid plans.
Customer activity also intensified, with global transaction volume rising 52% to nearly US$1.3 trillion.
The company’s customer base expanded by 38% to 52.5 million users worldwide, while total balances held grew 66% to US$38 billion (S$51.65 billion).
Business customers contributed US$592 million in turnover, accounting for 15% of total revenue, with monthly active businesses increasing 56% year-on-year.
Nik Storonsky, CEO of Revolut said,
“2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business.
This powerful combination directly fueled our record growth, and our technology-driven operating model translated this into record profitability.”
Revolut Singapore Achieves First Profitable Year
In Singapore, Revolut achieved its first year of net profitability with a margin of 15%, following three years of gross profitability.
Revenue grew by nearly 70%, driven by over 50% growth in subscription income and a 45% increase in paid plan adoption.
Deposit balances across both retail and business accounts more than doubled.
The retail customer base in Singapore grew nearly 40% in 2024, with monthly active users rising by close to 20%.
Gen Z users aged 18–24 grew by over 50%, and accounts for users under 18 surged by nearly 80%.
Expatriates now make up over a quarter of the local customer base, with numbers rising by more than 50% year-on-year.
Singapore also saw the launch of eight new products in 2024, including innovations such as eSIMs and Instant Card Transfers.
These features supported growing demand for daily use cases such as payments, remittances, investing, and financial literacy.
Over 45% of all card payments in 2024 were made domestically. Use of Wealth & Trading services more than doubled during the year.
Revolut Singapore also expanded its workforce by nearly 50%, as it prepares for its next phase of growth.
The company views Singapore as a strategic hub for Southeast Asia, a region it considers key to reaching its goal of 100 million users globally.
Raymond Ng, Chief Executive Officer, Singapore & Southeast Asia at Revolut said,
“We’re proud of the continued strong performance in Singapore, especially as we report our first year of net profitability. Singaporeans are used to managing money across a fragmented mix of apps—from spending and saving to investing and international transfers.
Revolut is changing that. We offer a single, powerful platform that gives users total control over their financial lives.”
Looking ahead, Revolut plans to formally launch its bank in the UK and Mexico in 2025, while seeking over 10 new global licenses and expanding services into markets like India and Brazil.
The company invested US$591 million in sales and marketing in 2024 to support this ongoing global expansion.
