Revolut Singapore Doubles Revenue in 2023, Sees 77% Growth in Users - Fintech Singapore

Revolut Singapore Doubles Revenue in 2023, Sees 77% Growth in Users – Fintech Singapore

Revolut Singapore Doubles Revenue in 2023, Sees 77% Growth in Users

by Fintech News Singapore

July 2, 2024

Neobank Revolut’s annual revenue in Singapore more than doubled compared to 2022, contributing to the group’s financial performance. This marks its second consecutive year of gross profitability.

The group’s revenue increased by 95%, from US$1.1 billion in 2022 to US$2.2 billion in 2023. Profit before tax reached US$545 million, and net profit grew to US$428 million, up from US$7 million in 2022. The net profit margin for the year was 19%.

Revolut’s global growth has allowed it to significantly increase its investment in innovative products in Singapore. As a leading financial hub in Asia, Singapore plays a crucial role in Revolut’s global expansion strategy.

In 2023, Revolut Singapore introduced a new product or feature approximately every two months.

Among the products launched in 2023 is its first interest-bearing product, Flexible Accounts, where top-ups are invested into USD-denominated Money Market Funds managed by Fidelity International.

Additionally, Revolut Business is set to launch, providing financial solutions to companies of all sizes in Singapore.

Revolut’s customer base in Singapore saw remarkable growth, with retail customers increasing by 77% in 2023 compared to the previous year.

Monthly active users rose by 55%, and the next-generation segment of users (aged 18-24) grew by 105%.

The Revolut <18 app, designed for young users, tripled its user base in 2023, highlighting a growing interest in financial literacy among Singaporean youths.

Revenue from subscriptions to Revolut’s paid plans increased by 80% in 2023 compared to 2022, indicating that customers are willing to pay for value-added services such as travel insurance and cashback offered in its Premium and Metal plans.

Product usage also surged significantly in Singapore. Customer e-wallet balances increased by 52%, and overall card payments rose by 83%, from 7.07 million in 2022 to 12.95 million in 2023.

Physical transactions with Revolut cards grew by over 93%, and virtual card payments saw a 64% increase.

Many more customers are using their Revolut card not just overseas but also for local transactions, with an 89% rise in local card usage. This data suggests that Revolut is evolving from a travel card to an everyday financial tool for Singaporeans.

Matt Baxby

Matt Baxby

Matt Baxby, Asia Pacific Chief Executive Officer, Revolut, said,

“We are thrilled to see the strong adoption of our products in Singapore. Our 2023 results demonstrate that we are truly becoming an everyday app for Singaporeans, with many customers using our Wealth & Trading products as well as our novel <18 app for 6-17 year olds.

Our commitment to understanding and meeting the evolving needs of our customers has been instrumental in driving these results.”

Globally, Revolut’s customer base added almost 12 million new customers in 2023, the highest year-on-year increase in the company’s history, bringing the total to 38 million.

Revolut said that it is committed to its UK banking license application and expanding the app to new markets. As of mid-2024, Revolut reached 45 million global retail customers.

Nik Storonsky

Nik Storonsky

Nik Storonsky, CEO of Revolut said,

“This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers everywhere.

Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over US$2.2bn in 2023 and a record profit before tax of US$545m. With a net profit of US$428m, 2023 was our third profitable year in a row.”

Featured image credit: Edited from Freepik

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