Revolut’s Surge in Profits and Expansion Plans Signal a Shift in Singapore’s Fintech Landscape
Revolut, the UK-headquartered fintech giant, has reported a significant increase in net profit, jumping 65 percent to US$1.7 billion in 2025, up from US$1 billion the previous year. Revenue also climbed to US$6 billion, driven by card payments, interest income, and subscriptions. This strong performance underscores a growing trend: consumers are increasingly embracing digital financial solutions, and Revolut is positioning itself to capitalize on this shift, particularly in the Asia-Pacific region.
Singapore: A Key Hub for Regional Growth
Even as Revolut declined to disclose specific figures for the Singapore market, CEO for Singapore and Southeast Asia, Raymond Ng, emphasized its importance as a “proven, profitable market.” The company is actively investing in its Singapore presence, planning to move into its own office space later this year and triple its workforce to over 300 employees over the next three years. This expansion reflects Singapore’s attractiveness as a regional fintech hub, supported by initiatives from the Economic Development Board (EDB) and EDBI.
This investment isn’t just about headcount. Revolut is focused on creating a strong perform environment and building brand awareness in Singapore, potentially including prominent building signage. The company views Singapore as a crucial base for expansion throughout Southeast Asia, aiming to serve millions of users in the region.
Beyond Travel: Revolut’s Evolution into an Everyday Financial App
Revolut’s initial appeal centered around offering competitive exchange rates and low fees for international travel. However, the company is witnessing a significant shift in user behavior. Ng noted a growing trend of domestic transactions and peer-to-peer payments within Singapore, indicating that Revolut is becoming an “everyday financial app” for locals. This transition is a key indicator of the business’s success and potential for further growth.
The Pursuit of a Banking License and Collaborative Partnerships
Revolut has publicly stated its ambition to become a “truly global bank,” and securing a banking license in each market it operates in is a key part of that strategy. In Singapore, the company is exploring options, including pursuing a digital banking license, but emphasizes that its ambitions aren’t solely dependent on obtaining one. Revolut is also actively seeking “mutually beneficial collaborations” with local partners to enhance its app’s functionality and value proposition.
The recent granting of a full banking license in the UK, after a lengthy process, provides a blueprint for Revolut’s approach in other markets. The UK process was complex due to the company’s existing global customer base, requiring a transition of a large, established institution into a fresh regulatory framework.
The Rise of Multi-Currency Accounts and Digital Wallets
Revolut’s success is part of a broader trend towards the adoption of multi-currency accounts and digital wallets. Consumers are increasingly seeking alternatives to traditional banking services, driven by factors such as convenience, lower fees, and better exchange rates. Companies like YouTrip are also gaining traction in the Singapore market, offering similar services. This competitive landscape is driving innovation and benefiting consumers with more choices.
Did you know? Revolut currently serves 68.3 million retail customers globally, a 30 percent increase from 2024, and aims to reach 100 million by mid-2026.
FAQ: Revolut in Singapore
- What is Revolut? Revolut is a global fintech app offering a multi-currency account, card, and financial tools.
- Is Revolut available in Singapore? Yes, Revolut has been operating in Singapore since 2019.
- What are the benefits of using Revolut? Favorable exchange rates, low fees, budgeting tools, and access to crypto and stock trading.
- Is Revolut planning to expand in Singapore? Yes, Revolut plans to triple its Singapore workforce to over 300 employees in the next three years.
Pro Tip: Compare exchange rates and fees across different multi-currency cards and digital wallets to find the best option for your specific needs.
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