Revolut Singapore hits first year of net profitability in 2024

Annual revenue rose 70% YoY and profit margin is 15%, it said.

Revolut Singapore achieved its first year of net profitability in 2024, logging a profit margin of 15%.

Annual revenue in Singapore rose by 70% year-on-year (YoY), the banking services and finance app said in a press release.

Subscription revenue rose by 50% in 2024, fuelled by a 45% increase in paid subscriptions.

Average monthly transactions— including card payments and ATM withdrawals— rose by 26% during the year.

Deposit balances more than doubled across both retail and business accounts, Revolut claimed.

Expats reportedly now represent a quarter of Revolut Singapore’s customer base, with their numbers growing 50% YoY.

Revolut Singapore also grew its headcount by close to 50% in 2024.