Trust Bank reaches 1 million customers, unveil TrustInvest

Its revenue is S$97m for 2024.

Trust Bank has reached 1 million customers, meeting its target of becoming the fourth largest retail bank in Singapore by customer numbers.

The digital bank said that it has made good progress toward profitability in 2024: its revenue reportedly more than doubled during the year, to S$97m.

Costs were “only slightly above inflation,” it added in a press release.

Credit card spend in 2024 was over S$4b, boosted by Trust Bank’s launch of a cashback credit card. Customers make 21 transactions on their credit card per month on average.

Deposit balance is now at S$3.8b, double that in 2023, which the bank attributed to Trust+.

Customer loans more than doubled, rising 149% to S$0.8b.

Trust CEO Dwaipayan Sadhu expressed the bank’s delight in becoming Singapore’s fourth largest retail bank by customer count.

“Whilst this achievement is significant, we see it as just the beginning. Our journey continues, and we remain committed to innovating, improving, and serving every customer with the same passion that got us here,” Sadhu said.

Launching TrustInvest
Alongside the announcement of its 1 million customer milestone, Trust Bank announced the launch of TrustInvest.

TrustInvest is available via the Trust App. Customers can invest in as low as S$100 and can choose between five funds that cover a range of goals and risk profiles.

TrustInvest  promises that it has no platform or sales fees, only a fund management fee.

“As an added incentive to get started, customers who remain invested until the end of 2025 will receive part of the management fee back,” Trust Bank announced.