Neobank Revolut’s full-year revenue in Singapore more than doubled compared to 2022, contributing to the group’s financial performance. This marks the second consecutive year the company has posted gross profit growth.
Group revenue grew 95% from $1.1 billion in 2022 to $2.2 billion in 2023. Pre-tax profit reached $545 million and net profit increased to $428 million from $7 million in 2022. Net profit margin for the year was 19%.
Revolut’s global growth has enabled the company to significantly increase investment in its innovative products in Singapore. As Asia’s leading financial hub, Singapore plays a key role in Revolut’s global expansion strategy.
In 2023, Revolut Singapore introduced new products or features approximately every two months.
Among the products to be launched in 2023 is the company’s first interest-bearing product, a flexible account, in which additional funds will be invested in U.S. dollar-denominated money market funds managed by Fidelity International.
Additionally, Revolut Business will be launched, providing financial solutions to businesses of all sizes in Singapore.
Revolut’s customer base in Singapore has experienced significant growth, with retail customers increasing by 77% year-on-year in 2023.
Monthly active users grew by 55%, and the next generation user segment (18-24 years old) grew by 105%.
The Revolut<18 app, designed for younger users, is expected to triple its user base in 2023, highlighting the growing interest in financial literacy among young people in Singapore.
Revolut’s revenue from subscriptions to its paid plans is up 80% in 2023 compared to 2022, indicating customers are willing to pay for added value services such as travel insurance and cashback offered on its Premium and Metal plans.
Singapore also saw significant growth in product usage, with customer e-wallet balances growing by 52% and total card transaction volume growing by 83%, from 7.07 million in 2022 to 12.95 million in 2023.
Physical transactions made via Revolut cards increased by more than 93%, while virtual card payments increased by 64%.
More customers are using their Revolut cards for domestic as well as international transactions, with domestic card usage growing by 89%. This data shows that Revolut is evolving from a travel card to an everyday financial tool for Singaporeans.
Matt Bucksby, CEO of Asia Pacific at Revolut, said:
“We are thrilled to see the widespread adoption of our products in Singapore. Our 2023 performance shows that we are truly becoming an everyday app for Singaporeans, with many customers using our Wealth & Trading products, as well as our innovative <18 app for 6-17 year olds."
Our commitment to understanding and serving the evolving needs of our customers has played a major role in driving these results.”
Globally, Revolut’s customer base will gain approximately 12 million new customers in 2023, the company’s highest year-on-year growth in its history, bringing the total to 38 million.
Revolut said it is focused on applying for a banking license in the U.K. and expanding its app into new markets. As of mid-2024, Revolut has 45 million retail customers globally.
Revolut CEO Nick Storonski said:
“This year we took our biggest step yet towards our mission to deliver the best products and the best customer experience at great value to our customers around the world.
“Our customer base is expanding at an incredible rate and our diversified business model continues to drive strong financial performance, delivering revenue of over US$2.2 billion and a record pre-tax profit of US$545 million in 2023. With net profit of US$428 million, 2023 will be our third consecutive year of profitability.”
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