Revolut’s Profit Surges 65%: Singapore Expansion & Banking Ambitions

Revolut’s rapid growth continued unabated in 2025, with the fintech giant reporting a 65% increase in net profit to US$1.7 billion, according to an annual report released March 24. Revenue climbed to US$6 billion, up from US$4 billion the previous year, signaling sustained momentum as the company pursues its ambition to become a truly global bank.

The results underscore a broader trend of profitability within the fintech sector, moving beyond a focus on user acquisition to demonstrate sustainable business models. While many fintechs initially prioritized growth at all costs, the current environment demands financial discipline and a clear path to profitability – a challenge Revolut appears to be successfully navigating.

Singapore as a Southeast Asian Hub

Revolut is strategically positioning Singapore as a key hub for its expansion into Southeast Asia. Despite declining to disclose specific figures for the Singapore market, Raymond Ng, CEO for Singapore and Southeast Asia, emphasized its importance as a “proven, profitable market” that validates the company’s business model. The company plans to more than triple its Singapore workforce to over 300 employees within the next three years, and will move into its own dedicated office space later this year.

This investment in Singapore reflects a wider trend of fintech companies leveraging the city-state’s favorable regulatory environment, skilled workforce, and access to capital. Singapore’s Economic Development Board (EDB) has actively courted fintech investment, and Revolut’s commitment demonstrates the success of these efforts. The company’s focus on hiring data scientists, engineers, and fintech professionals suggests a commitment to innovation and product development within the region.

Revolut’s ambition extends beyond simply expanding its user base. The company is actively exploring opportunities to enhance its app functionality and is considering a digital banking license in Singapore, though Mr. Ng clarified that its ambitions are not solely dependent on securing one. This cautious approach reflects a broader industry dynamic, where fintechs are increasingly seeking partnerships with established financial institutions to navigate complex regulatory landscapes.

Global Banking Aspirations and Recent UK License

The recent granting of a full banking license in the UK marks a significant milestone for Revolut. The process, described by the company as more complex than anticipated due to its existing global customer base, underscores the challenges of transitioning from a fintech disruptor to a regulated financial institution. The company noted it wasn’t simply building a bank, but “transitioning a global, systemically important institution into a new regulatory framework.”

This UK license is a crucial stepping stone towards Revolut’s stated goal of becoming a “truly global bank.” The company’s success in securing this license will likely inform its strategy for pursuing similar approvals in other key markets, including potentially Singapore. The shift from primarily serving travelers to becoming an “everyday financial app,” as evidenced by increasing domestic transactions and peer-to-peer payments in Singapore, is a key indicator of this evolution.

Revolut’s revenue streams are currently dominated by card payments and interest income, each contributing US$1.3 billion in 2025, with subscriptions generating US$936 million. The company now serves 68.3 million retail customers, a 30% increase from 2024, and aims to reach 100 million in the next year. With US$67.5 billion in customer balances and a total transaction volume of US$1.7 trillion, Revolut is rapidly establishing itself as a major player in the global financial landscape.

Looking ahead, investors will be watching to see how Revolut manages its expansion into new markets, particularly in Latin America, the Asia-Pacific, and the Middle East. The company’s commitment of US$13 billion over the next five years to support the creation of 10,000 jobs globally signals a long-term investment in its growth strategy. The ability to successfully navigate regulatory hurdles and maintain its momentum in key markets will be critical to realizing its ambitious vision.