The Business Times
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Revolut Singapore in the black, targets South-east Asia

In Singapore, Revolut hit its first year of profitability, with a net profit margin of 15%

Summarise
Benjamin Cher

Benjamin Cher

Published Thu, Apr 24, 2025 · 02:45 PM
    • Revolut will seek to enter new markets as a bank rather than a fintech, says Raymond Ng, CEO, Revolut Singapore and South-east Asia.
    • Revolut will seek to enter new markets as a bank rather than a fintech, says Raymond Ng, CEO, Revolut Singapore and South-east Asia. PHOTO: REVOLUT

    [SINGAPORE] Neobank Revolut announced that its Singapore operations turned profitable, amid a continuing streak in the black for the wider company in its annual report released on Thursday (Apr 24).

    Its earnings grew to S$1.4 billion for FY2024 ended Dec 31, up from S$587.9 million in FY2023. Interest income rose 58 per cent from S$853.9 million in FY2023 to S$1.4 billion in FY2024.

    This was driven by revenue growth of 72 per cent from S$3.1 billion in FY2023 to S$5.3 billion in FY2024. An expanding customer base and increased product utilisation fuelled revenue growth.

    RevolutSingapore fintechFintechBanks

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