Revolut Singapore Hits Profit Milestone Amid Big Expansion Plans in Southeast Asia
Revolut Singapore Turns a Corner with Profit—And Sets Sights on Southeast Asia
No one really expected a digital bank barely out of its startup shell to turn a profit this fast, especially in a market as competitive as Singapore. Yet, that’s exactly what Revolut Singapore pulled off in 2024, chalking up its first-ever net profitable year with an impressive 15% profit margin. Revenue soared by 70% from the previous year—numbers more often seen in tech companies than staid financial institutions.
This isn’t just an accounting win. Look closer and you’ll see a turbocharged growth story. Monthly transactions jumped by 26%, while paid subscriptions rose by 45%, according to the latest company figures. Forget the old myth that neobanks are just for a handful of early adopters; Revolut’s user base in Singapore is becoming both broader and deeper—especially with expats, who now make up a quarter of all account holders. People aren’t shy about parking their cash here either; deposit balances didn’t just grow, they more than doubled among both regular consumers and businesses.
Innovation in Digital Banking and the Southeast Asia Playbook
So, what’s fueling this kind of momentum? It helps that Revolut isn’t just sitting still. The staff count at the Singapore office ramped up nearly 50% to keep pace. But the real driver is the company’s ambition to become a true “super-app” for financial services. CEO Raymond Ng is doubling down on letting users spend, save, invest, and even borrow—all under one digital roof.
Take their new collaboration with Alipay, for example. This move gives Singapore customers an easier way to send money directly to China—a handy feature for everyone from international students to small-scale importers. Another big step is the addition of five new currencies, pushing the app even deeper into the multi-currency game that’s vital for a region loaded with cross-border workers and businesses.
For businesses, Revolut is going after more than just basic banking. New offerings for companies include enhanced savings tools, investment products, and merchant solutions tailored to Southeast Asian entrepreneurs who juggle multiple markets and currencies. On the wealth front, Revolut is also testing credit products designed for high-net-worth individuals—an audience with specific tastes that big banks usually dominate.
Underpinning all of this is a region that’s in the middle of a digital shakeup. Southeast Asia’s digital economy is ramping up fast, and Revolut is making sure it's in the conversation—not just as a bank, but as a one-stop financial hub. Singapore’s branch isn’t just another office; it acts as Revolut's Southeast Asia headquarters, a launchpad for more ambitious forays into neighboring markets.
Globally, it’s hard to ignore the company’s momentum. In 2024, Revolut reported $1 billion in net profit, 52.5 million customers worldwide, and a staggering 66% jump in total balances held. But in Asia, the focus is on the local story—expanding digital banking options, making cross-border money moves easier, and giving businesses the digital tools they need to tackle a fast-changing financial landscape.