Revolut's revenue hit US$2.2 billion, and its profit before tax reached US$545 million. SINGAPORE: Global fintech firm Revolut reported a record profit of US$545 million , with revenue almost doubling to US$2.2 billion in 2023, the company announced on Tuesday .
In terms of profitability, gross margin – the percentage of a company's revenue that remains after direct expenses are subtracted – increased from 70 per cent to 76 per cent. The boost in travel after the COVID-19 pandemic increased demand for Revolut's services in Singapore, said Mr Matt Baxby, the company's Asia-Pacific CEO.
More than half of Singapore users are between the ages of 18 and 34. The biggest growth in users is among 18- to 24-year-olds. "Many more customers are using their Revolut card not just overseas but also for local transactions," the company said in a press release, adding that it shows that the product is"increasingly becoming an everyday app" for Singapore customers.