Revolut Revenue and Usage Statistics (2024)

David Curry

Updated: November 8, 2024

Like so many apps, Revolut was built with the intent purpose of fixing a personal issue. Nikolay Storonsky (co-founder and CEO) travelled a lot and was wasting hundreds of pounds on foreign transaction fees, which he understood as an employee at Credit Suisse to be ridiculously excessive.

After failing to find a bank that would cover multiple currencies, Storonsky and Vladyslav Yatsenko (co-founder and CTO) left their jobs at Credit Suisse to solve this issue. They started working on Revolut in Canary Wharf’s Level39 tech incubator, a hub for fintech startups.

Like Monzo and Starling, Revolut earns most of its revenue through a process called interchange, in which it takes 0.2 percent of each transaction fee. For the first few years, this did not translate to much, but as Revolut added more users the fees have started to add up.

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In comparison to the two UK challenger banks, Revolut is far more Eurocentric. It works in all EU and European Economic Area countries. It also works with countries that have trade and data transfer agreements with the EU, such as Canada, Japan and Australia, and launched in the United States in 2020.

Revolut runs its banking system through Lithuania, which approved its European Banking license in 2018. The company had originally applied for a UK banking license, but due to a controversial report in 2019 that suggested Revolut disabled its sanctioned transactions system, the UK government postponed the application indefinitely.

Europe is not the end goal for Revolut however, Storonsky aims to be a “financial superapp” for the world, following in the footsteps of Alipay and WeChat Pay, which revolutionised banking in China.

Alongside the small commission it takes from debit-cards, it also offers two premium tiers. Premium offers unlimited foreign exchange, double free ATM withdrawals abroad and travel insurance. Metal has all premium features, plus one percent cashback with any currency (including crypto), quadruple free ATM withdrawals abroad, cashback and discounts.

Revolut launched a commission-free stocking trading app in the vein of Robinhood and a cryptocurrency trader in 2021. It also launched a Junior account, aimed at teaching 7 to 17 year olds about responsible spending and budgeting.

We’ve collected data and statistics on Revolut. Read on below to find out more. Want to dive deeper into mobile banking? Check out our finance app report.

Revolut Key Statistics

Revolut generated £1.8 billion revenue in 2023, an 94% increase year-on-year
It reported its highest net profit in 2023 of £438 million
Revolut had 38 million users in 2023
Over £250 billion was transacted on Revolut in 2023

Finance App Report 2024

Want to learn more about the finance app industry? In our Finance App report, we cover financials, forecasts, usage, downloads, demographics and benchmarking data.

Revolut Overview

Title 1	Title 2
Launch date	1 July 2015
HQ	London, UK
People	Nikolay Storonsky (CEO), Vladyslav Yatsenko (CTO)
Business type	Private
Industry	Finance

Revolut Revenue

Revolut generated £1.8 billion revenue in 2023, much higher than its £1.2 billion projection in 2022

Revolut revenue 2016 to 2023 (£mm)

Year	Revenue (£mm)
2016	2.3
2017	13
2018	58
2019	166
2020	261
2021	636
2022	923
2023	1798

Sources: Finance App Report, Company data

Revolut Profit

Revolut reported a £438 million annual net income in 2023.

Revolut net profit/loss 2016 to 2023 (£mm)

Year	Net income/loss (£mm)
2016	-15
2017	-11
2018	-33
2019	-108
2020	-221
2021	40
2022	-25
2023	438

Sources: Finance App Report, Company data

Revolut Users

Revolut had 38 million registered users who use the app for currency conversion and banking.

Revolut registered users 2016 to 2023 (mm)

Year	Users (mm)
2016	0.1
2017	0.6
2018	2
2019	6
2020	11
2021	16
2022	26
2023	38
2024	45

Sources: The Fintech Times, Revolut

Revolut Users by Country

The United Kingdom has the most Revolut users, at 6.8 million in 2023.

Revolut users by country 2023 (mm)

Country	Users (mm)
United Kingdom	9.5
Romania	4.4
Poland	3.5
France	3
Germany	3
Ireland	2.8
Spain	2.5
United States	1

Source: Company data

Revolut Valuation

Revolut was valued at $33 billion in its most recent funding round, led by SoftBank and Tiger Global.

Revolut valuation 2017 to 2021 ($bn)

Year	Valuation ($bn)
2017	0.4
2018	1.7
2020	5.5
2021	33

Sources: Pitchbook, Sifted

Revolut Transaction Volume

Revolut hit £250 billion transaction volume in 2023, a 58% increase on the year prior.

Revolut cumulative transaction volume 2016 to 2023 (£bn)

Year	Transaction volume (£bn)
2016	1
2017	5
2018	20
2019	65
2020	78
2021	95
2022	160
2023	250

Sources: Company data, Forbes

Revolut Deposits

Revolut reached £18.2 billion in total deposits in 2023, a 44% increase on the previous year.

Revolut total customer deposits 2019 to 2023 (£bn)

Year	Deposits (£bn)
2018	0.9
2019	2.4
2020	4.6
2021	7.4
2022	12.6
2023	18.2

Sources: The Telegraph, FT

Revolut vs UK Neobanks: Users

Revolut is slightly ahead of Monzo in UK users, making it the largest neobank in the UK.

UK neobank users by app 2023 (mm)

Want to learn more? Check out our Finance App Report

Revolut FAQ

What is Revolut’s average monthly deposit?

The average consumer deposit is £480 per month, lower than Monzo and Starling Bank

How many countries is Revolut available in?

Revolut is available in 37 countries, including every country in the EU and EEA

How many currencies are available on the app?

Users are able to hold and exchange 29 currencies and withdraw over 130 currencies with Revolut’s debit card

What is the average age of a Revolut user?

The average age is 34, two years older than Monzo and one year younger than Starling Bank

What is the gender demographics of Revolut?

60 percent of Revolut’s users are male (FT)