Revolut Revenue and Usage Statistics (2021)

David Curry

Updated: October 8, 2021

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 has added more users the fees have started to add up.

In comparison to the two UK challenger banks, Revolut is far more Euro-centric. 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 a sanctioned transactions system, the UK government postponed the decision indefinitely.

Revolut re-applied for a UK license in 2021, but has yet to receive a confirmation.

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 has revolutionised banking in China.

Alongside the small commission it takes from debit-cards, it also offers two premium tiers:

  • Premium: unlimited foreign exchange, double free ATM withdrawals abroad and travel insurance.
  • Metal: all premium features plus one percent cashback with any currency (including crypto), quadruple free ATM withdrawals abroad, cashback and discounts.

Last year, Revolut launched a commission-free stocking trading app in the vein of Robinhood and a cryptocurrency trader. 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.

Revolut key statistics

  • Revolut generated £221 million revenue in 2020, an 57 percent increase year-on-year
  • At that same time period, Revolut’s losses increased from £106 to £167 million
  • Revolut had 15.5 million users as of June 2021, 1.1 million use the app daily
  • Over £65 billion has been transacted on Revolut since 2020

Revolut overview

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

Revolut revenue

Year Revenue
2016 £2.3 million
2017 £13 million
2018 £58 million
2019 £166 million
2020 £261 million

Note: In 2020, Revolut adjusted its revenues to account for intangible assets like crypto. Its non-crypto revenue was £222 million 

Source: Revolut 

Revolut profit

Year Profit
2016 (£15 million)
2017 (£11 million)
2018 (£33 million)
2019 (£106 million)
2020 (£167 million)

Sources: Business Insider, Revolut

Revolut users

Year Users
2016 0.1 million
2017 0.6 million
2018 2 million
2019 6 million
2020 12 million
2021 15 million

Sources: The Fintech Times, Revolut 

Revolut DAUs

Year DAUs
2016 0.3 million
2018 0.4 million
2020 1.1 million

Source: Revolut

Revolut valuation

Year Valuation
2017 $400 million
2018 $1.7 billion
2021 $5.5 billion
2018 $33 billion

Sources: Pitchbook, Sifted

Revolut transaction volume (total)

Year Transaction volume (total)
2015 £0.1 billion
2016 £1 billion 
2017 £5 billion
2018 £20 billion
2019 £65 billion

Sources: Forbes, Revolut

Revolut average customer contribution

Year Average customer contribution
2018 (£1.52)
2019 £24

Note: This is the amount of profit Revolut makes from the average customer per year

Sources: Sifted

Revolut average customer deposit (monthly)

Year Average customer deposit
2018 £251
2019 £305
2020 £396

Sources: The Telegraph, FT

Revolut vs UK neobanks: users

Want to learn more about the mobile banking industry? Read our sector profile

Revolut FAQ

What is Revolut’s average monthly deposit?

The average consumer deposit is £305 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)

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