Revolut Revenue and Usage Statistics (2022)

David Curry

Updated: August 31, 2022

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 £261 million revenue in 2020, an 57% increase year-on-year
  • At that same time period, Revolut’s losses increased from £106 million 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

Title 1Title 2
Launch date1 July 2015
HQLondon, UK
PeopleNikolay Storonsky (CEO), Vladyslav Yatsenko (CTO)
Business typePrivate
IndustryFinance

Revolut revenue

Revolut generated £261 million revenue in 2020, and is expected to reach more than £500 million in 2021.

Revolut annual revenue 2016 to 2020 (£mm)

YearRevenue (£mm)
20162.3
201713
201858
2019166
2020261

Source: Company data 

Revolut profit

Revolut reported a £167 million net loss in 2021, its largest ever annual net loss.

Revolut annual net profit/loss 2016 to 2020 (£mm)

YearNet income/loss (£mm)
2016-15
2017-11
2018-33
2019-106
2020-167

Sources: Business Insider, Revolut

Revolut users

Revolut has more than 15 million registered users who use the app for currency conversion and banking.

Revolut annual registered users 2016 to 2021 (mm)

YearUsers (mm)
20160.1
20170.6
20182
20196
202012
202115

Sources: The Fintech Times, Revolut 

Revolut DAUs

According to Revolut, more than one million people access the app daily.

Revolut annual daily active users 2016 to 2020 (mm)

YearDAUs (mm)
20160.3
20180.4
20201.1

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)

YearValuation ($bn)
20170.4
20181.7
20205.5
202133

Sources: Pitchbook, Sifted

Revolut transaction volume

Revolut surpassed £65 billion in total transaction volume in 2019. It is expected to be over £100 billion by now.

Revolut cumulative transaction volume 2015 to 2019 (£bn)

YearTransaction volume (£bn)
20150.1
20161
20175
201820
201965

Sources: Company data, Forbes

Revolut average customer deposit

As most customers do not use Revolut as their primary bank, customer deposits are lower than a traditional bank.

Revolut average monthly customer deposit (£)

YearAverage customer deposit (£)
2018251
2019305
2020396

Sources: The Telegraph, FT

Revolut vs UK neobanks: users

Want to learn more? Read our mobile banking 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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