Revolut Revenue and Usage Statistics (2024)

David Curry

Updated: October 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.

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

Revolut Overview

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

Revolut Revenue

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

Revolut annual revenue 2016 to 2023 (£mm)

YearRevenue (£mm)
20162.3
201713
201858
2019166
2020261
2021636
2022923
20231798

Source: Company data 

Revolut Profit

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

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

YearNet income/loss (£mm)
2016-15
2017-11
2018-33
2019-108
2020-221
202140
2022-25
2023438

Sources: Business Insider, Revolut

Revolut Users

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

Revolut annual registered users 2016 to 2023 (mm)

YearUsers (mm)
20160.1
20170.6
20182
20196
202011
202116
202226
202338
202445

Sources: The Fintech Times, Revolut 

Revolut Users by Country

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

Revolut annual users by country 2023 (mm)

CountryUsers (mm)
United Kingdom9.5
Romania4.4
Poland3.5
France3
Germany3
Ireland2.8
Spain2.5
United States1

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

Revolut cumulative transaction volume 2016 to 2023 (£bn)

YearTransaction volume (£bn)
20161
20175
201820
201965
202078
202195
2022160
2023250

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)

YearDeposits (£bn)
20180.9
20192.4
20204.6
20217.4
202212.6
202318.2

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)