Revolut Revenue and Usage Statistics (2024)

David Curry

Updated: January 16, 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 has 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 decision 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.

Revolut Key Statistics

Revolut generated £923 million revenue in 2022, an 45% increase year-on-year
Net profit declined at Revolut in 2022, dropping to £5.8 million
Revolut had 30 million users as of June 2023
Over £100 billion has been transacted on Revolut since 2022

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 £923 million revenue in 2022 and projected £1.2 billion revenue next year.

Revolut annual revenue 2016 to 2022 (£mm)

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

Source: Company data

Revolut Profit

Revolut reported a £5.8 million annual net income in 2022, lower than the previous year but another year out of the red.

Revolut annual net profit/loss 2016 to 2022 (£mm)

Year	Net income/loss (£mm)
2016	-15
2017	-11
2018	-33
2019	-106
2020	-167
2021	26
2022	5.8

Sources: Business Insider, Revolut

Revolut Users

Revolut has more than 30 million registered users who use the app for currency conversion and banking.

Revolut annual 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	30

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)

Country	Users (mm)
United Kingdom	6.8
Romania	2.8
Poland	2.5
France	2.2
Ireland	2
Spain	1.8
United States	0.8

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 surpassed £150 billion cumulative transaction volume in 2022, with the company’s financial director claiming that it was growing its volume at a rate of 10% every month.

Revolut cumulative transaction volume 2016 to 2022 (£bn)

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

Sources: Company data, Forbes

Revolut Deposits

Revolut reached £12.6 billion in total deposits in 2022, a 70% increase on the previous year.

Revolut total customer deposits 2019 to 2022 (£bn)

Year	Average customer deposit (£)
2018
2019
2020
2021
2022

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 £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)