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 £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 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 annual 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 |
Source: Company data
Revolut Profit
Revolut reported a £438 million annual net income in 2023.
Revolut annual 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: 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)
| Year | Users (mm) |
|---|---|
| 2016 | 0.1 |
| 2017 | 0.6 |
| 2018 | 2 |
| 2019 | 6 |
| 2020 | 11 |
| 2021 | 16 |
| 2022 | 26 |
| 2023 | 38 |
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 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 | Average customer deposit (£) |
|---|---|
| 2018 | |
| 2019 | |
| 2020 | |
| 2021 | |
| 2022 | |
| 2023 |
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)
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