The digital banking platform also sees strong increases in paid plans and client numbers in the city-state.
UK-based fintech Revolut released its annual results today and broke out figures specific to Singapore. As part of that, revenues rose 110 percent in 2023 from those a year earlier.
It also indicated that revenue from subscriptions in the city-state for paid plans was up 80 percent, which they believe suggested that «customers are willing to pay for value-added services».
Strong Increases
Beyond that, the number of retail customers increased by almost 77 percent while monthly active users were up more than half, signaling «higher product engagement».
The highest pace of growth was seen in its so-called next generation of users (18-24 years of age), where numbers were up 105 percent.
Financial Literacy
«The number of customers using the Revolut <18 app almost tripled in 2023 compared to 2022. This shows the rising importance of and desire among Singapore users to learn healthy money management habits and instill financial literacy from a young age,» Revolut indicated.
E-wallet balances were up 52 percent and overall card payments rose 83 percent to almost 13 million in 2023 from a little over 7 million a year earlier.
