Revolut to double headcount in S’pore as it eyes growth to 100 million users worldwide
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Revolut announced its global expansion plans during the launch of its new global HQ at Canary Wharf in London on Sept 23.
ST PHOTO: SUE-ANN TAN
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LONDON - Revolut is planning to grow rapidly in Singapore, as part of its ambitions to expand in South-east Asia and globally, with a goal of hitting 100 million users with US$100 billion (S$129 billion) in revenue, across 100 countries.
The plans were announced during the fintech company’s launch of its global headquarters at Canary Wharf in London, Britain, on Sept 23.
Revolut is now in 39 markets, including Singapore, where it has had a presence since 2019.
In Singapore, the company has also doubled its headcount from 2024 to 2025, and plans to double it again in a year’s time.
It is looking for data scientists, engineers and fintech professionals, said Mr Raymond Ng, Revolut’s chief executive for Singapore and South-east Asia.
Mr Raymond Ng, CEO for Revolut in Singapore and South-east Asia.
PHOTO: REVOLUT
The company is also keen to take on fresh graduates as it aims to groom talent to build the next generation of products, he added.
Revolut’s growth in Singapore is also part of its global ambitions.
The company announced that it will commit US$13 billion over the next five years, which will support the creation of 10,000 jobs globally.
A significant portion of this will fund established and high-growth regions such as Britain, Western Europe and the US, but will also drive launches in new markets across Latin America, the Asia-Pacific and the Middle East.
The company’s co-founder and chief executive Nik Storonsky said in a statement: “From our roots here in the UK, we’ve grown to serve over 65 million customers globally, and today’s opening of our new global headquarters in London is the launch pad for our future.”
He added that the company’s vision is to become the world’s first truly global bank and that it is applying for banking licences in various markets.
Revolut has received a banking licence in Britain, operates as a bank in the European Economic Area, and is set to launch as a bank in Mexico in 2026.
It also has plans to launch further in Asia, with a global tech hub announced in July in the Philippines and with a payments licence in India.
Revolut’s co-founder and chief technology officer Vlad Yatsenko said the company sees huge opportunities in Asia with its large market of consumers. He added that Singapore is the hub for the region and is at the forefront of being open to business.
Mr Vlad Yatsenko, Revolut co-founder and chief technology officer.
PHOTO: REVOLUT
“Singapore itself is quite a small market but very competitive at the same time,” he said, adding that Revolut plans to scale from its Singapore base.
Mr Ng also told The Straits Times at the launch: “Singapore is the financial hub of Asia – and one of the four big financial hubs in the world, including New York, London and Hong Kong.”
He added: “That is why it is exciting for Revolut because we are trying to use Singapore as a financial hub to grow into South-east Asia and Asia.
“The way we do it is we try things in Singapore first, in a very controlled, safe environment, and have all the right talent there. When you branch it out into countries nearby, it is easier and faster, and we can bring so much value back to Singapore.”
Mr Antoine Le Nel, Revolut’s chief growth and marketing officer, said that the company has “big ambitions” for South-east Asia and that it has seen good growth in Singapore in the years it has had a presence here.
Mr Antoine Le Nel, Revolut chief growth and marketing officer.
PHOTO: REVOLUT
“We’re growing at a reasonable pace in Singapore. But I think there’s a lot more for us to do in the market. I think we need to expand our product offering, which is still a little limited compared with Europe,” he said, adding that Revolut in Singapore is still focused more on foreign exchange and currencies.
“The end of the road for us is to acquire primary users, which means with their salaries coming in, providing credits, loans and so on... Our objective is to get a banking licence in every country where we operate.”
He noted that there is competition from incumbent financial institutions, as South-east Asia is a mature market with existing digital payments and banking solutions.
However, he also sees that maturity as an opportunity to engage consumers who are already educated in managing their finances digitally.
In Singapore, Revolut has expanded its offerings from simply being a multi-currency e-wallet for travellers. It has recently been rolling out features such as eSIM plans, remittance options and investment offerings.
Users can now send funds to China using Alipay, invest using options like the app’s robo-adviser or buy exchange-traded funds and cryptocurrencies.
Revolut's new global HQ at Canary Wharf.
ST PHOTO: SUE-ANN TAN
The app also lets users split bills, request payments and communicate securely with other users.
Revolut also has an app for those under 18 years old, whereby parents can approve an account for their children to make cashless payments, for instance.
The aim is for Revolut in Singapore to eventually gain parity with Revolut in Britain and Europe, where it is a full-fledged banking app, Mr Ng said.
“Payments and banking are merging... wealth management products are also merging with payments, and you’ll want all this in one app to be able to manage your finances.”
