Revolut to set up CBD office in Collyer Quay, puts S$350 million into Singapore expansion
[SINGAPORE] After seven years of operating out of co-working spaces, global digital banking and fintech platform Revolut is setting up a permanent office in Singapore.
Slated to open in early 2027, the 8,880 sq ft space in Collyer Quay Centre anchors a S$350 million investment, which the UK-headquartered company has committed to the Republic over the next five years.
The funds are earmarked for product innovation, regional business growth and talent acquisition.
In an interview with The Business Times, Revolut Singapore and South-east Asia chief executive Raymond Ng said the move reflects the company’s intention to deepen its local roots.
“It’s a very significant moment for us,” he added. “Having our own office and our own logo… signals to the local authorities and users that we are going to be deeply rooted in this market.”
The Singapore base will serve as the launch pad for Revolut’s broader Asian ambitions, aided by a supportive regulatory environment and a deep talent pool, he said.
The move follows the close of a secondary share sale in September 2026, which sources said valued the company at US$115 billion, maintained from its value after its secondary share sale in July, but up from US$75 billion in 2025. Revolut’s pretax profit that year was £1.7 billion (US$2.2 billion).
“From our Singapore base, we will drive our regional expansion efforts across Asia,” Ng said.
“Our recent launch of the Global Technology Hub in Manila strengthens our global network and supports our expanding operations worldwide. We are actively evaluating expansion into several markets in the region… we’re focused on markets that are forward-looking and have significant potential for digital financial services.”
Scaling manpower
The Collyer Quay lease will support Revolut’s plans to grow its local workforce to more than 300 employees in the next three years.
The company, which grew its headcount by 95 per cent in 2025, now employs about 170 staff. Hiring will focus primarily on engineering, product management, data science and artificial intelligence.
“As we expand, we want to hire more Singaporeans and create more local financial leaders who can eventually form the next generation of senior management,” Ng said.
He told BT that the company intends to maintain its current workforce composition of 70 per cent locals and 30 per cent foreigners.
Pee Beng Kong, executive vice-president of the Economic Development Board, said: “As Revolut nearly doubles its team and builds new product capabilities here, it will strengthen our fintech ecosystem and create valuable opportunities for local talent to develop skills and experience in a fast-growing sector.”
Keeping up with the competition
Amid a crowded market of digital banks and multi-currency wallets, Revolut has been broadening its core offering from a travel-focused card to a daily financial-management app.
Asked how it may differentiate itself from competitors that offer financial tools, Ng highlighted the company’s tiered subscription framework that bundles lifestyle and productivity benefits directly into financial services.
In August, it released a new top-tier subscription, Ultra, which the company said offers users S$10,000 in annualised lifestyle value through bundled partnerships.
“A lot of traditional financial institutions or fintechs focus on a single product, but we are building a financial super-app with lifestyle services embedded,” he said.
“We are also one of the few companies in Singapore offering tiered products from free plans to paid subscriptions. When we design products, we ask three questions: ‘Are we solving a consumer problem?’, ‘Are we delivering convenience?’, and ‘Are we offering a great experience?’”
In 2025, Revolut’s domestic transaction volumes in Singapore rose by more than 30 per cent year on year, and now represent nearly half of all user activity.
Peer-to-peer payment volumes increased by almost 40 per cent, while virtual card usage and wealth and trading customer numbers both grew by more than 55 per cent.
Its business-to-business segment has also experienced significant traction, with the local business-customer base expanding five times in 2025. Between August 2025 and August 2026, corporate deposit balances and transfer volumes trebled, while merchant card-payment volumes surged 10 times.
Globally, the platform now serves more than 80 million retail customers and 850,000 businesses.
