Category: Finance

Top 7 Digital Payment Trends in 2024

Digital payments have become an integral part of our daily lives, revolutionizing the way we transact. As technology continues to advance, so too does the landscape of digital payments. These trends are driven by factors such as increased smartphone adoption, growing consumer demand for convenience, and advancements in payment technologies.

In this article, we explore what digital payment trends are and highlight seven digital payment trends of 2024. 

What Are Digital Payment Trends?

In the past decade, the financial landscape has undergone dramatic changes, and nowhere is this more evident than in the digital payments sector. 

The rise of e-commerce, the global shift toward mobile-first solutions, and the advent of cutting-edge technologies have all transformed how consumers and businesses conduct financial transactions. 

Digital payment trends reflect the innovative processes and technologies that drive these changes, shaping the way money is moved, managed, and stored.

Some impacts of digital payment trends have included:

 

  • Financial inclusion through providing financial access to populations that have historically been underserved by traditional banking systems. 
  • Acting as new revenue streams for businesses by integrating financial services into their platforms. Whether it’s through subscription models, integrated marketplaces, or fintech partnerships, companies are capitalizing on the convenience of in-app payments.
  • Increased security and fraud prevention since these technologies are helping to reduce fraud, protect consumer data, and ensure that financial transactions are safe and reliable.
  • Increased competition for traditional financial systems which is pushing banks to rethink their role in the financial ecosystem, forcing them to innovate or risk becoming obsolete.

Top Digital Payment Trends of the Year

2024 has seen a further rise in digital payment, especially the uptake of tools and applications that make payment easier for individuals and businesses. 

Here are the top 7 digital payment trends of 2024.

Blockchain Payments

Blockchain technology is transforming the digital payments landscape in 2024, offering enhanced security, transparency, and efficiency. Its decentralized nature eliminates intermediaries, allowing peer-to-peer (P2P) transactions without the need for banks or payment processors. Each transaction is recorded on an immutable ledger, reducing the risk of fraud and ensuring data integrity.

Cross-border payments are a key area where blockchain shines. Traditional international transfers are slow and costly, but blockchain enables instant, low-cost payments by bypassing intermediaries using solutions such as stablecoins—digital assets pegged to stable currencies like the US dollar, which can be easily stored and transferred using a DeFi wallet.

Contactless Payments

Contactless payments, which allow users to simply tap their card, phone, or wearable device to a terminal, have become increasingly popular due to their speed and ease of use. In 2024, they continue to revolutionize the way we pay for goods and services.

Some contactless payment technologies include NFC-enabled cards and smartphones that enable secure communication with a payment terminal, allowing users to complete transactions in seconds.

Another notable contactless payment trend in 2024 is the rise of wearable payment devices such as smartwatches, fitness trackers, and rings. These devices offer an even more convenient and hands-free way to pay, particularly appealing to tech-savvy consumers who seek quick, seamless transactions on the go.

Biometric Authentication

With security concerns growing in tandem with the rise of digital payments, biometric authentication has emerged as a game-changing technology in the payment space. 

By using unique physical attributes like fingerprints, facial recognition, or even iris scans, biometric authentication offers a highly secure method for verifying identities and authorizing payments.

In 2024, many smartphones and digital wallets already incorporate biometric authentication features, with fingerprint and facial recognition being the most common. Consumers can now unlock their wallets, authorize payments, and verify transactions through a simple scan, offering both security and convenience.

QR Code Payments

QR codes have been around for years, but their use in digital payments has exploded, particularly in markets like Asia. In 2024, QR code payments have become a global trend, enabling quick, simple, and secure transactions.

To make a QR code payment, a merchant generates a unique code that encodes payment details. The consumer scans the QR code with their mobile device, which redirects them to a secure payment platform. This process is both convenient and adaptable, working for in-store purchases, e-commerce transactions, and even peer-to-peer payments.

QR code payments have seen rapid adoption in countries like China and India, where smartphone penetration is high but banking infrastructure may be less developed. 

Platforms like WeChat Pay and Alipay have led the charge in China, with millions of users adopting QR codes for everything from small retail purchases to larger business transactions.

Artificial Intelligence (AI)

Artificial intelligence is transforming the payments industry, enhancing everything from fraud detection to personalized payment experiences. AI is a critical player in optimizing and securing digital payment systems in 2024.

AI-powered algorithms are revolutionizing fraud detection by analyzing transaction patterns in real-time to detect anomalies. This proactive approach helps prevent fraudulent activity before it occurs, safeguarding both consumers and businesses. Machine learning models become more effective with each transaction, learning from data to improve their ability to spot suspicious activity.

AI is also being used to offer more personalized payment experiences. For example, AI can analyze a user’s spending habits and offer tailored recommendations, such as which card to use for rewards or when to make purchases to maximize savings. By understanding user behavior, AI enhances convenience and creates a more seamless payment journey.

Lastly, AI-driven automation is streamlining back-end operations for financial institutions and businesses alike. Processes such as payment reconciliation, customer service, and transaction processing are being optimized through AI, reducing costs and improving service delivery.

Open Banking

Open banking is a trend that has been gaining momentum in recent years by granting third-party providers access to consumer banking data through application programming interfaces (APIs).

Open banking allows consumers to authorize third-party applications to access their financial information, such as transaction history and account details. This empowers consumers to use financial apps that provide budgeting tools, personalized payment services, or investment advice tailored to their needs. The control over how data is shared leads to better financial management.

This digital payment trend has also paved the way for more direct payment methods. Instead of relying on intermediaries like card networks, open banking enables consumers to make payments directly from their bank accounts. This reduces transaction fees and offers a more seamless payment experience for both consumers and businesses. By opening up access to consumer data, banks and fintech companies can collaborate to create more innovative financial products and services.

Embedded Payments

Embedded payments represent one of the most transformative shifts in the payments landscape. 

By embedding payment functionality directly into apps, websites, and platforms, businesses are creating frictionless experiences where payments occur almost invisibly.

Embedded payments allow users to complete transactions without being redirected to a third-party payment gateway. Instead, payments are processed seamlessly within the platform. For example, ride-hailing apps like Uber and Lyft enable users to pay for their rides without ever leaving the app, with payment happening automatically in the background. By removing steps in the payment process, businesses can lower cart abandonment rates and increase customer satisfaction.

Wrapping Up

Digital payments are evolving at an unprecedented rate, and the trends of 2024 reflect the fast-paced innovation in this space. 

From the widespread adoption of digital wallets and contactless payments to the security enhancements provided by biometric authentication, these trends are reshaping the way consumers and businesses handle transactions.

As we move forward, digital payments will only become more integrated into our everyday lives, leading us toward a truly cashless and frictionless financial future.

 

Surge in young investors across Ireland and the EEA

New data from Revolut’s European-licensed investment firm has identified a considerable increase in the number of young investors across both Ireland and the EEA more broadly. Young millennials and Gen Z are beginning to invest at a much younger age than any generation before them, according to internal data from Revolut. The global financial app has more than 45 million retail customers globally, over 30 million across the EEA, while over 2.8 million people are Revolut customers here in Ireland. The company’s Investment services across the EEA are provided by Revolut Securities Europe UAB. 

Younger investors, defined as those aged 18-34, now make up over 57% of Revolut’s investment customers in Ireland — only slightly below the company’s pan-EEA average of 62%. Notably, one in every four of Revolut’s EEA-based customers who started to put money into the investment firm in the first half of 2024 said they were new to investing. In addition, the amount of investors aged 18-34 in Ireland has risen considerably by more than 17% when comparing the first two quarters of 2024. 

Investments into Money Market Funds (MMFs) through Revolut’s Flexible Cash Funds service, which launched earlier this year, made up nearly two-thirds (62%) of the country’s youngsters’ investment portfolios. Other financial instruments, such as stocks and ETFs, accounted for 16% respectively, while bonds were traded by just 6% of young investors in Ireland. 

The average portfolio size of all of Revolut’s investing customers in Ireland is more than €2,600. When compared to the company’s EEA-wide average of just over €4,000, it’s clear that Ireland’s appetite for investing versus other member states still lags behind its European peers. 

Revolut’s youngest investors, defined as those aged 18-24, tended to start out by investing much smaller amounts in Ireland — with the average size of their portfolios around €400, while those aged 25-34 typically had around €1,300 invested. 

In terms of the most popular assets among 18-34-year-olds, most recently in July, the most-traded US stock (measured by the most bought and most sold assets) was the fluctuating American tech giant Nvidia, currently dominating the markets owing to its recent advances in artificial intelligence (AI).

Meanwhile, the most bought ETF in Ireland was the Vanguard S&P 500, while the most sold was the Dow Jones Global Titans 50 index. The top moving EU stock (both bought and sold) was German battery manufacturer VARTA AG. 

Rolandas Juteika, Head of Wealth and Trading (EEA), said: “The unprecedented level of interest in investing among our younger customers marks a significant shift in the financial landscape. This generation is much more involved in finance, with a strong focus on education. Revolut is a helpful tool for Irish investors looking to build up their knowledge and confidence in investing. Our app features courses, trading alerts, company performance information, and up-to-the-minute market news.” 

Revolut offers a wide array of investment options for its customers across Ireland and the EEA, with over 3,000 financial assets (US and EEA stocks, ETFs, corporate and government bonds) available within the Revolut app. Investing in stocks and ETFs is commission-free within customers’ plan limit allowance. Other fees may apply. 

Revolut also offers a Robo-Advisor service, which is best-suited to customers who have limited or no trading experience or simply don’t have time to do extensive research. In contrast, for more experienced traders, the company has a Trading Pro subscription — this paid plan offers pricing benefits (such as lower commission fees and higher order size limits), as well as additional analytics features. This pairs well with Revolut’s sophisticated in-app investing tools, which are designed for both beginners and professionals alike. 

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, added: While our savings account ensures Irish savers can get a really good return on their deposits, this data shows that our customers’ are embracing these additional options to further diversify and build their wealth. Investing needn’t be overly complicated, nor should it only be for the wealthy or the more-experienced. At Revolut, we’re eager to help and encourage the next wave of investors and support their respective financial journeys — while also providing Ireland’s more-experienced traders with the sophisticated tools that they need.” 

European-licensed bank Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year. 

Revolut’s investment services in the EEA are provided by Revolut Securities Europe UAB, an investment firm authorised and regulated by the Bank of Lithuania. This information is not investment advice, recommendation or offer to take any investment decision and is supplied for informational purpose only. As with all investments, capital is at risk and returns are not guaranteed. The value of investments can go up and down and returns may be affected by currency fluctuations. For further information, please see Revolut’s Trading Terms and Conditions.

Revolut announces secondary share sale to provide employee liquidity

Revolut, the global financial technology company with over 45 million customers worldwide, has signed agreements with a group of leading technology investors to provide liquidity to employees through a secondary share sale at a $45 billion valuation. 

This secondary share sale allows current employees to capitalise on their contribution to Revolut’s growth, while attracting a diverse mix of both new and existing investors. The round was led by Coatue, D1 Capital Partners, and existing investor Tiger Global. 

This valuation reflects the strong financial performance recorded by the company in recent quarters as well as the progress made in executing its strategic objectives. In 2023, Revolut reported revenues of $2.2 billion (a year on year increase of 95%) and a record profit before tax of $545 million. The company has continued its impressive trajectory in the first half of  2024, recording an annual increase in revenue of above 80% as well as improved profitability. Revolut is now the fastest growing finance app in 19 markets, and is on track to surpass 50 million customers by the end of 2024. 

This latest development builds on the momentum Revolut has gained throughout the year. The company secured a banking licence in Mexico, followed by the granting of its UK banking licence (Authorisation with Restrictions) in July, an important step in the company’s continued expansion both in the UK and globally. Additionally, Revolut announced the launch of several new products including the RevPoints Loyalty Programme, eSIMs, and the Revolut X crypto exchange. 

Nik Storonsky, CEO of Revolut, commented: “We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success. It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe. We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it.” 

“We have a high level of conviction in Revolut’s mission to democratize access to financial services globally,” shared Philippe Laffont, Founder and Portfolio Manager, Coatue. “Revolut’s proven ability to scale across dozens of markets is a testament to the team’s commitment to product velocity, financial inclusion, and financial innovation. Under Nik and 

his team’s leadership, Revolut has navigated the complexities of the financial services landscape to deliver an impressive product suite that meets the needs of its rapidly growing customer base. We look forward to supporting Revolut as it continues to help transform the global banking industry.” 

Morgan Stanley served as sole placement agent on the transaction. 

Revolut Report: Stats indicate a return to Irish staycations this summer

Revolut, the European-licensed bank with more than 45 million customers worldwide, and over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that a return in the popularity of staycations led to a record month of Revolut spending in Ireland this July. 

Revolut’s consumer spending analysis tracked more than 58.5 million card payments over the course of the month, indicating several real-world spending trends by the country’s Revolut customers. The amount Revolut users are spending with the bank each month continues to rise, up nearly 5% (MoM increase) in July, with staycations a key driver in the broader uplift.

With a scorching heat wave across much of mainland Europe in July, a rising number of Revolut’s customers in Ireland chose to stay put for their summer break rather than go abroad. 

In terms of accommodation, spending on hotels and resorts in Ireland has risen by 15% compared to last summer (YoY increase), while Revolut customers are spending more than 38% more (YoY increase) on health and beauty spas compared to this time last year too. For those looking for a slightly more outdoorsy or cost-effective alternative, the amount spent on camping sites and caravan parks has seen a more than 14% jump in July 2024 versus July 2023 (YoY increase). 

When making their way around Ireland, Revolut has seen customers increase their spending at service stations, nearly 19% more this July than last (YoY increase), and on EV (electric vehicle) charging, which has risen considerably by over 46% since last summer (YoY increase). Staycations have also driven a surge in toll charges, with customers spending over 33% more to get to their destination faster than in July 2023, highlighting an uplift in domestic tourism. 

At their journey’s end, Ireland’s staycationers are spending more in local bars, cafes, and restaurants, up close to 5% (YoY increase), with other leisure activities such as tourist attractions and museums rising by nearly 18% (YoY increase) and boat rentals by over 25% (YoY increase). 

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Once a trusted travel card, this record month of spending clearly indicates our evolution into many customers’ preferred bank and why we’re a mainstay for the people of Ireland. Revolut’s ecosystem of financial products is the answer for people whether at home or overseas, and helps them make the most out of their money. It’s so great to see our customers choosing to spend on their staycation with us, while others are doing the same as they jet off abroad too.” 

European-licensed bank Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year. 

For more information, visit: www.revolut.com/en-IE 

Fenergo and Deloitte join forces to deliver greater efficiency through client lifecycle management automation

Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring (TM) and Client Lifecycle Management (CLM), and Deloitte Ireland, have announced an agreement to deliver Fenergo’s AI-powered CLM solutions to financial institutions across EMEA.

The alliance combines Fenergo’s best-in-class technology with Deloitte’s technology-enabled business transformation expertise to create a Centre of Excellence for CLM

The alliance responds to increasing demand for optimised digital client onboarding and the need to drive efficiency across KYC and AML operations. Fenergo’s research has found that slow and inefficient onboarding processes have caused nearly half (48%) of global financial institutions to lose clients. To address this challenge, Fenergo and Deloitte Ireland will deploy AI-powered Software as a Service (SaaS) CLM, which will digitalise client onboarding and lifecycle management journeys, and in turn accelerate the time it takes to generate revenue while enabling firms to better identify and mitigate risk.

“We’re excited to collaborate with Deloitte Ireland to deliver our AI-powered CLM solutions to financial institutions and corporates across EMEA,” said Matt Edwards, Global VP of Partnerships and Alliances, Fenergo. “With the unrelenting evolution of global regulation and the need for firms to simultaneously drive growth, the demand for our CLM solutions has risen exponentially and expanded beyond financial services. With the addition of AI, the transformative power of CLM is even more accessible and rapid. Our alliance agreement with Deloitte will enable us to accelerate implementation while helping firms build a more sustainable and compliant future, while delivering a step change in customer experience.”

“Transforming organisations by using AI is something we’re committed to in Deloitte. Our collaboration with Fenergo and the launch of our Centre of Excellence illustrates our focus on providing innovative technology solutions to our clients that drive competitiveness and efficiency,” said Graham Healy, Consulting Partner, Deloitte Ireland. “We believe our mutual clients will also benefit from our broader expertise across financial advisory, business change and target operating model services.”

Financial institutions will also benefit from Fenergo’s unrivalled Perpetual KYC capabilities which streamline and automate periodic KYC review cycles by continuously monitoring client profiles for risk using real-time data. Firms can also leverage Fenergo to more effectively manage ESG requirements in response to growing demand for sustainable and socially responsible investing.

Consumers spending 15% more with Revolut this year than last

Revolut, the European-licensed bank with more than 45 million customers worldwide, and over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that two bumper weekends, a rise in tourism, and the start of the school holidays all saw spending rise.

Revolut’s consumer spending analysis tracked 55.6 million card payments in June, indicating several real-world spending trends by Ireland’s Revolut account holders. The total amount spent with Revolut has grown by over 15% (YoY increase) when comparing June 2024 with June 2023, which also accounts for the 16.5% rise in Revolut customers in Ireland in that time.

As part of its 2023 Annual Report, Revolut highlighted how its customer balances had grown across the board in Ireland by more than 50% (2022 vs 2023) and over 26% (2023 vs 2024 YTD, i.e. June). A growing number of consumers across the country are choosing from Revolut’s broad array of products, which are offered at competitive rates and provide a top-quality customer journey.

With spending on taxis, buses, and general commuter transport rising by more than 12%,  12.5%, and 4.25% respectively (MoM increases), it was clear that the June Bank Holiday, along with the final weekend of the month (which saw the Taylor Swift concerts, GAA quarter-finals, and Dublin Pride) drove a spending hike. Customers in Ireland headed for bars, cafes, restaurants, and nightclubs more often, with spending collectively rising by more than 10% (MoM increase).

Domestic and international tourism was also a factor in Ireland’s increased Revolut spending, with June being a popular time to visit the country. There was an 11% jump (MoM increase) in hotel spending, up more than 13% compared to last June. Meanwhile, spending in souvenir shops (16% MoM increase) and tourist attractions (17% MoM increase) shot up. Car rentals also skyrocketed 35% (YoY increase), as excited holidaymakers made their way around Ireland.

With some schools signing off for summer in early June, spending on children’s activities rose. The mid-month release of Disney’s ‘Inside Out 2’ can be attributed to the over 34% rise (MoM increase) in spending in cinemas. Amusement parks (26% MoM increase) and aquariums (19% MoM increase) also proved popular in June for those with kids.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “The 15% rise in the amount of money customers are spending with us each month is notable. While we have continued to innovate at pace for the benefit of the Irish market, we’re also doing more to become people’s primary bank. Our customers are encouraged by what they see, and we will continue to encourage more to see Revolut as the bank they go to first time, every time. Overall, the bumper month of June provided a visible uplift to a variety of economic sectors.”

Revolut, a European-licensed bank, was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

PayPal study: SME owners in Ireland are prioritising tech investments to drive growth

Small and medium-sized enterprises (SMEs) in Ireland that sell online appear to be experiencing a growth period, with 96 per cent seeing an increase in online sales over the past 12 months. A similar proportion (95%) are feeling optimistic about the growth of their business over the next year.

PayPal’s 2024 ‘Business of Change Report’* revealed that on average, SMEs selling their products or services in international markets generated €240,605 in the last 12 months. Those surveyed that don’t currently sell internationally, but are planning to do so in the future, estimated that the move would generate €122,728 annually for their business.

Cross border trade a catalyst for growth

Further exploration into the prevalence of international commerce uncovered that half (50%) of SMEs in Ireland are presently engaged in international sales, with an additional 30 per cent intending to do so within the next year. Among those already selling internationally, 77 per cent have experienced a surge in international sales volume over the past three years.

The primary impetus behind international expansion is the belief that Ireland is strategically positioned to seize opportunities in global markets (41%). However, a significant 31 per cent of those surveyed indicated that their survival hinges on international expansion.

Not surprisingly, 34 per cent of SME owners prioritise delivering an improved customer experience as a crucial factor for business expansion—second only to providing high-quality products or services, which garnered 38 per cent. Rounding out the top five priorities were adopting emerging technologies, utilising online marketplaces, and ensuring affordability of products or services, each at 32 per cent.

Concerns and challenges

While there is a general feeling of optimism, almost a quarter of SME owners (23%) cited poor purchasing processes for customers as a top barrier to future business growth. Meanwhile, more than a fifth (22%) identified that they lack the skills or resources to fully leverage online platforms.

 As well as internal factors, external trends most impacting SMEs in Ireland that sell online are:

  • A rising demand for more payment methods (such as buy now pay later and digital wallets like PayPal) – 40%
  • More people wanting discounts, promotions and deals – 38%
  • Customers wanting more convenience (such as click and collect, and package tracking) – 37%
  • Three in 10 (30%) are concerned with the trend that fewer people are converting at checkout – more browsers than buyers.

SMEs prioritise tech investments for future growth, eyeing AI, VR experiences

Looking forward, the vast majority (92%) of SME owners prioritise technology investment for their business’s future growth. Nearly a quarter (23%) desire to allocate resources to Artificial Intelligence or Machine Learning, while 21 per cent plan to invest in Virtual Reality experiences.

Regarding specific areas earmarked for investment within the next year to bolster expansion, 38 per cent plan to prioritise enhancing their online presence. Following closely are investments in marketing (33%), additional shipping/delivery capabilities (32%), team expansion (32%), and social commerce (31%).

Moreover, 27 per cent intend to invest in ecommerce capabilities, with secure payment methods and international sales processes on the agenda for 26 per cent of SME owners surveyed.

Jonas Breding, General Manager, PayPal Northern Europe shared, “For over twenty years, we’ve been a trusted partner for Irish entrepreneurs and ecommerce businesses. We recently launched PayPal Complete Payments, our most advanced offering in the market. Our comprehensive solution fosters growth, provides advanced fraud protection, and streamlines cross-border trade, empowering entrepreneurs to thrive.”

For more information, visit https://www.paypal.com, https://about.pypl.com/ and https://investor.pypl.com/.

Revolut’s revenues surpass $2.2bn, with record profits of $545m in 2023

Nik Storonsky, CEO of Revolut said: “This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere. Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2bn in 2023 and a record profit before tax of $545m. With a net profit of $428m, 2023 was our third profitable year in a row.

“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”

2023 Performance Highlights 

Strong financial performance amidst wider market challenges (see Figure 1) 

Revolut delivered record profits and revenue growth, while navigating an increasingly complex geopolitical, macro-economic, and regulatory environment. 

– Group revenue increased by 95% from $1.1bn (€1.1bn) in 2022 to $2.2bn (€2.1bn). – Revolut has now been net profitable for three years in a row: 

– Profit before tax was $545m (€503m), and net profit grew to $428m (€395m), up from $7m (€7m) in 2022 

– Net profit margin for the year was 19%, reflecting the inherent efficiency and scalability of Revolut’s business model, improved partner unit costs, and continued growth of high-margin revenue streams. 

Accelerated growth driven by diversified revenue model, expansion into new markets and deepening customer engagement (see Figure 2)

Revolut’s revenue diversification continued to drive sustainable growth with no single product stream or country accounting for more than 30% of total revenue in 2023. – Over the year, Revolut added almost 12m new customers globally, the highest YoY increase in the company’s history, bringing the total to 38m in 2023. 

– 70% of new retail customers joined organically or were referred by someone they know. Word of mouth growth complemented by further investment into marketing and sales functions, including for Revolut Business which was onboarding 20,000 SMEs (small and medium enterprises) each month by the end of the year. 

– This growth was consistent across all revenue streams of Revolut’s diversified business model, with more customers engaging in more its products: – Cards & Interchange: $605m (€559m), up 59% from $379m (€352m); – FX & Wealth: $491m (€454m), up 46% from $334m (€310m); 

– Subscriptions: $303m (€280m), up 53% from $196m (€186.5m); 

– Total customer balances increased from $16.4bn (€15.2bn) to $22.7bn (€21bn). – Due to expanded treasury capabilities, higher customer deposits, alongside the tailwind of increases in central bank rates, and acceleration in the credit portfolio, interest income grew to $621m (€575bn) in 2023 compared to $102m (€95m) in 2022. 

– Customer usage accelerated with transaction volume increasing by 58%, reaching close to $870bn (€804bn). Monthly transactions as of Dec 2023 totalled 590m, up 73%. 

– An increasing number of customers have adopted Revolut’s services through paid subscriptions, with 41% growth in customers opting for a paid plan. 

– As of June 2024, Revolut is the most downloaded app in the Finance category in Europe, ranking first in 17 countries. 

– The company expanded into new markets, including Brazil and New Zealand, bringing its global footprint to 38 countries. 

Investing in best-in-class products and talent to meet consumers and businesses’ financial needs 

With a focus on core banking services in Europe, Revolut doubled down on reinvestment to support future growth, including product development and expansion into new markets. – $300m (€277m) was allocated to advertising and marketing to supplement our organic growth. We also scaled our B2B sales team to over 900 employees by the end of 2023, as we aim to better serve the needs of larger enterprises. Total headcount increased by 38% YoY to 8,152. 

– Revolut also developed new local features across key European markets: – IBAN: The company expanded local IBAN offerings for retail customers in France, Ireland, Spain and Netherlands. 

– Credit: Personal loans were launched in France, Germany, Spain as well as credit cards in Ireland and Spain. 

– Savings & Funds: Money Market Funds was launched across 22 countries in the EEA with balances reaching nearly $1.9bn (€1.7bn) since launch.

2024 outlook (see Figure 3) 

– Continued customer growth: As of June 2024, Revolut has reached 45m customers globally, representing an increase of 7m in the first 6 months of the year. The company is on track to surpass 50m customers by the end of FY24. 

– Expanding products and features: In addition to launching its existing suite of products in more markets, in the first six months of 2024, Revolut has launched: – eSIMs: Allowing customers to buy phone data packages through the Revolut app, signifying our push into non-financial services (available in the UK and select EEA markets). 

– RevPoints: Revolut’s loyalty programme – which enables customers to earn points on everyday spend (available in the UK and select EEA markets). – Revolut Robo-Advisor: A semi-automated tool that uses algorithms to manage investment portfolios, allowing customers to invest in a diversified tailored portfolio without spending hours on research and continuously managing their portfolios (available in the US and EEA). 

– New Global HQ: Revolut announced a deal to move its global HQ to the YY building in Canary Wharf. The move will help facilitate the future growth of Revolut’s UK and global operations. 

Focus on Ireland 

Revolut’s profitability has enabled it to invest in building the best-in-class products that Irish consumers rely on, while its growth is a result of continuing to innovate on its market-leading app. Revolut has gained the trust of more customers in Ireland, becoming their primary bank. 

– Revolut had 2.7m customers in 2023, an increase of more than 21% from the end of 2022, when Revolut ended the year with 2.2m customers. 

– Today, Revolut has fast become the best solution for customers to manage their finances daily. The brand has become a verb in Ireland, with “Revolut me” the typical way to send money between friends and family, or to children. 

– Revolut offers financial products for almost all needs in Ireland, ranging from current accounts, to credit cards, to investing; while mortgages remain firmly in the pipeline. – By the end of 2024, it has set its sights on reaching the 3 million customer mark. – Revolut isn’t just for retail either. At the end of 2023, Revolut had close to 52% more companies in Ireland using Revolut Business than at the end of 2022. 

As a major player in the Irish financial services sector, Revolut boasts many talented leaders who hold senior leadership roles across the bank, steering the company towards becoming the world’s first truly global financial app. Revolut’s ambitions are matched by its customers. 

– Revolut is an employer of choice, and has 10% more staff in 2023 than 2022 and over 23% more in 2024 (YTD) than 2023. It employs more than 175 people here, many of whom hold highly-skilled roles working out of Dublin and remotely across the country. 

– An increase in trust, talent, and ambition has seen Revolut capture the attention of the Irish market. After the launch of its up to 3.49% interest bearing Instant Access Savings accounts, Revolut received deposits in the region of 9-digits in a fortnight.

– Balances are up across the board by more than 50% (2022 vs 2023) and over 26% (2023 vs 2024 YTD), emphasising how its big ambitions are backed by its customers. 

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year. 

The 2023 Annual Report can be viewed online or downloaded in pdf format at: revolut.com/financial-statements/

Bank of Ireland recruiting for 100 technology roles

Bank of Ireland is recruiting for 100 technology roles to support digital projects across the Group. The roles will help drive some of the Group’s most important technology projects including new customer features on digital channels, protecting customers against fraud, and advanced data analytics.

The Bank is filling roles across data, delivery management, engineering, resilience and cyber, recruiting talent within areas such as cloud, open banking, APIs, AI and emerging technologies.

Bank of Ireland continues to invest significantly in technology across the Group. In 2023, the Bank saw an 18% year on year increase in active digital users, with over 60 enhancements to the mobile app including biometrics and additional fraud monitoring. Continued digitisation in Wealth and Insurance saw the launch of a customer portal and strong adoption of its digital advice platform.

Earlier this year, Bank of Ireland announced the largest single investment in ATMs in the last decade, with a new fleet of state-of-the-art ATMs being rolled out to all branches throughout the Island of Ireland. The Bank also announced an investment of €15 million on new fraud prevention technology.

Ciarán Coyle, Group Chief Operating Officer, Bank of Ireland said: “We continue to invest in our talent, technology and infrastructure, to ensure customers have the very best banking services. We’re currently progressing a range of innovative digital projects across the Group and we want to recruit talented specialists who can enhance the banking experience for our customers.

“Bank of Ireland offers an exciting and dynamic environment for career development. In addition to exciting projects, we provide a supportive environment with inclusive workplace policies, flexible remote work options through a network of hubs, and competitive pay and benefits. We are looking for the very best talent to join our technology team as we continue to deliver improvements for customers and colleagues across the organisation.”

New recruits will be entitled to Bank of Ireland’s suite of market-leading Family Matters policies including maternity and paternity leave, parents leave, foster care leave, early pregnancy loss, surrogacy, fertility leave, all of which are paid leave entitlements.

To apply for roles currently live, click here: