Brex vs Revolut: Revenue, Profit and Business Model
Brex reported $700M of revenue in FY2025 and — of net income. Revolut reported ~$5.9B of revenue in FY2025 and ~$1.7B of net income.
Latest financial snapshot
Financial summary
Brex
Brex never published audited results as a private company. Sacra estimates annualized revenue slowed to $312 million in 2022, growing 30%, while the company was reportedly burning about $22 million a month. After the January 2024 restructuring, growth picked up: Brex said in February 2025 that enterprise revenue rose 80% with net revenue retention near 140%, and Sacra estimates total annualized revenue reached $700 million in August 2025, up 50%. Brex turned operating-cash-flow positive for the first time in October 2025, according to Sacra. Before the sale it raised about $2.3 billion in equity. Capital One paid $5.15 billion, roughly 58% below the $12.3 billion valuation of 2021.
Revolut
Revolut's growth has compounded quickly. Revenue rose from ~$1.22 billion (£923 million) in 2022 to ~$2.38 billion (£1.8 billion) in 2023, ~$4.09 billion (£3.1 billion) in 2024 and ~$5.94 billion (£4.5 billion) in 2025. Profit before tax went from ~$578 million (£438 million) (2023) to about $1.45 billion (£1.1 billion) (2024) and ~$2.24 billion (£1.7 billion) (2025), with net profit of about $1.72 billion (£1.3 billion) in 2025. Interest income grew only 23% in 2025, slower than other lines, while subscriptions rose 67% and cards 45%, so the mix is moving away from rate-driven income.
Revenue and profit by year
Brex
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $700M | — | 0.0% | — | Source |
| FY2022 | $312M | — | 0.0% | — | Source |
Where the revenue comes from
Brex
- Card interchange
Majority (undisclosed)
Fees paid by merchants' banks when customers use Brex corporate cards. Sacra estimates gross take of about 2.7% of card volume before partner costs.
- Software subscriptions
Growing share (undisclosed)
Brex Premium at $12 per user per month, plus enterprise contracts for spend management, approvals, travel and accounting automation.
- Cash management and payments
Undisclosed
Fees from partner banks and funds that hold customer cash in Brex Business Accounts, and transaction revenue from bill pay.
Revolut
- Card payments~22%
About $1.32B (£1.0B) in 2025 (+45%) from interchange and payment fees.
- Interest income~22%
~$1.29B (£974M) in 2025 (+23%) from customer balances and lending.
- Subscriptions~16%
~$935M (£708M) in 2025 (+67%) from Plus, Premium, Metal and Ultra plans.
- Wealth~15%
~$875M (£663M) in 2025 (+31%) from stock, crypto and commodity trading.
- Foreign exchange~13%
~$800M (£606M) in 2025 (+43%) from currency exchange.
Business model and strategy
Brex
How it makes money
Brex makes most of its money from interchange, the fee a merchant's bank pays each time a Brex card is used. Sacra estimates Brex collects about 2.7% of card volume as gross revenue and keeps roughly 65% gross margin after paying its issuing and network partners.
Growth strategy
Brex's growth since 2024 has come from enterprise customers, international companies and partners. It serves more than 300 public companies, holds an EU payment institution licence obtained in August 2025, and distributes its cards through other software: Brex Embedded partners include Navan, Zip, Coupa and Sabre, and Brex is the default commercial card for Fifth Third Bank's commercial clients, according to Sacra.
Competitive advantage
Brex's main technical advantage is its own card-issuing stack. It integrated directly with Mastercard rather than relying on a third-party processor, which lets it issue local corporate cards, settle in local currency and reimburse employees in more than 50 countries. That matters to multinational customers such as Anthropic, Arm and Robinhood.
Revolut
How it makes money
Revolut runs a freemium model. The Standard account is free; paid plans (Plus, Premium, Metal and Ultra, roughly £3.99 to £55 a month in the UK) add higher limits, insurance and travel perks. Revenue comes from several roughly balanced streams.
Growth strategy
Revolut grows by entering new countries with a core multi-currency account, then adding local licences, credit and wealth products. Its September 2025 plan committed $13 billion over five years, including about $4 billion in the UK, and aimed at 100 million customers by mid-2027. In 2026 it is focused on UK lending after the full licence, a US bank charter, Latin America (Mexico, Colombia, Peru) and India.
Competitive advantage
Revolut's edge is product breadth delivered on in-house technology at low cost. One app covers spending, FX in 30+ currencies, savings, investing, crypto, credit and business banking, so customers can consolidate several providers.
Questions about Brex vs Revolut
Which company has higher revenue — Brex Inc. or Revolut Ltd?
Brex Inc. reported $700.0M (FY2025), while Revolut Ltd reported ~$5.9B (FY2025). By last reported revenue, Revolut Ltd is the larger business, with Brex Inc. reporting a smaller revenue base.
Which is more financially efficient — Brex Inc. or Revolut Ltd?
Brex Inc. generates $636k / employee in revenue per employee, while Revolut Ltd generates $495k / employee. Brex Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Brex Inc. and Revolut Ltd make money?
Brex Inc. and Revolut Ltd generate revenue in fundamentally different ways. Brex Inc.: Brex makes most of its money from interchange, the fee a merchant's bank pays each time a Brex card is used. Revolut Ltd: Revolut runs a freemium model.
Is Brex Inc. bigger than Revolut Ltd?
By last reported revenue, Revolut Ltd (~$5.9B (FY2025)) is the larger company compared to Brex Inc. ($700.0M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Brex vs Revolut overview