Deel vs Revolut: Revenue, Profit and Business Model
Deel reported $1.5B of revenue in FY2026 and — of net income. Revolut reported ~$5.9B of revenue in FY2025 and ~$1.7B of net income.
Latest financial snapshot
Financial summary
Deel
Deel is private and does not publish audited financials, but it discloses ARR milestones. ARR rose from about $57 million at the end of 2021 to $295 million at the end of 2022 (TechCrunch), $800 million by December 2024, more than $1 billion by June 2025, and more than $1.5 billion in the first half of 2026. Deel says it recorded its first $100 million revenue month in September 2025 and describes itself as profitable, without disclosing margins. Funding includes a $425 million Series D at $5.5 billion (October 2021), a $12 billion valuation in May 2022, a $12.6 billion secondary sale in early 2025, and a $300 million Series E at $17.3 billion (October 2025) led by Ribbit Capital with Andreessen Horowitz and Coatue. In November 2025 it hired former Intuit executive Joe Kauffman as CFO, a move widely read as IPO preparation.
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
Where the revenue comes from
Deel
- Employer of Record (EOR) fees
Not disclosed
Monthly per-employee fees (list price from $599) for employing staff abroad through Deel's local entities.
- Contractor management subscriptions
Not disclosed
Monthly per-contractor fees (from $49) for contracts, compliance, and payouts; Deel Shield is priced on top.
- Global Payroll and HR modules
Not disclosed
Per-employee fees for payroll on clients' own entities, plus paid HR, immigration, and PEO services.
- Deel IT, payouts, and FX
Not disclosed
Equipment provisioning fees and income from currency conversion and worker payout products such as the Deel Card.
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
Deel
How it makes money
Deel sells recurring, per-worker services. When a company wants to hire someone in a country where it has no legal entity, Deel's local entity becomes the Employer of Record: it signs the employment contract, runs payroll, withholds taxes, and provides statutory benefits, while the client directs the work and pays Deel one invoice.
Growth strategy
Deel is expanding from international hiring into running payroll and HR for a company's whole workforce. Levers include Global Payroll for clients' own entities (strengthened by buying Safeguard Global's enterprise payroll business in March 2025), domestic US payroll and PEO services, a free HRIS that pulls in small and mid-size companies, and acquisitions;
Competitive advantage
Deel's advantage is owned coverage plus product breadth. It operates its own entities and payroll capability in most of the countries it serves, so it can onboard workers quickly and control compliance instead of relaying work to local partners.
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 Deel vs Revolut
Which company has higher revenue — Deel, Inc. or Revolut Ltd?
Deel, Inc. reported $1.5B (FY2026), while Revolut Ltd reported ~$5.9B (FY2025). By last reported revenue, Revolut Ltd is the larger business, with Deel, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
Which is more financially efficient — Deel, Inc. or Revolut Ltd?
Deel, Inc. generates $156k / employee in revenue per employee, while Revolut Ltd generates $495k / employee. Revolut Ltd 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 Deel, Inc. and Revolut Ltd make money?
Deel, Inc. and Revolut Ltd generate revenue in fundamentally different ways. Deel, Inc.: Deel sells recurring, per-worker services. Revolut Ltd: Revolut runs a freemium model.
Is Deel, Inc. bigger than Revolut Ltd?
By last reported revenue, Revolut Ltd (~$5.9B (FY2025)) is the larger company compared to Deel, Inc. ($1.5B (FY2026)). 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 Deel vs Revolut overview