N26 vs Revolut: Revenue, Profit and Business Model
N26 reported ~$566.8M of revenue in FY2025 and ~$1.8M of net income. Revolut reported ~$5.9B of revenue in FY2025 and ~$1.7B of net income.
Latest financial snapshot
Financial summary
N26
N26 burned through heavy losses for most of its first decade, with cumulative losses of roughly $1.13 billion (€1 billion) through 2024 as the BaFin growth cap coincided with the ECB rate-hike cycle. The turn came in 2024, when it posted its first quarterly profit in Q3, and 2025 delivered the first full-year profit: revenue rose 13% to ~$567 million (€501.6 million), gross profit rose 33% to ~$396 million (€350.5 million) and net income swung from a ~$47.5 million (€42.0 million) loss to a ~$1.81 million (€1.6 million) profit. Preliminary Q1 2026 figures showed ~$147 million (€130.0 million) in revenue and ~$11.1 million (€9.8 million) in net income, and management expects to stay profitable in 2026.
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
N26
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$566.8M | ~$1.8M | 0.3% | +12.6% | Source |
| FY2024 | ~$503.3M | ~-$47.5M | -9.4% | +42.1% | Source |
| FY2023 | ~$354.3M | ~-$115.7M | -32.7% | — | Source |
Where the revenue comes from
N26
No segment breakdown is published.
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
N26
How it makes money
N26 earns money from two roughly equal engines. Net fee and commission income, mostly premium subscriptions (Smart, Go and Metal tiers) and card interchange on ~$193 billion (€170.7 billion) of 2025 transaction volume, reached ~$208 million (€184.2 million), or 53% of 2025 gross profit.
Growth strategy
After leaving the UK in 2020 and the US in early 2022, N26 concentrates on continental Europe, with Germany, France, Spain and Italy as core markets. Growth now comes from converting free users into primary-bank and paying customers, cross-selling savings, investing and credit, and scaling efficiently so that revenue growth turns into profit.
Competitive advantage
N26 pairs a full German banking license with a product built only for the phone. Holding its own license since 2016 lets it take deposits covered by German statutory deposit protection up to €100,000, lend through overdrafts and consumer credit, and passport services across 24 markets without a sponsor bank.
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 N26 vs Revolut
Which company has higher revenue — N26 or Revolut Ltd?
N26 reported ~$566.8M (FY2025), while Revolut Ltd reported ~$5.9B (FY2025). By last reported revenue, Revolut Ltd is the larger business, with N26 reporting a smaller revenue base.
What is the market cap of N26 vs Revolut Ltd?
N26 has a market capitalisation of $9.0B. A public market cap figure for Revolut Ltd was not available (it may be privately held).
Which is more financially efficient — N26 or Revolut Ltd?
N26 generates $354k / 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 N26 and Revolut Ltd make money?
N26 and Revolut Ltd generate revenue in fundamentally different ways. N26: N26 earns money from two roughly equal engines. Revolut Ltd: Revolut runs a freemium model.
Is N26 bigger than Revolut Ltd?
By last reported revenue, Revolut Ltd (~$5.9B (FY2025)) is the larger company compared to N26 (~$566.8M (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 N26 vs Revolut overview