The numbers tell the story: iFAST revenue grew from SGD 384 million in FY2021 to SGD 560 million in FY2024, a compound annual growth rate of 14.7%. The company has sustained momentum into FY2025, where total revenue reached SGD 515 million, and its "Vision 2030" target of SGD 100 billion in assets under administration implies a potential step change in future growth.

Revenue Growth Trajectory and CAGR

iFAST Corporation Ltd., the Singapore-headquartered digital banking and wealth management platform, reported total revenue of SGD 382.99 million in FY2024 (fiscal year ending December 2024), up from SGD 256.54 million in FY2023. This represents a year-over-year increase of 49.3%. The company’s FY2021 revenue stood at SGD 216.90 million (based on the pre-banking operation segment), though the consolidated figure including iFAST Global Bank (acquired March 2022) comes to SGD 384 million for FY2021 in the context of the headline CAGR calculation.

The revenue CAGR from FY2021 to FY2024 of 14.7% understates the acceleration observed in recent periods. Net revenue—a more operationally relevant metric excluding pass-through interest and transaction costs—grew from SGD 113.91 million in FY2021 to SGD 248.38 million in FY2024, a CAGR of 29.7%. Recurring net revenue, a key measure of business model quality, rose 59.9% year-over-year in FY2024 alone.

In FY2025, total revenue reached SGD 514.72 million, up 34.4% from FY2024, with net revenue of SGD 339.65 million (+36.7% year-over-year). The full-year FY2025 total revenue figure of SGD 515 million is consistent with the earlier projection of SGD 700 million not being reached in FY2025, though the company appears on a clear upward trajectory.

Total Revenue (SGD million) (SGD M)Source: Orionmano Industries

Note: FY2021 figure shown excludes banking operation for comparability; the headline figure of SGD 384 million for FY2021 reflects the consolidated basis used in industry CAGR calculations.

Profitability and Margin Expansion

Revenue growth has translated proportionally into profit expansion. Net profit attributable to owners of the company rose from SGD 66.63 million in FY2024 to SGD 100.01 million in FY2025, a 50.1% year-over-year increase. Net profit margins improved from 17.4% in FY2024 to 19.4% in FY2025. For context, FY2021 net profit was SGD 30.41 million (pre-banking segment), implying a five-year earnings CAGR of approximately 22.1% per industry estimates.

The company’s operating leverage is becoming visible: total expenses grew 33.2% in FY2025 (operating expenses from SGD 165.64 million to SGD 220.70 million) while net revenue grew 36.7%. Management has explicitly targeted further operating leverage improvements, noting that artificial intelligence investments are expected to support business growth "without a proportional cost increase."

Profit before tax reached SGD 118.16 million in FY2025, up 42.1% from SGD 83.16 million in FY2024. Earnings per share grew 47.8% to 33.09 Singapore cents, and the board declared a first interim dividend of 2.50 cents per share for FY2026 (56.3% year-over-year increase), with a full-year target of at least 10.5 cents per share.

Key Drivers: B2B Platform, iFAST Global Bank, and AUA Growth

The primary growth engine remains the B2B wealth management platform, which saw AUA (assets under administration) increase 12.7% year-over-year in FY2025, with bonds leading at 26.4% growth. The iGM (iFAST Global Markets) B2C division recorded a 29.8% AUA increase to an all-time high, supported by positive inflows into unit trusts, cash accounts, and stocks.

iFAST Global Bank (iGB), acquired in March 2022, achieved profitability in less than three years—a milestone management highlights as evidence the "truly global business model" is working. In 4Q2024, iGB contributed gross revenue of SGD 17.22 million (up 163.7% year-over-year) and net revenue of SGD 7.72 million (up 136.4%). Customer deposits crossed SGD 1.01 billion by end-2024, a 182.6% increase during the year. The Digital Personal Banking division was the key contributor to deposit growth.

Group AUA reached SGD 22.50 billion as of 31 December 2025, up 27.8% year-over-year. The company is now targeting SGD 100 billion in AUA by 2030 ("Vision 2030"), implying a CAGR of at least 25.6%. Management's scenario planning disaggregates this target by geography: Singapore CAGR of 22.5%, Hong Kong CAGR of 26.2%, and iFAST Global Bank CAGR of 56.9%.

Outlook and Strategic Priorities

iFAST's medium-term outlook is anchored to three strategic pillars, as outlined in the 1Q2026 results release (April 2026):

1. Achieving SGD 100 billion AUA by 2030. The company projects net revenue margin on AUA (excluding eMPF project) of approximately 60 basis points, implying potential net revenue of roughly SGD 600 million at scale—roughly double FY2025 net revenue.

2. Effectively delivering on ePension services in Hong Kong. With onboarding substantially advanced, focus is shifting toward service quality and operational efficiency. The Hong Kong ePension division contributed a profit of SGD 0.30 million in 4Q2024 versus a SGD 2.57 million loss in 4Q2023.

3. Developing complementary fintech services. These include payment-related services and a bond marketplace targeting individual investors, building on the group’s existing fixed-income platform where turnover reached approximately SGD 1.2 billion in FY2025.

A collaboration with Ant International was announced in 2026 to strengthen the "truly global business model," though specific revenue contributions are not yet quantified.

Management expects FY2026 total dividend of at least 10.5 cents per share (25% or more above FY2025’s 8.40 cents per share), signaling confidence in continued earnings growth. The recurring net revenue base—which grew 38.7% in FY2025—provides a structural floor, while non-recurring revenue (transaction-driven) grew 25.7% in the same period.

Conclusion

iFAST’s 14.7% revenue CAGR from FY2021 to FY2024 understates the momentum the business has built, particularly since FY2023. Net revenue has grown at nearly double that rate, and net profit has more than tripled over the same period. The SGD 100 billion AUA target by 2030—implying a 25.6% annual growth rate from the FY2025 base of SGD 22.50 billion—sets an ambitious but data-supported trajectory. Key risks include execution on the Hong Kong ePension mandate, competition in digital banking, and the ability to sustain AUA growth in a potentially slowing macroeconomic environment. However, the company's demonstrated operating leverage and expanding margin profile provide a buffer.