Euronet Worldwide reported on February 12 that epay expanded its Revolut partnership to 20 countries during the fourth quarter of 2025. The integration brings digital gift cards and prepaid content into the Revolut app, where customers can buy, gift and receive rewards. [S01]
A wider channel within an established relationship
The relationship began well before this update. In May 2021, epay announced an agreement to supply digital content through Revolut, describing a single API connection and a route for its brand partners into mobile financial services. That launch established the infrastructure approach behind the later expansion. [S02]
For a gift card brand, placement in a financial app adds another point of discovery alongside a retailer, specialist website or rewards programme. The commercial question is whether that placement creates repeat purchasing and redemption. A distribution announcement establishes access; it does not measure customer adoption.
What the annual figures show
epay revenue increased 3% in reported dollars, or 1% at constant currency. Operating income rose 5%, while transaction count increased 5%. [S01]
epay annual reported revenue
Full years ended December 31. [S01]
USD million
Tap or hover for details. All values are also available in the data table.
Whole epay segment, not gift card sales value or Revolut revenue.
Explore the data table
| Category | Revenue |
|---|---|
| 2024 | 1,150.5 USD million |
| 2025 | 1,187.6 USD million |
| epay measure | 2024 | 2025 |
|---|---|---|
| Operating income, USD million | 129.9 | 136.2 |
| Adjusted EBITDA, USD million | 137.2 | 142.5 |
| Transactions, million | 4,374 | 4,579 |
Table: Euronet reported figures. Adjusted EBITDA is a non-GAAP measure. A $4.5 million first-quarter payment resolving a multi-year operating tax matter affected operating income and adjusted EBITDA. [S01]
These measures answer different questions. Revenue records what the business earns under its accounting policies; operating income includes its operating costs; transaction count describes activity. None should be relabelled as the amount of money consumers loaded onto gift cards. Nor can a segment total isolate the performance of one partner.
The quarter was less straightforward
Fourth-quarter revenue rose 3% in dollars but fell 2% at constant currency. Euronet attributed the weaker comparison to unusually strong promotional revenue a year earlier. [S01]
Reading only the annual percentage would miss that difference. Currency translation can lift a reported dollar comparison even when a constant-currency measure falls. The two views are complementary, and neither establishes how individual brands performed.
What this means for branded payments
epay operates across physical and digital gift content, mobile top-ups and merchant services. Its own retail materials describe app and online integration, physical cards, digital codes, settlement and back-office support. That breadth explains why a segment result is wider than the gift card market alone. [S03]
The update does not identify the 20 countries or disclose Revolut-specific revenue. It also does not establish that 20 countries were newly added during the quarter. [S01]
For programme operators, the useful next evidence would be country-level availability, the brands actually offered, purchasing frequency and redemption behaviour. Those measures would help distinguish a larger distribution footprint from stronger customer use. The current announcement supports the former, while leaving the scale of the latter open.
Euronet is led by chairman and CEO Michael J. Brown, pictured in the official company portrait accompanying this article. [S04]
Sources and documents
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In this article
Oliver Reed
Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.