London: Revolut has grown from a fintech offering cheaper foreign exchange fees into Europe’s most valuable startup, reaching a private valuation of $115 billion and emerging as a growing challenger to established banking groups.
Launched just over a decade ago, the London-based company has expanded rapidly and now has 80 million customers worldwide. Its valuation puts it above major European banks including Britain’s Barclays and France’s Societe Generale, although Revolut remains significantly smaller in some key areas of traditional banking.
Revolut reported a 2025 pretax profit of £1.7 billion ($2.2 billion), compared with about £9 billion at Barclays. However, its profit has been increasing rapidly as the company expands into new markets.
CEO Nik Storonsky has outlined ambitions to make Revolut a truly global bank, with expansion ranging from Mexico to Australia. The company has also announced several new banking licences as it seeks to establish retail operations across more markets.
Traditional lenders, meanwhile, are scaling back some international retail operations. Paulo Macedo, CEO of Portugal’s Caixa Geral de Depósitos, remarked that in June that 2025 was the final year in which the 150-year-old bank would generate higher profit than Revolut.
In the US, where the company holds a provisional licence, it faces a highly competitive market. It has also faced regulatory and security setbacks, including a fine in Lithuania for shortcomings in preventing money laundering. Revolut said an investigation found no confirmed instances of money laundering and that it had agreed a settlement with the central bank while taking measures to address the issues.
In September, the company also accidentally shared customer data with hackers who posed as government investigators. Revolut stated that its systems and customer funds were not affected and that it contacted the limited number of affected customers.
Consumer protection has been another concern. Ombudsman data compiled by Which? showed Revolut was Britain’s most complained-about bank in fraud cases involving customers being deceived into transferring money to scammers in both 2024 and 2025. The company has noted that it takes fraud seriously and maintains strong customer protections.
Customer growth
Revolut’s expansion is particularly evident in its growing customer base. In Ireland, the company says 80 percent of adults have a Revolut account. Its 80 million customers globally compare with 84 million at JPMorgan and 41 million at HSBC.
One reason is Revolut’s relatively small lending operation. At the end of 2025, it had £2.2 billion in loans, giving it a loan-to-deposit ratio of 6 percent, compared with 55 percent for HSBC and 86 percent for Societe Generale.
The company noted that its business model is diversified, with revenue coming from a range of products and services rather than primarily from lending. It said this means its growth is driven by developing products customers value rather than depending on interest rates.
Another challenge is turning more customers into primary-account users. While Revolut has attracted customers through its app, company executives acknowledge that relatively few currently use it as their main bank account. The number increased 45 percent from the previous year, although Revolut did not disclose the total figure in its latest results.
MOST READ | Bluetongue outbreak reaches record levels across UK farms
