Revolut’s $115 Billion Valuation Masks Banking Challenges

Revolut has become Europe’s most valuable startup, with a private valuation of $115 billion, as it expands its customer base and pursues a broader international banking presence. The fintech, founded just over a decade ago, is challenging established banks, but its lending remains small and its revenue per customer is substantially below that of traditional lenders. Revolut reported pretax profit of £1.7 billion for 2025, equivalent to $2.2 billion. Its valuation exceeds the market value of Barclays and Société Générale, although its profit remains below Barclays’ reported £9 billion. The company’s website lists 80 million customers, compared with 84 million at JPMorgan and 41 million at HSBC. Revolut has said 80% of adults in Ireland have an account with the company. Chief Executive Nik Storonsky has outlined ambitions to expand across markets from Mexico to Australia. Revolut has announced new licences in recent weeks, while it holds a provisional licence in the United States, where investors expect intense competition. Its spokesperson describes the business as diversified, with income from a range of products and services rather than primarily from lending.