Revolut: $115 billion fintech taking on Europe's biggest banks
Article excerpt
Revolut has grown into Europe’s most valuable startup, emerging as a serious competitor to centuries-old banking institutions. Since its launch just over a decade ago as a fintech focused on offering lower foreign-exchange fees, the company has expanded at remarkable speed. Yet Revolut faces many hurdles itself, with the amount of revenue it extracts per customer a fraction of its established competitors and a small lending business by industry standards. A spokesperson for Revolut said in an email that the London-based company has a "diversified business model," earning its revenue from various products and services rather than lending. "That means our growth depends on building things customers value, rather than on interest rates," the spokesperson said. Here's Revolut's rise, in five charts: CEO Nik Storonsky has stressed he wants Revolut to be truly global, expanding into markets from Mexico to Australia. The company has announced several new licenses in recent weeks, as it aims to become one of only a handful of banks with retail operations spanning so much of the globe. Meanwhile, some traditional lenders seen as global, including HSBC, are reducing their retail footprint. Valued at $115 billion privately, Revolut is now worth more than Britain's Barclays and France's Societe Generale as investors bet on its tech platform winning over more customers globally...
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Revolut's 2025 pretax profit was 1.7 billion pounds ($2.2 billion), a fraction of Barclays' 9 billion pounds, but growing fast.