Revolut rises to become Europe’s $115 billion bank
Article excerpt
LONDON: Revolut has risen to become Europe’s most valuable startup and a challenge to centuries-old banking giants, having grown rapidly since it was launched just over a decade ago as a fintech promising cheaper forex fees. 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 licences 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 HSBA.L, are reducing their retail footprint. Valued at $115 billion privately, Revolut is now worth more than Britain’s Barclays BARC.L and France’s Societe Generale SOGN.PA as investors bet on its tech platform winning over more customers globally. Revolut’s 2025 pretax profit was...
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In 2024 and 2025, Revolut was the most-complained-about bank in Britain in fraud cases whereby customers are tricked into sending cash to scammers, Ombudsman data compiled by consumer advocacy firm Which? showed.
