Revolut has reached a valuation of about $115bn as rapid customer growth and international expansion move the UK founded fintech closer to the scale of established global banking groups.
Revolut now serves more than 80 million retail customers worldwide, making it one of Europe’s most valuable private technology businesses. The company says roughly one million new customers are joining every 17 days and is targeting 100 million users by the middle of 2027.
The valuation places Revolut alongside major listed banks despite a business model that remains materially different from conventional lenders. Its loan book is small relative to customer deposits, with a loan to deposit ratio of around 6%, leaving revenue spread across payments, subscriptions, foreign exchange, cards and other financial services rather than depending primarily on lending margins.
Profitability has nevertheless increased rapidly. Revolut generated about £1.7bn of pretax profit in 2025, while its annual reporting shows profit before tax grew 57% from the previous year. The number of customers using Revolut as their primary account also increased by 45%.
International expansion is central to the next stage. The company has been seeking or securing licences across markets including the US, Mexico and Australia as it attempts to build a financial platform that can serve customers across multiple jurisdictions. Banking licences allow a broader product range but bring higher capital, compliance and supervisory requirements.
The challenge is different from the one Revolut faced as a younger fintech. Customer acquisition remains important, but regulators and investors will increasingly judge the business on whether customers use it as their main financial relationship, how effectively risk is controlled and whether international growth produces sustainable earnings rather than simply a larger user count.
Greater scale also increases exposure to operational and conduct problems. Revolut has faced regulatory scrutiny, fraud complaints and data security incidents in several markets. Rapid expansion can amplify those risks because controls must work consistently across jurisdictions with different banking and consumer protection requirements.
Traditional banks are responding by investing heavily in digital services and reducing the friction that once distinguished fintech products. Revolut therefore has to compete on more than convenience as established banks improve apps, payments and foreign exchange while retaining advantages in lending, deposits and longstanding regulatory relationships.
The valuation reflects investor confidence that Revolut can turn its large international audience into a broader banking franchise. Achieving that will depend on increasing revenue per customer while maintaining the acquisition pace that has underpinned its growth.
Comparisons with established banks are becoming more relevant as profits and customer numbers increase, but differences in balance sheet structure still matter. Conventional lenders earn substantial returns from deploying deposits into loans, whereas Revolut currently operates with a much lighter lending profile.
At $115bn, investors are already assigning considerable value to the growth still expected. The next phase will test whether Revolut can translate that expectation into deeper customer relationships across an increasing number of regulated markets while maintaining the controls required of a financial institution operating at global scale.
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