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Revolut has reached a private valuation of $115 billion, making it Europe’s most valuable startup and placing it above established lenders including Barclays and Société Générale by that measure. The London-based financial technology company has expanded from a low-cost foreign-exchange app into a global financial-services business, but its comparatively small lending operation and low revenue per customer remain challenges as it seeks to compete with traditional banks.
The valuation reflects investor expectations for further international growth, not a publicly traded market price. Reuters reported on October 4 that Revolut is pursuing expansion across markets including Mexico and Australia and has announced new licences in recent weeks. The company has said its diversified business model draws revenue from multiple products rather than relying primarily on lending.
Growth has outpaced established banks on customer numbers
Revolut’s website lists more than 80 million customers, Reuters reported, compared with 84 million at JPMorgan and 41 million at HSBC. The company began just over a decade ago by offering cheaper foreign-exchange services and has since added products that include payments, subscriptions and lending. In Ireland, Revolut says 80% of the adult population has an account.
Its 2025 annual report recorded £4.5 billion in revenue and £1.7 billion in pretax profit, with pretax profit up 57% year over year. The report said the company had more than 68 million retail customers at the end of 2025; the higher figure of over 80 million cited in October reflects subsequent customer growth. These results show a rapidly expanding and profitable business, though the scale of its valuation also depends on expectations about future expansion.
Profit comparisons underline the difference in scale between the challenger and long-established lenders. Barclays reported £9 billion in 2025 pretax profit, according to Reuters, substantially more than Revolut’s £1.7 billion. Paulo Macedo, chief executive of Portugal’s Caixa Geral de Depósitos, said in June that 2025 would be the last year his 150-year-old bank recorded higher profit than Revolut.
A large customer base has not yet translated into bank-scale lending
Reuters’ analysis found Revolut generated far less revenue per customer than traditional banks and that customer deposit balances were also lower on average. A key difference is its limited lending: the company had £2.2 billion in loans at the end of 2025, equivalent to a loan-to-deposit ratio of about 6%. Reuters compared that with 55% at HSBC and 86% at Société Générale.
Revolut’s annual report likewise listed a £2.2 billion customer lending portfolio at year-end, comprising mainly personal loans and credit cards alongside a nascent mortgage portfolio. Expanding loans could add another source of income, but would also expose the company to credit risks and the demands of competing in local mortgage markets, analysts and investors told Reuters. The company has emphasized that lending is not its only route to revenue.
Revolut told Reuters its diversified model earns income from several products and services. A company spokesperson said growth therefore depends on building products customers value rather than on interest rates. The company’s strategy may reduce its dependence on interest income, but it also makes sustained customer activity and adoption of multiple products important to its growth.
Primary-account use and overseas expansion remain tests
Although Revolut has attracted tens of millions of customers, company executives have acknowledged that too few use it as their main bank account. Revolut declined to disclose how many customers treated it as their primary account in 2025, but said that number had increased 45% from the previous year. Andreessen Horowitz investor Alex Immerman told Reuters that primary-account adoption and customer balances were among the measures the firm watches.
Expansion into new countries could broaden the customer base, but the United States presents a particularly demanding test. Reuters reported that Revolut holds a provisional U.S. licence and quoted London Technology Club chief executive Konstantin Sidorov, an investor in the company, describing the country as potentially its biggest growth opportunity as well as its most competitive market. The company has also announced licences in other markets as it works toward a wider international banking presence.
Compliance and customer protection are outstanding concerns
Rapid growth has coincided with scrutiny of Revolut’s controls. Reuters reported a fine in Lithuania for failing to prevent money laundering. Revolut said the investigation found no confirmed instances of money laundering, and that it had reached a settlement with the central bank and taken steps to address shortcomings.
The company also said a September incident in which customer data was accidentally sent to hackers posing as government investigators did not affect its systems or customer funds. It said it contacted the limited number of affected individuals to offer support. Separately, figures from the Financial Ombudsman Service compiled by consumer group Which? showed Revolut was Britain’s most-complained-about bank for fraud cases involving customers tricked into sending money to scammers in 2024 and 2025; the company has said it takes fraud seriously and has robust customer protections.
The next measure of Revolut’s progress is not simply how many people open accounts, but whether they hold larger balances and make it their primary bank. Its $115 billion private valuation, expanding international reach and rising profits signal its growing stature; its low loan-to-deposit ratio, lower revenue per customer and control challenges show why it has not yet matched the operating profile of Europe’s major banks.
