Revolut's private valuation has reached $115 billion, making it the highest valued startup in Europe, surpassing Barclays and Société Générale. Investors are betting that its technology platform can continue to attract customers globally, rather than relying on traditional banking loan profits.

The company's official website shows that the number of customers has reached 80 million, close to JPMorgan's 84 million and higher than HSBC's 41 million. In Ireland, about 80% of the adult population holds a Revolut account. CEO Nik Storonsky has set an expansion path from Mexico to Australia, recently obtaining new licenses, aiming to become one of the few banks capable of retail operations in multiple locations, while traditional institutions like HSBC are shrinking their retail networks.

Pre-tax profit for 2025 is projected to be £1.7 billion, approximately $2.2 billion, which is only a small fraction of Barclays' £9 billion, but the growth rate is rapid. Revenue comes from products such as payments, foreign exchange, and card subscriptions, rather than primarily from lending. By the end of 2025, loans are expected to be only £2.2 billion, with a loan-to-deposit ratio of 6%, compared to HSBC's 55% and Société Générale's 86%. The company states that growth depends on features customers are willing to pay for, rather than interest rates.

Revenue per customer and average deposits are significantly lower than traditional banks, and the usage rate of the main account is still insufficient. The company declined to disclose how many customers will treat it as their main account in 2025, only stating that this number has increased by 45% year-on-year. Alex Immerman, an investor at Andreessen Horowitz, stated that main account penetration and customer balances are key metrics to track. Paulo Macedo, CEO of Portugal's largest bank Caixa Geral de Depósitos, stated in June that 2025 will be the last year this 150-year-old bank's profits exceed those of Revolut.

Currently, the U.S. only has a temporary license, and Konstantin Sidorov, CEO of the London Technology Club, stated that the U.S. could be the largest incremental market and the most competitive market, having invested when the company's valuation was only $5.5 billion. Lithuania previously fined the company for anti-money laundering deficiencies, but the company stated that the investigation did not confirm any instances of money laundering and has settled with the central bank and made corrections. In September, the company mistakenly sent some customer data to hackers impersonating government investigators, stating that the system and customer funds were not affected and has contacted the few affected individuals. In 2024 and 2025, it ranked first among banks in the UK for complaints about fraudulent transfers.

This is a valuation reassessment driven by events, not continuous pricing in the public market. Secondary market buyers are paying for global customer acquisition and licensing options, while early shareholders and employees are selling for liquidity, and the company itself has not supplemented lending capital through this transaction. The beneficiaries are the founding team, employees, and early shareholders holding equity. The pressured parties are the fees of European retail banks and the younger customer base, as well as Revolut's own credit department, which has yet to take off. Expanding loan and deposit volumes will introduce credit risk and local mortgage competition.

Customer balances are expected to grow by 66% to £50.2 billion by 2025, with retail customers reaching 68.3 million by the end of the year, adding approximately 16 million during the year, after which the website number rises to 80 million. The loan portfolio is expected to grow by 120% year-on-year to £2.2 billion, primarily consisting of unsecured personal loans and credit cards, with mortgages still in the early stages. The company's goal is to reach over 100 million customers by mid-2027 and plans to invest £10 billion over the next five years.

Source: Public Information