Revolut has grown from a low-cost foreign-exchange and payments app into a profitable financial platform with more than 80 million retail customers. Reuters reported a $115 billion private valuation in October 2026—but that figure does not make Revolut a listed bank or prove it matches established banks in deposits, lending or everyday account use.
How did Revolut get so big?
Revolut widened its offer beyond payments and currency exchange, adding products for personal customers and businesses. Its current range includes cards, savings, investments, crypto, lending, travel checkout and mobile services. Availability depends on where a customer lives, so a feature offered in one country may not be available in another.
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The strategy is to make the app useful for more of a customer’s financial life, rather than relying on one transaction type. Revolut CEO Nik Storonsky described that shift in the company’s 2024 results: “2024 was a landmark year for Revolut. We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business.”
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The company reported 52.5 million retail customers at the end of 2024, with transaction volume approaching $1.3 trillion (£1.0 trillion) that year. On its 2025 annual-results page, published in 2026, it reported more than 80 million retail customers. The 2025 figures are company-reported, not an independent count.
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What does the $115 billion valuation mean?
Reuters reported on October 4, 2026, that Revolut had a private valuation of $115 billion, a figure that would put it above Barclays and Société Générale in a valuation comparison. It is not a stock-market capitalization: Revolut is privately held, and the report does not establish the specific deal terms behind that valuation.
A private valuation reflects what investors are willing to pay in a transaction or related valuation process. It is not the same as a bank’s assets, deposits, annual revenue or profit, and it does not establish that Revolut is larger than either bank on those measures. The $115 billion figure should therefore be read as a reported valuation, not as a measure of its banking scale.
How fast are Revolut’s customers and profits growing?
Revolut’s 2024 results show how growth translated into earnings. The company reported $4.0 billion (£3.1 billion) in revenue, up 72%; $1.4 billion (£1.1 billion) in profit before tax; and $1.0 billion (£790 million) in net profit. These are distinct measures: revenue is income before expenses, pretax profit is after expenses but before tax, and net profit is after tax.
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For 2025, the company’s annual-results page said profit before tax grew 57% in GBP terms. Reuters reported the year’s pretax profit as £1.7 billion ($2.2 billion). The growth rate is the company’s, while the stated 2025 amount is Reuters’ report of the figure.
The same company page reported that customer balances increased 66% in 2025 and that the number of customers choosing Revolut as their primary bank rose 45% year on year. That is a growth rate, not the share or total number of customers using Revolut as their main account; the company did not disclose the absolute primary-account count in its latest results.
How does Revolut make money?
Revolut’s 2024 results describe revenue from card payments, interest income, business customers, savings and investments, and other product lines. Card-payment revenue was $887 million (£694 million), up 43% year on year, while interest income was $1.0 billion (£790 million), up 58%. The company attributed interest-income growth to increased deposits and expanded lending.
That mix is different from a traditional bank that depends heavily on lending income. Reuters quoted a Revolut spokesperson defending the distinction: “That means our growth depends on building things customers value, rather than on interest rates.” This is the company’s explanation of its model, not an independent assessment of how sensitive its earnings are to rates.
Reuters’ comparison points to a significant gap in lending and customer economics. Its reported end-2025 loan-to-deposit ratio for Revolut was 6%, versus 55% at HSBC and 86% at Société Générale. Reuters also said revenue per customer and average deposit balances remain much lower than at established competitors, but the report did not provide directly comparable figures for those measures.
| Measure | Revolut | Established-bank comparison |
|---|---|---|
| Loan-to-deposit ratio at end-2025 | 6% (Reuters) | HSBC: 55%; Société Générale: 86% (Reuters) |
| Absolute number of primary-account customers | Not stated in Revolut’s latest results, according to Reuters | Not stated in the cited reporting |
| Revenue per customer and average deposit balances | Lower than at established competitors, according to Reuters; comparable amounts not stated | Higher than Revolut’s, according to Reuters; comparable amounts not stated |
More lending could increase income and make customer relationships deeper, but it also brings credit risk and exposure to local markets such as mortgages. The low loan-to-deposit ratio helps explain why fast customer and profit growth does not yet make Revolut economically identical to a universal bank.
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Is Revolut a real bank?
There is no single worldwide answer for every Revolut customer or product. In Europe, the European Central Bank’s 2025 supervisory report classifies Revolut Holdings Europe UAB as a significant institution. The ECB said the entity’s significance rested on national economic importance, with assets exceeding €5 billion and 20% of GDP. That supervisory classification applies to the named group entity; it does not mean every Revolut service in every country is supplied by a bank.
The Bank of Lithuania’s 2025 annual report put the group entity’s share of Lithuania’s banking market at 37.6% at the highest level of consolidation, up 9.9 percentage points during the year. That is a Lithuania-specific market measure, not Revolut’s share of the European banking market.
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Revolut’s 2025 company page says it received a UK banking license in 2026 and applied for a US banking charter. A license, application or supervisory status does not by itself establish that a particular customer’s account is held by a bank or covered by a particular protection. Check the contracting entity, account terms and protections for your country and product.
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Can Revolut compete with traditional banks?
It is already a substantial competitor for payments and digital financial services, and its customer growth, profitability and expanding product range make the “big bank rival” label plausible as a description of its ambitions. S&P Global Ratings director Cihan Duran told Reuters: “When you go to Europe the bank CEOs there are talking about Revolut as their most important threat because of their aggressive marketing and growth,”
But threat and equivalence are different claims. Revolut’s customer total is large, yet its primary-account count is undisclosed; its balances have grown, but Reuters says average balances remain below established competitors; and its loan-to-deposit ratio is far lower. Those differences matter because a bank’s competitive position is not captured by app downloads, valuation or customer numbers alone.
What risks and scrutiny should customers know about?
Compliance and fraud complaints
Reuters reported that Revolut faced a Lithuanian fine over failures to prevent money laundering. The company said the investigation found no confirmed money-laundering cases, that it settled with the central bank, and that it took steps to address shortcomings.
Reuters also reported, citing Ombudsman data compiled by Which?, that Revolut was Britain’s most complained-about bank in 2024 and 2025 in cases where customers were tricked into sending money to scammers. This is a ranking for a specific fraud category; it does not mean Revolut caused every scam or had the most fraud overall.
Customer-data incident
Reuters reported that in September 2026 customer data was sent to hackers posing as government investigators. Revolut said its systems and customer funds were unaffected and that it contacted the limited number of people impacted. The incident concerned customer data, and the company’s statements about its effects are its own account.
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