Revolut Rises to $115 Billion Valuation, Challenging Europe’s Banking Giants

Revolut has emerged as Europe’s most valuable startup, reaching a private valuation of $115 billion and increasingly challenging established banking giants. Founded just over a decade ago as a fintech focused on cheaper foreign exchange, the London-based company has expanded rapidly, with 80 million customers globally and new banking licences helping drive its international ambitions.

The company reported £1.7 billion in pretax profit for 2025, although this remains well below the profits of major traditional banks. Revolut’s business also generates significantly less revenue per customer, partly because its lending operations remain relatively small, with £2.2 billion in loans at the end of 2025 compared with much larger loan books at established European banks.

Revolut’s rapid expansion has also come with challenges, including regulatory action over anti-money-laundering controls and a recent customer-data incident. Analysts say expanding lending and entering competitive markets such as the US and mortgages will bring new risks, while the company continues to focus on turning more users into primary-account customers and increasing customer balances.

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