Revolut’s $115 Billion Valuation Makes It Europe’s Biggest Banking Challenger

Revolut has grown from a fintech built around cheaper forex fees into Europe’s most valuable startup. Reuters reported, Valued privately at $115 billion, it now ranks above Barclays and Societe Generale as investors back its tech platform to win customers worldwide. Its 2025 pretax profit reached £1.7 billion ($2.2 billion), well short of Barclays’ £9 billion but rising quickly. Portugal’s Caixa Geral de Depósitos CEO Paulo Macedo said 2025 was the last year his 150-year-old bank would out-earn Revolut, and S&P Global Ratings director Cihan Duran noted that European bank chiefs now see the company as their biggest threat.

Revolut Customer Growth and Global Expansion

CEO Nik Storonsky wants a truly global bank, with expansion plans from Mexico to Australia and several new licences announced in recent weeks. The company reports 80 million customers, against 84 million at JPMorgan and 41 million at HSBC, which is itself shrinking its retail footprint. In Ireland, Revolut says 80% of adults hold an account. The US, where it holds a provisional licence, could be its largest opportunity but also its toughest market, according to London Technology Club CEO Konstantin Sidorov.

Revolut Revenue Per Customer and Lending Gap

Revolut earns far less per customer than traditional banks, and average deposit balances are lower. It had only £2.2 billion in loans at the end of 2025, a loan-to-deposit ratio of 6%, compared with 55% at HSBC and 86% at Societe Generale. The company says its diversified model relies on fees such as card subscriptions rather than interest rates.

Revolut Setbacks: Fines, Fraud Complaints and Data Leak

Revolut was fined in Lithuania over money laundering controls, though it says no confirmed cases were found and a settlement has been signed. It was also Britain’s most-complained-about bank for fraud cases in 2024 and 2025, and in September it mistakenly sent customer data to hackers posing as government investigators, saying funds and systems were unaffected.