RismadarVoice Reporters
October 5, 2026
Financial technology company Revolut has become Europe’s most valuable startup after reaching a private valuation of $115 billion, putting the fast-growing digital bank ahead of several established European lenders in market value.
The London-based company has expanded rapidly since its launch more than a decade ago, growing from a financial technology platform focused largely on cheaper foreign-exchange services into a global financial services business.
Revolut now says it has about 80 million customers worldwide, bringing its customer base close to JPMorgan’s roughly 84 million customers and well above HSBC’s reported 41 million.
The $115 billion valuation also places Revolut above major European banking groups including Britain’s Barclays and France’s Société Générale, underscoring the growing competitive pressure digital financial platforms are placing on traditional banks.
Revolut recorded £1.7 billion in pre-tax profit in 2025, compared with about £9 billion reported by Barclays. Despite the difference in earnings, investors have continued to place a high valuation on Revolut because of its rapid customer growth, technology-driven operating model and international expansion plans.
Chief Executive Nik Storonsky has outlined ambitions to build Revolut into a genuinely global financial institution, with the company expanding its regulatory footprint across markets including Mexico, Australia and the United States.
The company’s rapid expansion has attracted increasing attention from established banking executives.
Industry analysts say European bank executives increasingly regard Revolut as a significant competitive threat because of its aggressive expansion, technology platform and ability to attract customers through its mobile-first services.
However, Revolut still generates considerably less revenue from each customer than many traditional banks.
Its lending operation also remains relatively small. Revolut had about £2.2 billion in loans at the end of 2025, giving it a loan-to-deposit ratio of roughly six per cent, significantly below several major conventional banks.
The company has also acknowledged that many customers still use Revolut as a secondary financial account rather than their primary bank.
Expanding the number of customers who receive salaries, maintain larger balances and conduct most of their everyday financial activities through Revolut is therefore expected to be an important part of its next phase of growth.
The company has also faced regulatory and security challenges during its expansion, including scrutiny over anti-money laundering controls and fraud-related complaints.
Despite those challenges, Revolut’s rise to a $115 billion valuation demonstrates how rapidly technology-focused financial companies are challenging traditional banking models.
With approximately 80 million customers and an expanding international footprint, Revolut is increasingly moving beyond its origins as a fintech startup and positioning itself as a direct competitor to some of the world’s largest banks.
