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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 on October 4, 2026, that the privately held company was valued at $115 billion—more than Barclays or Société Générale by that comparison. That is a reported private valuation, not a stock-market value, and Revolut’s fast growth does not yet make it economically equivalent to a universal bank: its lending remains small relative to customer deposits, while its primary-account adoption and local banking status vary by market.
How did Revolut get so big?
Revolut began with a proposition that was easy to understand: make spending and exchanging money across borders simpler and cheaper through a mobile app. It has since broadened into a multi-product platform serving consumers and businesses. The range now includes accounts and cards, payments, savings, investments, crypto, lending, travel checkout and mobile services. What a customer can open or use depends on their country of residence.
The expansion has been accompanied by deeper customer engagement, according to the company. Nik Storonsky, Revolut’s CEO, said in its 2024 results release: “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.”
Growth in customers, revenue and profit
| Measure | Reported figure | Source and period |
|---|---|---|
| Retail customers | 52.5 million at year-end | Revolut, 2024 |
| Revenue | $4.0 billion (£3.1 billion), up 72% | Revolut, 2024 |
| Profit before tax | $1.4 billion (£1.1 billion) | Revolut, 2024 |
| Net profit | $1.0 billion (£790 million); 26% net margin | Revolut, 2024 |
| Transaction volume | Nearly $1.3 trillion (£1.0 trillion) | Revolut, 2024 |
| Retail customers | More than 80 million | Revolut’s 2025 annual-report page, published in 2026 |
| Customer balances | Up 66% | Revolut’s 2025 annual-report page, published in 2026 |
| Profit before tax | £1.7 billion ($2.2 billion), up 57% in GBP terms | 2025: amount reported by Reuters; growth reported by Revolut |
These measures describe different things. Revenue is money earned before expenses; profit before tax is what remains after operating costs but before tax; net profit is after tax. Customer numbers and transaction volume show reach and activity, but do not by themselves establish how many people use Revolut as their main bank.
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How does Revolut make money?
Revolut earns revenue across several lines rather than relying only on lending. Its 2024 results release identified card payments, interest income, business customers, savings and investments, and other products. Card-payment revenue was $887 million (£694 million), up 43% in 2024; interest income was $1.0 billion (£790 million), up 58%. Revolut attributed the increase in interest income to higher customer deposits and expanded lending.
This mix can make the company less dependent on loan interest than a conventional bank, but it does not insulate earnings from changing rates or market conditions. A Revolut spokesperson told Reuters: “That means our growth depends on building things customers value, rather than on interest rates.” That is the company’s defense of its business model, not an independent assessment of its resilience.
Is Revolut worth $115 billion?
Reuters reported on October 4, 2026, that Revolut had a $115 billion private valuation, putting it above Barclays and Société Générale in a comparison of company values. A private valuation is not the same as a public-market capitalization: Revolut’s shares are not being priced continuously on a stock exchange. The reported figure also does not, by itself, reveal the terms of a particular transaction or establish what all shareholders could realize by selling.
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The valuation reflects expectations about future growth as well as current performance. Revolut has a large customer base, rapid reported profit growth and a broadening product set. But a comparison with listed banks by valuation alone says little about differences in their lending, revenue per customer, deposits, geographic reach or risks. Reuters reported that Revolut extracts much less revenue per customer and has lower average deposit balances than established competitors.
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Can Revolut compete with traditional banks?
It is already a meaningful competitor for payments, spending and some banking relationships, especially where customers value app-based services and cross-border use. The harder test is whether it can convert that reach into durable primary-account relationships and a larger share of the lending and deposit business that supports incumbent banks.
Scale is not the same as primary-bank use
Revolut’s 2025 annual-report page said customers choosing it as their primary bank increased 45% year on year. That is a growth rate, not the number or percentage of customers who now treat Revolut as their main account. Reuters reported that Revolut declined to provide the absolute number in its latest results. An investor cited by Reuters said primary-account adoption and customer balances were among the measures being watched.
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Lending remains much smaller than at major banks
Reuters reported that Revolut had £2.2 billion in loans at the end of 2025, equal to a 6% loan-to-deposit ratio. For comparison, Reuters gave ratios of 55% for HSBC and 86% for Société Générale. The low ratio helps explain why Revolut’s large customer and deposit base does not yet translate into the same lending economics as those banks. More lending could deepen customer relationships and add revenue, but it also brings credit risk, concentration risk and exposure to local mortgage markets, as Reuters noted.
Cihan Duran, a director at S&P Global Ratings, 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,” The quote conveys how some incumbent-bank executives view the competitive threat; it does not mean Revolut has already matched their scale across all banking activities.
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The answer depends on which Revolut entity, product and customer country you mean. Revolut’s 2025 company page says it received a UK banking license in 2026 and applied for a US banking charter. In the EU, the European Central Bank’s 2025 supervisory report listed Revolut Holdings Europe UAB as a significant institution. The ECB said its significance was grounded in national economic importance: the entity’s assets exceeded €5 billion and 20% of GDP.
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The Bank of Lithuania’s 2025 annual report said the group entity held 37.6% of Lithuania’s banking market at the highest level of consolidation at year-end, an increase of 9.9 percentage points during the year. That is a Lithuania-specific market measure, not a measure of Revolut’s share of banking in Europe as a whole.
These facts establish real banking operations and supervisory significance in particular jurisdictions; they do not mean every Revolut service is a bank product in every country. Before relying on a product, check the entity providing it, eligibility, applicable protections and terms for your residence. Revolut says product availability depends on customer residence.
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Compliance and fraud complaints
Reuters reported that Revolut faced a fine in Lithuania 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.
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Reuters also reported that, in 2024 and 2025, Revolut was Britain’s most complained-about bank in fraud cases where customers were tricked into sending money to scammers. The ranking was based on Ombudsman data compiled by Which?. It concerns complaints in that specific fraud category; it is not a finding that 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 affected. The incident illustrates why account security, identity checks and the handling of personal data matter alongside app features and growth.
Growth does not settle the long-term test
Revolut’s customer count and profits are substantial, but the available figures do not establish the absolute share of customers using it as their primary account. Its low loan-to-deposit ratio also leaves it with a different revenue and risk profile from large traditional banks. Whether it becomes a closer all-round rival will depend in part on converting customer activity into primary relationships and expanding lending responsibly, while maintaining compliance and customer trust.
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