Revolut is valued at $115 billion, more than Barclays and Societe Generale. The London-based financial technology company is expanding from Mexico to Australia as it seeks new banking licences. It says 80 million people are customers, and in Ireland, 80% of the adult population has an account.
Those figures show the scale of a fast-growing financial business operating across national markets. Revolut has become Europe’s most valuable startup, while traditional lenders face a competitor built around a technology platform and a broad range of services. But growth hasn't yet brought the lending volumes or customer balances seen at established banks.
A cross-border expansion
CEO Nik Storonsky has said he wants Revolut to become truly global. In recent weeks, the company has announced several new licences and expanded in countries including Mexico and Australia. Its provisional licence in the United States would take it into a market investors describe as a major opportunity and a difficult contest.
“The US could be potentially the biggest growth for Revolut. But at the same time, the US is the most competitive market,” said Konstantin Sidorov, CEO of the London Technology Club, which invested in Revolut when the company was valued at $5.5 billion.
Revolut's customer count already gives it broad reach. Its website lists 80 million customers, compared with 84 million for JPMorgan and 41 million for HSBC. In Ireland, the company says four out of five adults have an account. Those figures don't show how many customers use Revolut as their main bank. The company declined to provide that number in its latest results, but said primary-account adoption rose 45% from a year earlier.
Profit, lending and customer balances
Revolut reported pretax profit of £1.7 billion in 2025, compared with Barclays' £9 billion. Its profit is growing quickly. In June, Paulo Macedo, CEO of Portugal's biggest bank, Caixa Geral de Depósitos, said 2025 was the last year his 150-year-old bank would record higher profit than Revolut.
Revolut's lending business remains much smaller than those of established banks. Loans totalled £2.2 billion at the end of 2025, and its loan-to-deposit ratio stood at 6%. HSBC's comparable ratio was 55%, while Societe Generale's was 86%. Average deposits at Revolut are also much lower than at traditional banks.
A Revolut spokesperson said the company has a “diversified business model,” earning revenue through various products and services rather than relying on lending. “That means our growth depends on building things customers value, rather than on interest rates,” the spokesperson said. Its lower revenue per customer partly reflects its smaller lending operation and reliance on fees, including card subscriptions.
Regulatory and customer-protection concerns
Scaling up lending would bring risks, including the challenge of handling larger and more complex credit exposures. Analysts and investors also said entering fiercely competitive local mortgage markets would be difficult. Alex Immerman, an investor at Andreessen Horowitz, known as “a16z”, told Reuters that the firm was watching customer balances and the number of customers using Revolut as their primary account.
The company has faced regulatory and security setbacks. Lithuania fined Revolut for failing to prevent money laundering. Revolut said an investigation had identified no confirmed instances of money laundering. It also said it signed a settlement with the central bank and took steps to address shortcomings.
In September, Revolut accidentally sent customer data to hackers posing as government investigators. The company said its systems and customer funds were unaffected, and that it had contacted the “limited number of impacted individuals” to offer support. Ombudsman data compiled by consumer advocacy firm Which? showed Revolut was Britain's most-complained-about bank in 2024 and 2025 in fraud cases where customers are tricked into sending money to scammers. Revolut has said it takes fraud seriously and has robust customer protections in place.