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Reuters reported on October 4, 2026, that private investors valued Revolut at $115 billion—more than Barclays or Société Générale by that comparison. That is a reported private-company valuation, not a stock-market capitalization. Revolut has grown from a low-cost foreign-exchange and payments app into a profitable, broad financial platform, but its customer numbers and valuation do not yet make it economically equivalent to a universal bank: its lending remains small relative to deposits, and the number of customers using it as their primary account has not been disclosed.
How did Revolut get so big?
It began with a simple payments problem
Revolut’s early appeal was practical: a mobile account designed to make spending and exchanging currencies less cumbersome. Cards and payments gave customers a reason to try the service, while a digital-first model made it possible to add features without relying on a branch network.
Over time, the app expanded into a broader financial platform. Revolut’s 2025 annual-report page lists services and business lines spanning personal and business accounts, payments, cards, savings, investments, crypto, lending, travel checkout and mobile services. Availability depends on a customer’s country, so the app’s global breadth should not be read as a promise that every feature is offered to every customer.
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Revolut reported 52.5 million retail customers at the end of 2024 and nearly $1.3 trillion (£1.0 trillion) in transaction volume during that year. The company said revenue reached $4.0 billion (£3.1 billion), up 72% from 2023. Those figures describe different things: customer count is not transaction volume, and transaction volume is not revenue.
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On its 2025 annual-report page, published in 2026, Revolut reported more than 80 million retail customers, a 66% rise in customer balances and 45% year-on-year growth in customers choosing it as their primary bank. These are company-reported measures. The 45% figure is a growth rate, not the number or share of customers who use Revolut as their main account.
How does Revolut make money?
Payments and interest are major contributors
In its 2024 results, Revolut reported $887 million (£694 million) in card-payment revenue, up 43%, and $1.0 billion (£790 million) in interest income, up 58%. The company attributed interest-income growth to higher deposits and expanded lending. Its results also described revenue from business customers, savings and investments, and other product lines.
For 2024, the company reported $1.4 billion (£1.1 billion) in profit before tax and $1.0 billion (£790 million) in net profit. These are separate measures: profit before tax is calculated before tax, while net profit is the amount left after tax and other applicable items.
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A lower reliance on lending cuts both ways
Reuters described Revolut’s earnings as more diversified and less dependent on lending than those of traditional banks. 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 explanation of its model, not an independent finding about how well it will perform in different interest-rate conditions.
Reuters’ counterpoint is that Revolut extracts less revenue per customer and holds lower average deposit balances than established competitors. That gap matters: a large user base can support a valuable platform, but customer count alone does not show how much revenue or stable funding each relationship produces.
Is Revolut a real bank?
Bank status depends on which Revolut entity, product and customer country are in question. Supervisory recognition of a group entity in Europe does not mean every service in the app is a bank product, or that the same protections and eligibility rules apply worldwide.
European supervision is substantial, but geographically specific
The European Central Bank’s 2025 supervisory report classified Revolut Holdings Europe UAB as a significant institution. The ECB said the classification was grounded in national economic importance: the entity’s assets exceeded €5 billion and 20% of GDP. This is a supervisory classification for that entity, not a blanket description of all Revolut operations.
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The Bank of Lithuania’s 2025 annual report, published in 2026, said Revolut Holdings Europe UAB accounted for 37.6% of Lithuania’s banking market at the highest level of consolidation, a 9.9 percentage-point increase over the year. That is a Lithuania-specific market measure; it should not be presented as Revolut’s share of banking across Europe.
Licensing and availability still vary by market
Revolut’s 2025 company page says the company received a UK banking license in 2026 and applied for a US banking charter. These are time-sensitive, company-reported statements. An application is not an approval, and a license in one jurisdiction does not establish the status of every service elsewhere. Customers should check the legal entity, account terms and product availability that apply in their own country before relying on a particular feature or protection.
Does Revolut compete with traditional banks?
It competes for customers, deposits, payments and financial activity, and its scale is large enough that incumbent bankers take it seriously. 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,”. But being a major competitor is not the same as having the same business mix, customer depth or lending footprint as an established universal bank.
| Measure | Revolut | Incumbent comparison |
|---|---|---|
| Retail customers | More than 80 million, according to Revolut’s 2025 annual-report page, published in 2026. | Not stated in the cited Reuters comparison. |
| Primary-account use | Revolut said customers choosing it as their primary bank grew 45% year on year; it did not disclose the absolute customer count in its latest results, Reuters reported. | Not stated in the cited Reuters comparison. |
| Revenue per customer and average balances | Reuters said both remain much lower than at established competitors; it did not provide a comparable figure in the cited analysis. | Higher than Revolut’s, according to Reuters; comparable figures were not stated in the cited analysis. |
| Loans and loan-to-deposit ratio | £2.2 billion in loans at end-2025; 6% loan-to-deposit ratio, according to Reuters. | HSBC: 55%; Société Générale: 86%, according to Reuters’ comparison. |
| Profit growth | 2025 profit before tax was £1.7 billion, up 57% in GBP terms, according to Reuters and Revolut’s 2025 annual-report page. | Not stated in the cited sources. |
| Market valuation | $115 billion private valuation reported by Reuters on October 4, 2026. | Reuters said the valuation exceeded Barclays’ and Société Générale’s valuations; this is a comparison with publicly traded companies, not a comparison of identical valuation types. |
The loan figures show the difference between a fast-growing financial platform and a bank whose business is built more heavily around lending. More lending could generate revenue and deepen customer relationships, but Reuters also noted the associated credit, concentration and local mortgage-market risks.
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Is Revolut worth $115 billion?
Reuters reported the $115 billion figure as a private valuation on October 4, 2026. Revolut is not publicly listed, so this is not a live market price or a market capitalization established by shares trading on a public exchange. The reviewed reporting does not establish the specific deal terms behind the valuation, so it should be treated as a reported investor valuation rather than an independently confirmed measure of what the whole company could be sold for.
The case for a high valuation rests on rapid customer growth, rising balances, increasing product use and substantial profits. Reuters reported 2025 pretax profit of £1.7 billion ($2.2 billion); Revolut’s annual-report page said pretax profit grew 57% in GBP terms. Against that, Reuters highlighted lower revenue per customer and average balances than established competitors, a 6% loan-to-deposit ratio, and the still-unanswered question of how many customers use Revolut as their primary account. The valuation reflects expectations as well as current performance, and those measures show why the headline number alone cannot settle whether the price is justified.
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Fraud complaints and compliance scrutiny
Reuters reported that, in 2024 and 2025, Revolut was Britain’s most complained-about bank in cases where customers were tricked into sending money to scammers, based on Ombudsman data compiled by Which?. That ranking concerns complaints in a particular fraud category. It does not show that Revolut caused every scam, or that it had the most fraud overall.
Reuters also reported that Revolut was fined in Lithuania for 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. The distinction matters: the reported issue concerned prevention controls, while the company’s statement addressed confirmed cases.
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A reported 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 impacted. Those statements describe the company’s response; they do not erase the significance of unauthorized disclosure or establish that no further consequences were possible.
Primary use remains a key measure of depth
Revolut’s reported growth in primary-bank customers is encouraging, but the company did not disclose the absolute count in its latest results, Reuters reported. Without that denominator, readers cannot tell from the growth rate alone what share of its more than 80 million retail customers treats Revolut as its main account. Primary use and balances are therefore more revealing tests of banking depth than registrations alone.
What the evidence says about Revolut’s rise
Revolut has moved well beyond its original payments-and-currency proposition: the company reports tens of millions of customers, higher customer balances and strong profits, while European supervisory and Lithuanian market data show a meaningful banking presence for a specific group entity. Reuters’ $115 billion report places it among Europe’s most valuable financial companies by private valuation.
Yet the comparison with big banks has limits. Revolut’s lending is small relative to deposits, the company has not disclosed the absolute number of primary-account customers, and product availability and legal status vary by country. It is a serious challenger for customers and financial activity; whether it becomes a full-scale rival to universal banks depends on converting platform reach into deeper, durable banking relationships while managing lending, fraud and compliance risks.
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