Revolut reaches $115 billion valuation, surpassing major European banks

Revolut has become Europe’s most valuable startup, reaching a private valuation of $115 billion. This figure surpasses the market capitalization of established banking institutions such as Britain’s Barclays and France’s Societe Generale.

Founded a decade ago as a fintech focused on low-cost foreign exchange, the London-based company has grown to serve approximately 80 million customers globally. CEO Nik Storonsky is pursuing a strategy of total global saturation, expanding into markets including Mexico and Australia while securing new banking licenses. This expansion contrasts with traditional global lenders like HSBC, which have been reducing their retail presence.

Despite its high valuation, Revolut operates on a different financial model than traditional banks. Its revenue is primarily driven by service fees and subscriptions rather than interest from lending. Consequently, its loan-to-deposit ratio is significantly lower than its competitors. For 2025, Revolut reported a pretax profit of £1.7 billion ($2.2 billion), which, while growing rapidly, remains lower than Barclays’ £9 billion profit. The company has also faced regulatory and security challenges, including fines in Lithuania regarding anti-money laundering deficiencies and a data incident involving hackers.