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Revolut global banking expansion

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2026-10-04 12:12 UTC → 2026-10-05 16:43 UTC · added ~~removed~~

Fintech company Revolut is expanding its global banking footprint through new licenses and acquisitions. In mid-September, the firm secured a banking license from the Superintendencia Financiera de Colombia (SFC) and announced plans to invest a total of $400 billion in the country. Concurrently, Revolut applied for a Swiss banking license via Finma to expand its European services, planning an investment of over 150 million Swiss Francs in Switzerland over five years. By late September, Revolut’s expansion into Latin America progressed in Argentina, where the Central Bank approved its acquisition of Banco Cetelem Argentina S.A. from BNP Paribas Personal Finance. The entity is expected to be renamed Revolut Bank Argentina S.A.U. and will operate as a regulated banking entity, with Agustin Danza slated to serve as CEO. Following the acquisition, the bank will initially focus on regulatory and operational setup before launching products to the public, targeting a market that already includes a waitlist of over 150,000 people. To support its growth, Revolut has appointed Álvaro Alberdi as the head of business growth for Southern Europe and Latin America. Alberdi will oversee client acquisition, partnerships, and marketing for Revolut Business, a division that currently accounts for 16% of the group's global revenue and aims to reach 1 million corporate clients by 2027. In the United States, the company is working toward obtaining a national banking license, with operational banking activities in the U.S. targeted for the first half of 2027. ~~These international expansion efforts coincide with ongoing preparations for a potential initial public offering (IPO).~~ By October 2026, Revolut reached a private valuation of $115 billion, making it Europe’s most valuable startup and surpassing ~~established~~ the market capitalization of institutions such as Britain’s Barclays and France’s Societe Generale. While serving approximately 80 million customers globally, the company’s revenue is primarily driven by service fees and subscriptions rather than lending interest. For 2025, Revolut reported a pretax profit of £1.7 billion ($2.2 billion). Despite its growth, the firm has faced regulatory and security challenges, including fines in Lithuania regarding anti-money laundering deficiencies and a data incident involving hackers.

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