Revolut to advance fintech architecture with research platform

Revolut, the global online banking app, has unveiled its new Revolut Research division, aiming to revolutionize its fintech architecture through advanced machine learning architecture. This dedicated division, nestled within its expansive AI department, seeks to collaborate with academic and technological institutions to develop foundational models and machine learning initiatives.

At its core, Revolut Research serves as the AI engine for Pragma, a foundational model co-developed with Nvidia. Pragma's primary goal is to synthesize financial behaviors into a unified system, rather than treating each transaction as a standalone task. The model also boasts the ability to detect fraud and facilitate various customer services.

Built on a global dataset of more than 80 million consumers across 40 markets, Pragma continuously refines its understanding of financial behaviors in real time. This ongoing evolution of the data will enable Revolut Research to publish its scientific findings and open-source technical frameworks, fostering a culture of knowledge sharing and collaboration.

Revolut Research's head, Pavel Nesterov, emphasized the importance of building proprietary capabilities, stating, "To lead the future of intelligent banking, you cannot rely on third-party blueprints." He added that by training native foundation models on their global operational data, Revolut's engineering teams will have unprecedented tools to deploy smarter features and enhance customer experience.

Anton Repushko, another key figure, echoed this sentiment, specifying that Revolut Research is dedicated to constructing financial intelligence from the ground up. "In PRAGMA, we are developing a single, unified foundation model capable of understanding the true nuance of financial behavior in real time." This unified model represents a significant departure from traditional banking practices, which often rely on isolated, specialized models.

In August, Revolut obtained a full banking license for the French market, signifying its growing presence in the European Union. Revolut Bank SA was granted this license following a comprehensive joint assessment by the Autorité de Contrôle Prudentiel et de Résolution, a part of France’s central bank.