Revolut’s rise to become Europe’s $115 billion big bank rival

Revolut, the London-based fintech startup, has rapidly grown to become Europe's most valuable startup and a significant challenge to established banking giants. Launched over a decade ago, the company initially promised cheaper foreign exchange fees, but has since diversified its revenue streams.

Currently valued at $115 billion, Revolut's main sources of income include various products and services, rather than traditional lending. CEO Nik Storonsky aims for Revolut to be truly global, expanding into markets worldwide. The company has secured new licenses in recent months, targeting retail operations across different regions.

While Revolut's 2025 pretax profit is £1.7 billion ($2.2 billion), significantly lower than its competitors like Barclays and Societe Generale, the company is growing at a fast pace. However, Revolut faces numerous hurdles, including a relatively small lending business, a lower per-customer revenue compared to traditional banks, and setbacks like fines for money laundering and data breaches.