Revolut Challenges Banking Giants With Global Expansion

Revolut has emerged as Europe’s most valuable startup, transforming from a fintech focused on cheaper foreign exchange into a global banking challenger valued at $115 billion. But despite rapid customer growth and rising profits, the London-based company still faces significant hurdles as it competes with established banking giants.

CEO Nik Storonsky is pushing Revolut’s global expansion, targeting markets including Mexico, Australia and the United States. The fintech has secured several new banking licenses as it seeks to build a rare global retail banking network.

Revolut’s private valuation now exceeds the market value of Barclays and Societe Generale. Its 2025 pretax profit reached £1.7 billion ($2.2 billion), well below Barclays’ £9 billion but growing rapidly.

Customer numbers have also surged. Revolut says it has 80 million customers worldwide, approaching JPMorgan’s 84 million and surpassing HSBC’s 41 million. In Ireland, the company says roughly 80% of adults have a Revolut account.

However, Revolut generates substantially less revenue per customer than traditional banks and maintains a relatively small lending operation. Loans totaled just £2.2 billion at the end of 2025, giving Revolut a loan-to-deposit ratio of 6%, compared with 55% at HSBC and 86% at Societe Generale.

Revolut says its diversified business model relies on multiple products and services rather than primarily on lending or interest rates. Expanding lending could boost revenue but would expose the company to greater credit risks and intense competition in markets such as mortgages.

Another challenge is persuading customers to make Revolut their primary bank. The company did not disclose how many customers used it as their main account in 2025, although it said the figure increased 45% year over year.

Revolut has also faced regulatory and security setbacks, including an anti-money-laundering fine in Lithuania and a September incident in which customer data was mistakenly provided to hackers posing as government investigators.

As Revolut expands globally, investors will be watching whether its huge customer base can translate into deeper banking relationships, higher balances and stronger revenue per user.