Key points

  • Revolut’s private valuation has reached $115 billion, above the market values of Barclays and Societe Generale.
  • The company reported £4.5 billion of 2025 revenue and £1.7 billion of pretax profit, supported by a diversified mix beyond lending.
  • Its £2.2 billion loan book left the loan-to-deposit ratio at 6%, far below established-bank comparisons cited by Reuters.

Revolut’s valuation now exceeds major listed banks

Revolut’s $115 billion private valuation has made the London-based fintech more valuable than Barclays and Societe Generale, sharpening the comparison between its technology-led model and established European banks. Reuters reported on October 4 that Revolut now serves about 80 million customers, approaching JPMorgan’s reported 84 million. The comparison is striking, but valuation and customer count do not measure the same thing as bank earnings, deposits or lending capacity. Revolut remains a private company, so its valuation reflects the price agreed in a secondary share sale rather than continuous public-market trading.

Rapid growth is translating into profit

The company’s audited 2025 results show why investors are willing to assign a technology-style premium. Revolut reported £4.5 billion of revenue, up 46% from 2024, and £1.7 billion of profit before tax, up 57%. Customer balances increased 66% to £50.2 billion, while the retail customer base reached 68.3 million at year-end. Revolut says its current total has since exceeded 80 million. Those figures establish real operating scale rather than growth based only on app downloads or registrations.

Related reporting: Revolut disclosed Bitcoin records after fake government request

The revenue engine is broader than lending

Revolut’s model differs from a conventional lender because subscriptions, card payments, foreign exchange and wealth products provide substantial revenue. The company said 11 product lines each generated more than £100 million during 2025. Card-payment revenue reached £1 billion, subscriptions produced £708 million and wealth revenue was £663 million. Revolut argues that this mix makes growth less dependent on interest rates. It also means direct comparisons with banks built around loans and net interest income require care.

A small loan book is the clearest gap

The lending side remains modest for an institution seeking to become a global bank. Revolut ended 2025 with £2.2 billion of loans after the portfolio grew 120% during the year. Reuters calculated a loan-to-deposit ratio of 6%, compared with 55% at HSBC and 86% at Societe Generale. Expanding credit could raise revenue per customer, but it would also introduce underwriting, capital and default risks that a payments-led platform has faced on a smaller scale. Entering local mortgage markets would add another layer of competition and regulation.

Primary-account use matters more than headline users

Revolut’s next test is whether more customers make it their main financial account. The company did not disclose the absolute number of primary-account users in its latest results, although it said that group increased 45% during 2025. Reuters reported that investors are watching primary-account adoption and total balances because both indicate deeper customer relationships. A person who uses Revolut mainly for travel or foreign exchange contributes differently from a household that directs salary payments, bills, savings and borrowing through the platform.

Global expansion raises the execution bar

Revolut is pursuing licences and banking operations across multiple markets. Its 2025 results said it operated as a licensed bank in more than 30 of 40 markets, while the company has applied for a U.S. national bank charter. That expansion can broaden the customer and revenue base, but it also exposes Revolut to different supervisory regimes, consumer-protection standards and fraud controls. Reuters noted recent regulatory and data-handling setbacks, which underline that compliance capacity must grow alongside products and customer numbers.

What the $115 billion valuation assumes

The valuation rests on a demanding combination: continued customer growth, more primary-account use, disciplined lending expansion and effective oversight across jurisdictions. Revolut has already demonstrated strong revenue growth and profitability, but its pretax profit remains much smaller than that of the major banks it now exceeds in valuation. The relevant question is therefore not whether the fintech has become large; the verified figures show that it has. The unresolved issue is whether its broad digital platform can deepen customer relationships without losing the capital efficiency that attracted investors in the first place.

Sources

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