Revolut’s U.S. push tests its $75 billion fintech rise
The London fintech has 75 million customers, a new U.K. banking status and an application for a U.S. banking license, Fortune reported.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
Revolut is trying to turn its rapid growth in Europe into a broader banking challenge, with U.K. regulatory approval secured and a U.S. banking license application in motion. Fortune reported that the London-based company is now valued at $75 billion and has 75 million customers worldwide.
The company, founded by Nik Storonsky, operates in 40 countries, according to Fortune. In March, Revolut announced 2025 profit of $2.3 billion, up 57%, Fortune reported.
Revolut received full banking status from U.K. regulators earlier this year, Fortune said. That status allows the company to offer a wider set of products in Britain, including current accounts, deposits and mortgages.
Francesca Carlesi, Revolut’s U.K. chief executive, told Fortune the company sees Britain as a priority market, though she said its competitive banking sector differs from Ireland. She said Revolut’s brand strength matters when customers begin recommending the service to others.
Ireland offers the clearest example of that brand recognition, Fortune reported. More than 80% of Irish adults use Revolut, and the company’s name became a common verb there in 2022, after it obtained a full banking license in the country, according to Fortune.
Large banks are watching. JPMorgan Chase Chief Executive Jamie Dimon wrote in an April shareholder letter that big companies can miss smaller rivals that begin with one product and expand quickly, Fortune reported. Dimon named Revolut as one of the strongest examples of that kind of challenger.
JPMorgan analysts said Revolut’s global customer base is larger than the combined reach of Monzo, Starling, N26, Bunq and Wise, and is nearing JPMorgan Chase’s scale, according to Fortune.
Investors have also backed the company’s expansion. Fortune reported that Revolut’s latest fundraising round put its valuation at $75 billion, with Nvidia and SoftBank among major backers. Storonsky has discussed a future initial public offering that could value Revolut above $200 billion, Fortune said, though the company could also draw acquisition interest before then.
Carlesi told Fortune that Storonsky’s original goal was to build a single global financial app. She described Revolut’s aim as a service that combines everyday banking with savings, trading, wealth management, crypto and future lending inside one app.
James Gibson, Revolut’s general manager and head of its business bank, told Fortune the company began by addressing a specific problem: cards for travelers. He said banking offered little innovation for retail and business customers through the 1990s and 2000s, and that many European banking apps and websites still lag customer expectations.
Revolut’s next test is whether regulators and customers in the U.S. will accept the company’s broader ambitions. Storonsky joked to Fortune that he may need to wear a suit for U.S. regulators, while the company’s expansion record remains central to its case.
This story draws on original reporting from Fortune.