Revolut’s valuation surges to $115B on U.S. banking expansion

Revolut’s secondary share sale has valued the London-based fintech at $115 billion, a 53 percent jump from its valuation a year prior. The transaction, led by investors including Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates, and Baillie Gifford, introduced no new capital into the company and did not disclose the volume of shares traded. The valuation milestone comes as Revolut prepares to launch a national bank in the United States in the first half of 2027.

U.S. National Bank License: A Regulatory Milestone

Revolut has secured conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national bank, with formal launch pending final regulatory clearance. The U.S. banking license represents a fundamental shift in how the company operates in America, moving from money-transfer and consumer financial services into full banking operations with FDIC deposit insurance.

A national bank license removes intermediaries and regulatory complexity that have constrained Revolut’s U.S. operations to date. The charter grants the ability to offer insured deposits and full banking services directly to millions of American consumers and businesses without relying on third-party banking partnerships.

Financial Performance Supports Expansion

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Revolut enters this expansion from a position of significant profitability. The company, founded in 2015 by Nik Storonsky and Vlad Yatsenko, achieved profit margins of 38 percent on $6 billion in revenue during 2025, a level of returns unusual for a fintech still in aggressive growth mode. This financial position provides the capital necessary to invest in the complex regulatory infrastructure a national bank requires.

Geographic diversification beyond money transfer

Revolut’s path to profitability involved geographic diversification beyond its original business. This year alone, the company launched banks in the United Kingdom, Mexico, Australia, and New Zealand, and secured banking licenses in France, Colombia, and Argentina. Earlier this year, it began rolling out financial services in India. The company now operates with over 80 million retail customers across more than 40 countries.

Business Banking: Where the Value Concentrates

While Revolut’s consumer operations dominate public perception, the company’s business banking division represents where the real financial value concentrates. Launched in 2017, the division accounts for approximately 20 percent of Revolut’s gross profit, a contribution the company disclosed in recent communications with TechCrunch.

Revolut Business operates across Europe, the United Kingdom, Singapore, Australia, New Zealand, and the United States, processing more than £36 billion (approximately $48.6 billion) in monthly transactions. U.S. activity alone exceeds £1 billion (about $1.35 billion) monthly. The division generates more than £950 million (roughly $1.28 billion) in annualized revenue while holding more than £18 billion (approximately $24.3 billion) in customer deposits.

Startup focus drives profitability

The composition of Revolut Business’s customer base explains its profitability relative to consumer banking. Nearly half of the division’s new U.S. customers are newly incorporated companies, indicating that Revolut has positioned itself as the banking provider of choice for startups and early-stage businesses. This market segment generates higher margins and stickier customer relationships than traditional consumer banking.

Growth targets and geographic expansion

Revolut aims to extend business banking services to Mexico, Brazil, and India, though no timelines were specified. The company has set a specific growth target: expanding from over 800,000 business customers to 1 million by 2027. This goal aligns with the launch of the U.S. national bank, which would unlock significant growth potential in the American market.

Global Banking Infrastructure Acceleration

Revolut’s expansion strategy depends on securing full banking licenses and regulatory approvals in each market rather than relying on partnerships with incumbent banks. This approach takes longer initially but grants the company control over its product, pricing, and customer experience. The company’s recent successes in securing licenses in France, Colombia, and Argentina, combined with banks already launched in the U.K., Mexico, Australia, and New Zealand, demonstrate that Revolut can navigate complex banking regulation in diverse markets.

Preparing for a Public Exit

Revolut’s rising valuation and demonstrated profitability have prompted market speculation about a public listing. Storonsky has indicated interest in a dual listing split between New York and London, with a preference for a U.S. primary listing. Reports suggest an IPO could value Revolut at $200 billion, though it would not occur before 2028 at the earliest, contingent on market conditions.

The timeline aligns with the completion of the U.S. bank launch and the maturation of Revolut’s international banking operations. A public listing would provide capital for further expansion and offer early investors an exit, though the company’s profitability means an IPO is a strategic choice rather than financial necessity. The combination of a profitable core business, expanding geographic presence, and a profitable business banking division positions Revolut as one of the largest private fintech companies globally.

Source: TechCrunch