Summary
Revolut has reached a valuation of $115 billion following a secondary share sale, up 53% from its valuation in a similar transaction a year earlier. The British fintech has received conditional U.S. regulatory approval and plans to launch a banking operation in the first half of 2027, subject to final approval.
A higher valuation without new company capital
Revolut has been valued at $115 billion after investors completed a secondary share sale, according to TechCrunch. The valuation is 53% higher than the price attached to the British fintech in another share sale a year earlier. The transaction provides a new reference point for the value of one of Europe’s most prominent private financial technology companies as it continues expanding beyond payments and into regulated banking services.
The structure of the transaction is important. This was a secondary sale, meaning investors purchased shares from existing holders rather than subscribing to newly issued stock. As a result, the transaction did not bring new money into Revolut’s balance sheet. The company also declined to disclose how much stock was sold. The increase in valuation therefore should not be read as equivalent to a new $115 billion financing round or as evidence that the company raised a comparable amount of capital.
Investors involved in or leading the sale included Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates and Baillie Gifford. For a private company, a secondary transaction can provide liquidity to earlier investors or employees while allowing new investors to gain exposure without directly changing the company’s cash position. It can also serve as an updated market signal, although the valuation reflects the terms of a particular private transaction rather than a continuously traded public-market price.
From money-transfer app to financial platform
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut began with a focus on money transfers and has developed into a broader financial services platform. The company now has more than 80 million retail customers in over 40 countries. It has established banking operations across Europe and launched banks in the United Kingdom, Mexico, Australia and New Zealand this year, according to the source material.
Revolut has reported obtaining banking authorizations in France, Colombia and Argentina, according to TechCrunch, and began rolling out financial services in India earlier this year. The expansion illustrates how a fintech platform can move from payment and account-related services toward a more regulated banking model. That transition can broaden a company’s product scope, but it also brings additional obligations around governance, capital, customer protection, risk management, anti-money-laundering controls and operational resilience.
A global footprint does not mean that the same business model can simply be deployed everywhere. Banking permissions, consumer-protection standards, payment rails and supervisory expectations vary substantially by jurisdiction. Revolut’s expansion therefore requires more than product localization. It requires the company to adapt its controls, legal entities, operating procedures and customer-service processes to each market in which it seeks to offer regulated services.
The United States is the next major test
According to TechCrunch, the U.S. Office of the Comptroller of the Currency has conditionally approved Revolut’s application to establish a national bank, subject to final regulatory approval. The company plans to launch its U.S. bank in the first half of 2027, subject to final regulatory approval. The conditional nature of the approval is significant: it represents progress, but it does not mean the final operating authorization has already been secured.
The United States is a large and highly competitive financial market with a complex regulatory structure. A national bank must meet expectations not only for its customer-facing products, but also for governance, compliance, risk controls, auditability and operational systems. For Revolut, the challenge will be to translate its digital-first platform into an operating model that can satisfy U.S. banking supervisors while maintaining the speed and usability associated with its fintech brand.
The U.S. launch could also affect the company’s product mix. As an organization moves from payments into banking, it typically must address a wider range of risks, including identity verification, transaction monitoring, fraud prevention, account security and the handling of customer funds. The precise scope of Revolut’s future U.S. banking services has not been disclosed in the source material, so the eventual launch should not be assumed to replicate the company’s offerings in Europe or other markets.
Business banking becomes more important
Although Revolut has built much of its customer base around retail users, its business banking division is becoming a more significant part of the company. Launched in 2017, Revolut Business accounts for about 20% of Revolut’s gross profit, according to James Gibson, head of Revolut Business and a partner at the company, in a recent interview with TechCrunch.
That contribution suggests that business customers are no longer simply an adjacent opportunity to the consumer franchise. Companies often require more complex payment workflows, account permissions, expense controls, cross-border transfers and reporting capabilities. They may also place greater emphasis on service continuity, transaction traceability, compliance review and administrative controls across multiple users.
Revolut Business is available across Europe, the United Kingdom, Singapore, Australia, New Zealand and the United States. However, the reported figures do not include a detailed breakdown of business customers, revenue or profitability by market. It is therefore not possible to determine from the available information how much of the latest valuation increase is attributable specifically to business banking rather than to the broader platform.
Profitability supports the story, but expansion carries costs
Revolut reported $6 billion in revenue and a 38% profit margin in 2025. That level of reported profitability is an important part of the company’s valuation narrative, particularly as it continues to invest in new markets, regulatory infrastructure and banking operations. The figures suggest that Revolut has moved beyond a growth-at-any-cost profile and is presenting itself as a profitable financial services platform.
Still, profitability and valuation should not be treated as interchangeable measures. A secondary sale reflects the price agreed by a specific group of private-market participants at a particular time. It does not represent a universal market consensus, and it does not indicate that the company has received an equivalent amount of new funding.
Expansion can also increase the cost and complexity of the business. Each new banking market may require additional compliance staff, technology systems, risk processes, local governance and regulatory engagement. The commercial opportunity is therefore accompanied by execution risk, especially when a company is entering a market as large and closely supervised as the United States.
The next milestones will be whether Revolut completes the remaining U.S. regulatory process, whether it launches the planned bank in the first half of 2027, and whether its business banking division continues to increase its contribution to group profitability. For institutional payments and wallet infrastructure providers, the company’s trajectory is another example of how digital financial platforms are converging with regulated banking. Any resulting service or partnership opportunities, however, will depend on licensing, compliance requirements and risk controls in each relevant jurisdiction.
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