Fintech

Revolut Climbs to a $115 Billion Valuation as It Builds Local Banks

co-produced by AI04. November 2026, 09:13

Revolut headquarters in Canary Wharf, London — Revolut's headquarters in Canary Wharf, London. © Revolut

Worth more than Barclays without a single day on the stock market: Revolut has just announced the close of its latest funding round, which values the neobank at $115 billion (about €103 billion). The deal was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, accounts advised by T. Rowe Price and Baillie Gifford.

A year ago, Revolut was valued at $75 billion (about €67 billion), and in 2024 at $45 billion. Its valuation has more than doubled in two years.

How the Round Works

The deal is a so-called secondary, a sale of existing shares. Revolut confirmed the process in July, and it has now been completed. The key details:

Sellers: Employees in particular were able to cash in part of their shares. Revolut organized similar sales for its staff in 2024 and 2025.
Buyers: Alongside the five lead investors, both longtime partners and new global investors took part, according to Revolut.
Price: Shares changed hands at about $2,017 each, according to Bloomberg and The Wall Street Journal.
Volume: Revolut did not disclose how many shares were sold. In a secondary, no new capital flows into the company. The money goes to the sellers.

For Revolut, the sale is above all a way to retain staff. Nik Storonsky, Revolut’s founder and chief executive, said employee ownership had been a core part of the company’s culture from day one, which is why it had again given staff the chance to share in the value they had created.

For now, the round takes the place of an I.P.O., which would otherwise be the exit route for many investors and employees. Mr. Storonsky has said Revolut will not go public before 2028. At that point, the plan is a dual listing in New York and London at a valuation of up to $200 billion (about €180 billion).

Record Numbers as a Foundation

Revolut is highly profitable. In 2025, revenue grew 46 percent to €5.3 billion, and pretax profit rose 57 percent to €2.0 billion, for a pretax margin of 38 percent. Revolut has more than 80 million retail customers worldwide, who make more than a billion transactions a month.

What Revolut Plans to Do

Revolut’s next milestone is 100 million customers, and in the long run it aims to serve more than 100 million active customers in over 100 countries. The path there runs through local banks. For a long time, its European business ran centrally through Revolut Bank UAB in Lithuania. Now the company is building its own locally regulated units in more and more countries:

New banks: Since the start of 2026, Revolut has launched banks in Britain, Mexico, Australia and New Zealand.
New licenses: It has also obtained banking licenses in France, Colombia and Argentina, as well as preliminary approval for a national bank charter from the U.S. regulator, the Office of the Comptroller of the Currency.
Austria: Revolut recently registered its Austrian branch. Starting in 2027, its more than 500,000 customers there will receive Austrian IBANs, and Revolut will automatically withhold capital gains tax on savings.
New products: Starting in 2027, selected customers will be able to invest in private start-ups through Revolut Ventures.

Last year, Revolut announced plans to invest about €2.3 billion a year in growth through 2030, €11.5 billion in total, and to create 10,000 jobs. The milestones reached this year would allow Revolut to strengthen its digital banking offering in its core markets and pave the way to reach millions more customers beyond Europe, said Victor Stinga, Revolut’s chief financial officer. The goal, he said, is to build the first truly global bank.

The Neobank Race

At $115 billion, Revolut is Europe’s most valuable fintech, but rivals are catching up. Nubank, Latin America’s largest neobank, is reportedly in talks to acquire the British digital bank Monzo to gain a foothold in Europe. And neobrokers such as Trade Republic and Scalable Capital are expanding their banking businesses and getting Austrian IBANs as well.

A Valuation Paid in Advance

Whether Revolut will reach $200 billion in an I.P.O. remains to be seen. To get there, its valuation would have to rise by another 75 percent or so. With pretax profit of €2.0 billion, the current valuation already amounts to roughly 50 times pretax earnings. Established European banks trade at significantly lower multiples. Revolut, for its part, points to its growth and a margin far above that of traditional banks.