Revolut has reached a private valuation of $115 billion, making it the highest-valued startup in Europe, according to Reuters. The crypto-friendly bank now serves 80 million customers, a figure close to JPMorgan’s 84 million and above HSBC’s 41 million. Its valuation now exceeds that of Barclays in the UK and Societe Generale in France.
The company is seeking additional market licenses as it pushes beyond Mexico into regions including Australia. Reuters said Revolut posted £1.7 billion in pretax profit for 2025, still below Barclays’ £9 billion, while maintaining rapid growth. Its revenue mix remains centered on payments, foreign exchange and card subscriptions rather than lending.
By the end of 2025, Revolut’s loan book stood at just £2.2 billion, with a loan-to-deposit ratio of 6%, far below HSBC’s 55% and Societe Generale’s 86%. Reuters also noted several challenges, including low revenue per customer, a limited lending business and weak primary account usage. In the U.S., Revolut holds a temporary license and faces tougher competition. The company had also previously been fined in Lithuania over anti-money laundering shortcomings and in September mistakenly sent some customer data to hackers posing as government investigators.
Crypto-friendly bank Revolut has reached a private valuation of $115 billion, becoming Europe’s most valuable startup, according to Reuters. The valuation is higher than that of Barclays in the UK and Societe Generale in France.
Revolut now has 80 million customers, close to JPMorgan’s 84 million and above HSBC’s 41 million. The company is applying for more market licenses as it expands from Mexico into regions including Australia.
Profit growth and business mix
Reuters said Revolut posted £1.7 billion in pretax profit for 2025, below Barclays’ £9 billion, while still maintaining rapid growth. Its revenue comes from a range of products including payments, foreign exchange and card subscriptions, rather than relying mainly on lending.
By the end of 2025, Revolut’s loan book stood at only £2.2 billion, and its loan-to-deposit ratio was 6%. That compares with 55% at HSBC and 86% at Societe Generale.
Expansion challenges and compliance issues
The report said Revolut still faces several issues, including low revenue per customer, a limited lending business and insufficient use of its accounts as customers’ primary banking accounts. In the U.S., the company holds a temporary license but will face tougher competition.
Reuters also noted that Revolut had previously been fined in Lithuania over anti-money laundering deficiencies. In September, it also mistakenly sent some customer data to hackers impersonating government investigators.
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