Revolut is now worth $115 billion after a secondary share sale at a price of $2,017 per share. The deal allows employees and early investors to sell existing shares without any new capital being injected into the company. The valuation is more than 50% higher than the $75 billion used in a comparable operation in November 2025.
This puts the British fintech company at a higher valuation than the listed Barclays and Société Générale. When compared to the market capitalizations of European banks, Revolut would rank seventh, ahead of BNP Paribas, ING, Barclays, Deutsche Bank and Société Générale. This is a private valuation, not a market cap, as Revolut shares are not publicly traded.
Rapid growth and record profits
The company was founded in 2015 as an app for cheaper currency transactions, but has gradually expanded its services to include current accounts, cards, subscriptions, investments, savings and loans. In 2025, its revenue grew by 46% to £4.5 billion, and pre-tax profit reached £1.7 billion - up 57% on the previous year. The number of retail customers at the end of the year was 68.3 million, compared to 52.5 million a year earlier.
As of October, the company cited about 80 million customers worldwide. It aims to become a global bank with operations from Mexico to Australia, while some traditional banks, including HSBC, are limiting their retail banking presence to individual markets.
“We have a diversified business model that generates revenue from a variety of products and services, not from lending“, a Revolut spokesman said. Growth, he said, depends on the company creating services that customers value, not on the level of interest rates.
The gap with the big banks remains significant
Despite its high valuation, Revolut still has a much smaller lending business than traditional banks. Its loan book at the end of 2025 was 2.2 billion pounds, and its loan-to-deposit ratio was 6%. By comparison, the figure is 55% at HSBC and 86% at Société Générale. Lower lending limits revenue per customer, but also reduces exposure to large and complex credit risks.
The company also acknowledges that too few customers still use it as their primary bank account. Revolut has not disclosed their exact number, but indicates that the indicator has grown by 45% in a year. It is the transfer of customers' main income, savings and payments to the platform that is among the key indicators that the company's largest investors are watching.