Revolut, founded in July 2015 in London by Nikolay Storonsky (formerly a trader at Credit Suisse and Lehman Brothers) and Vlad Yatsenko (formerly an engineer at Deutsche Bank), started as a simple prepaid card for travelers to avoid currency exchange fees. Ten years later, it is Europe's most valued fintech with a valuation of $45 billion (August 2024), 45 million customers in 38 countries, and over 10,000 employees. The app now offers a comprehensive financial ecosystem: current accounts, debit cards, instant international transfers, stock trading, cryptocurrencies, insurance, loans, and even eSIMs for travelers.
The acquisition of a UK banking license in July 2024, after a three-year process with the Prudential Regulation Authority (PRA), marked a major strategic turning point for Revolut. This license allows the company to offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 – a crucial mark of trust to attract institutional depositors and SMEs. In Europe, Revolut has operated with a Lithuanian banking license since 2021, supervised by the European Central Bank. In France, Revolut has over 4 million customers in 2026, making it one of the fastest-growing banking players in the French market.
Revolut's business model is based on a three-tier freemium system: Standard (free), Plus (€3.99/month), Premium (€9.99/month), and Metal (€15.99/month). Revenue comes from premium subscriptions, currency exchange transaction fees beyond free thresholds, spreads on crypto and stock trading, interest on loans, and interchange fees on card payments. In 2024, Revolut achieved its first significant annual profit: $1.1 billion in revenue for a net profit of $545 million, compared to a loss of $25 million in 2023. This spectacular profitability has strengthened investor confidence and paved the way for a potential IPO in 2026-2027.
Technological innovation is the driving force behind Revolut. Since 2025, the app has integrated an AI-powered financial assistant, 'Rev,' capable of analyzing spending habits, suggesting savings, automatically categorizing transactions, and even negotiating lower subscription fees. Revolut was among the first banks to offer cryptocurrency trading directly within the app (over 200 tokens available), automated savings 'Vaults' (transaction rounding), and real-time international transfers to over 160 countries. In 2026, Revolut launched Revolut Business Pro for SMEs with integrated accounting, automated invoicing, and multi-currency management.
Revolut's challenges remain significant. Regulatory compliance has been a sensitive issue, with criticisms regarding anti-money laundering checks and regulatory investigations in 2018-2019 which have since been resolved. Competition is intensifying with N26, Wise, Monzo, and super-apps like PayPal and Apple. The US market, where Revolut launched its services in 2020, is progressing more slowly than anticipated against local players. Nevertheless, with a growth rate of 60% per year, a loyal customer base (92% retention rate), and aggressive expansion into the Asia-Pacific region (Japan, Australia, India), Revolut is well on its way to becoming the world's leading 'financial super-app.' The IPO, planned for the London Stock Exchange, could value the company at over $60 billion.
