Revolut seeks $115bn private market test

Revolut is exploring a secondary share sale that could lift its valuation to about $115 billion, setting up a fresh test of investor appetite for one of Europe’s most valuable private technology groups after a decisive regulatory breakthrough in the UK and a push into US banking.

The potential transaction would allow existing shareholders, including employees and early backers, to sell stock without raising new capital for the company. A deal at that level would mark a sharp rise from the $75 billion valuation achieved in a secondary sale completed in November 2025, and would place the London-based financial technology group above several long-established banks by market value.

The planned sale has not been finalised and its size, timing and pricing could still change. But the discussions point to a widening gap between elite private technology companies with strong revenue growth and a weaker public listing market that has left many fintech groups delaying initial public offerings. Revolut has indicated that a flotation is unlikely before 2028, giving secondary sales a larger role in rewarding staff and providing liquidity to investors.

The valuation push follows a series of milestones for the company founded in 2015 by Nik Storonsky and Vlad Yatsenko. Revolut secured full authorisation to operate as a UK bank in March, ending a prolonged regulatory process that began with its application in 2021 and moved through a restricted licence phase in 2024. The approval allows Revolut Bank UK Ltd to offer protected deposit accounts and expand into lending, overdrafts and credit products in its home market.

The UK licence is central to Revolut’s effort to move from a high-growth financial app into a broader banking platform. The company already serves about 13 million UK customers and more than 75 million globally, with products spanning payments, foreign exchange, savings, trading, crypto services and business accounts. Its challenge is to persuade users who often treat the app as a secondary account to make it their main banking relationship.

Revolut’s financial performance has strengthened the case for a higher valuation. Revenue rose to about $6 billion in 2025, while pre-tax profit reached about $2.3 billion. Customer balances climbed to roughly $67.5 billion, helped by wider adoption of savings, payments and subscription products. The company has also said multiple product lines now generate annual revenue above £100 million, underscoring a business model less dependent on any single stream of income.

The group is also pursuing a US national bank charter, a move that would allow it to offer federally insured deposits and lending products directly across the world’s largest financial market. Its US bank plans include high-yield accounts, checking products, multi-currency services, investment tools and stablecoin access. Revolut has named Cetin Duransoy as US chief executive and plans to base the bank in Stamford, Connecticut, with an office in New York.

Approval in the US would materially broaden Revolut’s addressable market, but it would also bring tougher regulatory scrutiny. Banking supervisors are likely to examine governance, capital strength, risk controls, compliance systems and crypto-related exposures. The company’s rapid expansion has drawn attention from regulators before, particularly around whether its internal controls can keep pace with growth across dozens of jurisdictions.

The proposed $115 billion valuation would also intensify comparisons with global fintech peers. Stripe has used private share sales to offer liquidity while remaining private, while several digital banking rivals have taken more cautious paths after rising interest rates compressed fintech valuations in 2022 and 2023. Revolut’s profitability, scale and banking licences have set it apart from many venture-backed peers still working toward durable earnings.

Competition remains intense. Traditional banks retain deep balance sheets, established credit operations and large primary-account customer bases. Digital challengers such as Monzo, Starling and Wise continue to expand across payments, savings, international transfers and business banking. Revolut’s advantage lies in its broad product range, international footprint and ability to launch new services quickly, but deeper lending will require careful underwriting through economic cycles.