Revolut Becomes Europe’s $115 Billion Startup

Revolut reached a private valuation of $115 billion, higher than Barclays and Société Générale, growing from a low-cost currency-exchange app toward a global bank. 2025 pretax profit was £1.7 billion (~$2.2 billion) versus Barclays' £9 billion. It has 80 million customers against JPMorgan's 84 million and HSBC's 41 million, and says 80% of Ireland's adults hold accounts. End-2025 loans were £2.2 billion, a 6% loan-to-deposit ratio versus 55% at HSBC and 86% at Société Générale. A Revolut spokesperson said growth depends on building things customers value rather than on interest rates. Cihan Duran said European bank CEOs call Revolut their most important threat because of aggressive marketing and growth. Paulo Macedo said in June that 2025 would be the last year Caixa Geral de Depósitos posts higher profit than Revolut. Konstantin Sidorov said the U.S. could be potentially the biggest growth for Revolut but the most competitive market. Revolut signed a settlement with Lithuania's central bank over anti-money-laundering shortcomings and contacted a limited number of impacted individuals after a September data incident. It declined to disclose primary-account numbers, reporting a 45% year-over-year rise. Alex Immerman is watching primary-account adoption and total customer balances.