Revolut

Revolut Ltd, Revolut’s earliest operating company, was incorporated in England on December 6, 2013 (company number 08804411); its registered office is now at 30 South Colonnade, Canary Wharf, London. Nik Storonsky has been a director of the company since its incorporation.⁠[1][1][1][2]

Revolut was co-founded by Nik Storonsky and Vlad Yatsenko and launched in the UK in July 2015, initially offering transfer and foreign exchange services that were faster and cheaper than those of traditional banks: users could open an account in the app in about 60 seconds, spend abroad in more than 150 currencies without fees, hold and exchange multiple currencies in the app, and make free domestic and international transfers at the real exchange rate.⁠[2][2][3][3]

Co-founder Vlad Yatsenko became chief technology officer. He had built real-time billing systems at Comarch and booking engines for Sabre Airline Solutions, and financial software systems at investment banks including UBSUBSUBS is a global financial group headquartered in Zurich, Switzerland, operating wealth management, Swiss personal and corporate banking, asset management and investment banking. Its modern bank emerged from a 1998 merger, its holding company was incorporated in 2014, and it acquired Credit Suisse in 2023.Open the full entry, Deutsche Bank and Credit Suisse; he holds an MSc in Computer Science from the National University of Kyiv-Mohyla Academy.⁠[2][2][2][2]

In 2016, Revolut reached 300,000 retail customers.⁠[2]

In 2017, Revolut raised a $15 million Series A and a $66 million Series B, and launched the business account Revolut Business, the paid Premium plan and crypto-asset trading in the European Economic Area.⁠[2][2][2][2]

On April 26, 2018, Revolut announced a $250 million Series C at a $1.7 billion valuation, roughly five times its valuation less than a year earlier; the round was led by DST GlobalDST GlobalDST Global is a technology investment firm founded by Yuri Milner in 2009 that focuses on growth-stage investments in internet companies worldwide; it has invested in companies including Facebook, Twitter, Alibaba, JD.com, Airbnb and Spotify, and in 2026 led the US$400 million Series B round of the AI visual content company Higgsfield.Open the full entry with participation from Index Ventures, Ribbit CapitalRibbit CapitalRibbit Capital is a venture-capital firm founded in 2012 by Meyer “Micky” Malka and headquartered in Palo Alto, California. It began with financial-technology investing and has expanded into AI, commerce and related infrastructure. Its investments include Coinbase, Robinhood and Nubank.Open the full entry and others, bringing total funding to $340 million. At the time Revolut processed about $1.8 billion a month, signed up 6,000 to 8,000 new customers a day, had nearly 2 million customers in total, and set a target of 100 million customers within five years.⁠[3][3][3][3][4]

Storonsky said at the time that the company’s focus since launch had been “to do everything completely opposite to traditional banks.”⁠[3]

In December 2018, the Bank of Lithuania, the country’s central bank, granted Revolut a European banking licence allowing it to operate throughout the European Union, with plans to offer checking and savings accounts as well as retail and business lending. A company spokesman said Lithuania was chosen because Revolut already had 150,000 customers there, the regulatory environment was fintech-friendly, and licensing was faster than in many other European jurisdictions.⁠[5][5][5][5][2]

In 2019, Revolut reached 7.8 million customers, launched the Metal plan, share trading and donations in the European Economic Area, and expanded beyond Europe for the first time, into Australia and Singapore.⁠[2][2][2][2]

On February 24, 2020, Revolut announced a $500 million Series D led by TCV at a $5.5 billion valuation; it then had more than 10 million customers and about 2,000 employees, and planned to roll out banking operations in Europe, offer retail and business lending, and focus on launching in the United States and Japan. The Series D was later increased to $580 million.⁠[6][6][6][6][2]

In 2020, Revolut reached 11.4 million customers, expanded into the United States and Japan, launched banking services in Lithuania and Poland, and launched merchant acquiring for business customers.⁠[2][2][2][2]

On July 15, 2020, the group holding company Revolut Group Holdings Ltd was incorporated in England (company number 12743269) as a financial services holding company, and Storonsky became a director the same day; the group’s annual reports have since been issued in this company’s name. On September 10 of the same year, Revolut NewCo UK Ltd, which later became the UK banking entity, was incorporated (company number 12871051).⁠[7][7][7][2][8][8]

On July 15, 2021, Revolut confirmed an $800 million Series E at a $33 billion valuation, co-led by SoftBankSoftBank GroupSoftBank Group (SoftBank Group Corp.) is an investment holding company headquartered in Tokyo, founded by Masayoshi Son in 1981. Starting out as a distributor of personal computer software, it moved into the internet, broadband and mobile communications, and has since become an investment group centered on AI-related assets such as Arm, the SoftBank Vision Funds and OpenAI.Open the full entry Vision Fund 2 and Tiger Global, making it at the time the most valuable fintech in the UK; the valuation was about six times the $5.5 billion of the Series D. Revolut then had about 16 million users and processed more than 150 million transactions a month.⁠[9][9][9][9][9]

In fiscal 2020, Revolut’s revenue was £261 million, up 57% from £166 million in 2019, and it still made an operating loss for the year. Storonsky said the investment was an endorsement of the company’s mission to create a “global financial super app.”⁠[9][9][9]

The Bank of Lithuania’s register shows that Revolut Bank UAB (company code 304580906, registered in Vilnius) holds a banking licence valid from December 13, 2021, under authorization code LB002119. In 2021, Revolut reached 16.4 million customers and offered banking in 18 EEA countries.⁠[10][10][10][2][11]

In July 2022, Revolut merged its Lithuanian e-money institution, Revolut Payments UAB, into Revolut Bank UAB, after which all of its e-money customers across the European Economic Area became customers of Revolut Bank UAB, which holds a full banking licence granted by the European Central Bank and is supervised by the Bank of Lithuania. The group’s Lithuanian parent, Revolut Holdings Europe UAB, is registered as a (mixed) financial holding company.⁠[12][12][13][13]

In 2022, Revolut’s revenue rose 45% year on year to £923 million, and retail customers grew from 16.4 million to 26.2 million. In the first quarter, a card payment fraud incident in the United States cost Revolut £17 million, with no loss to customers.⁠[12][12][12][12]

The auditor BDO issued a qualified opinion on the 2021 financial statements: that year the group’s IT systems were not designed in a way that allowed IT and business process controls to be tested effectively, and substantive procedures alone could not provide sufficient assurance over the completeness and occurrence of about £477 million of revenue across subscriptions, card delivery, foreign exchange and wealth. BDO considered the matter resolved in 2022 but still qualified its opinion on the 2022 statements because of the possible effect on comparability with the prior year; the company said it had remediated the IT control gaps, and these issues also delayed the publication of the statements.⁠[12][12][12][12][12][12]

In 2023, Revolut added 11.8 million customers, bringing its customer base to 38 million; revenue rose 95% from £0.92 billion in 2022 to £1.8 billion, profit before tax was £438 million and net profit £344 million, its third consecutive profitable year. That year it expanded into Brazil and New Zealand, Brazil being its first market in South America.⁠[11][11][11][11]

From January 1, 2024, Revolut came under the direct supervision of the European Central Bank within the Single Supervisory Mechanism through Revolut Bank UAB, headquartered in Lithuania, joining the significant banks in the euro area directly supervised by the ECB.⁠[11][14]

On April 22, 2024, Revolut Bank S.A., I.B.M. received a full banking licence from Mexico’s Comisión Nacional Bancaria y de Valores (CNBV). In January 2026, Revolut officially launched full banking operations in Mexico, its first bank established outside Europe.⁠[14][14][2]

Revolut applied for a UK banking licence in 2021. On July 25, 2024, its UK entity Revolut NewCo UK Ltd received permission from the Prudential Regulation Authority (PRA) to operate its banking business with restrictions, entering the “mobilisation” phase common for new banks; on the same day Revolut Group Holdings Ltd was approved as a parent mixed financial holding company, and the group became subject to prudential requirements on a consolidated basis. During mobilisation the UK bank operated under business restrictions, including a cap on deposits.⁠[15][14][14][14][15]

In 2024, Revolut added a record 14.5 million customers, bringing its customer base to 52.5 million; revenue rose 72% to £3.1 billion, profit before tax exceeded £1 billion, and net profit reached a record £790 million. That year it launched the top-tier Ultra plan for the UK and EEA, the debit card loyalty programme RevPoints, eSIMs, and the professional crypto exchange Revolut X.⁠[14][14][14][2][2][2][2]

The same year, Revolut carried out a secondary share sale at an implied $45 billion valuation, providing liquidity to employees, alumni and early shareholders; new investors included CoatueCoatueCoatue is a technology- and innovation-focused investment management firm founded by Philippe Laffont in 1999, operating in both public and private markets. Its current website lists Thomas Laffont as co-founder and chief investment officer of private investments; a Form ADV filed on July 29, 2026, disclosed regulatory assets under management of $92,705,722,582.Open the full entry, Durable Capital Partners, Dragoneer, Fidelity Management & Research Company, Baillie Gifford, Growth Equity at Goldman SachsGoldman SachsGoldman Sachs is an American financial services group headquartered in New York whose businesses include investment banking, securities trading, asset management, and wealth management. It traces its origins to the commercial paper business Marcus Goldman founded in 1869; it listed on the New York Stock Exchange in 1999 under the ticker GS and became a bank holding company in 2008. David Solomon serves as chairman and chief executive officer.Open the full entry Alternatives, D1 Capital Partners, MubadalaMubadala Investment CompanyMubadala Investment Company (Mubadala) is a sovereign investor wholly owned by the Government of Abu Dhabi. It was formed in 2017 by the merger of the International Petroleum Investment Company (IPIC), founded in 1984, and Mubadala Development Company, founded in 2002, and absorbed the Abu Dhabi Investment Council the following year; as of the end of 2025 it managed about AED 1.4 trillion (US$385 billion) in assets, with business in more than 80 countries.Open the full entry and Affinity PartnersAffinity PartnersAffinity Partners is a private investment firm founded in 2021 and wholly owned by Jared Kushner, based in the Miami area of Florida and funded mainly by foreign investors including sovereign wealth funds of Saudi Arabia, Qatar and the United Arab Emirates; its registered investment adviser entity is A Fin Management LLC. As of March 2026 it reported about $6.16 billion in assets under management, and one of its largest publicly known holdings is the Israeli financial group Phoenix Financial. Because its founder also takes part in U.S. government diplomacy in the Middle East, its foreign funding and fee structure have repeatedly been investigated by congressional Democrats; the firm denies any wrongdoing.Open the full entry.⁠[14][14]

On April 8, 2025, the Bank of Lithuania announced a €3.5 million fine on Revolut Bank UAB. In a routine inspection, the central bank found irregularities and shortcomings in the bank’s monitoring of business relationships and transactions, which meant that in practice it did not always properly identify suspicious transactions by its customers; the amount took into account the nature, duration and scale of the infringement and the annual revenue of the parent company Revolut Holdings Europe. The central bank’s investigation did not identify any confirmed instances of money laundering.⁠[16][17][17][16][16]

The Bank of Lithuania said Revolut had taken remedial steps on its own initiative, prepared and agreed a remediation plan, and, at its own request, entered into an administrative settlement agreement with the central bank. Revolut said it had cooperated with the central bank to address the procedural deficiencies immediately, and that the fine represented about 0.38% of Revolut Holdings Europe UAB’s 2023 gross revenue of €929 million.⁠[16][16][17][17]

In 2025, Revolut added 16 million customers, bringing retail customers to 68.3 million (up 30% year on year), with 767,000 business customers; revenue rose 46% to £4.5 billion and profit before tax rose 57% to £1.7 billion, its fifth consecutive profitable year; total customer balances, including those held with partner institutions, grew from £30.2 billion to £50.2 billion. By revenue mix, card payments accounted for 22.2%, interest income 21.6%, subscriptions 15.7%, wealth 14.7% and FX 13.4%, while the business segment accounted for 16% of total income. At year end the group operated as a licensed bank in 30 countries and served customers in 39 countries; its capital resources at year end were £4.9 billion, all Common Equity Tier 1.⁠[2][2][2][2][2][2][2][2][2][2][2]

In 2025, Revolut completed a fundraising process at an implied valuation of $75 billion, led by Coatue, GreenoaksGreenoaksGreenoaks is an American investment firm co-founded by Neil Mehta in 2012 and known for concentrated, long-term investing; it made an early, large bet on the Korean e-commerce company Coupang and has invested in companies including Wiz, Stripe, Databricks, and Anthropic. In May 2026, it co-led Anthropic’s $65 billion Series H funding round with Altimeter Capital, Dragoneer, and Sequoia Capital.Open the full entry, Dragoneer and Fidelity Management & Research Company, with participation from Andreessen HorowitzAndreessen HorowitzAndreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. It invests from the seed stage through the growth stage and provides operational support to its portfolio companies.Open the full entry, Franklin Templeton, T. Rowe Price and NVentures, NVIDIA’s venture capital arm, among others, through which employees, alumni and investors sold part of their shares.⁠[2][2][2][2]

The same year, Revolut opened a new global headquarters in London, committed £3 billion of investment in the UK with 1,000 new high-skilled jobs, announced a Western Europe headquarters in Paris, and announced a £10 billion investment over five years in international growth, product innovation and hiring. On the product side, it launched the Revolut Mobile telecom service in Poland and the UK, introduced physical ATMs in Spain and rolled out Stocks and Shares ISAs for UK customers; it also obtained approval to establish a bank in Colombia (the first of a two-step process), full authorisation from the Reserve Bank of India for prepaid payment instruments, and in-principle approval from the Central Bank of the UAE for stored value facilities and retail payment services licences, and announced that it would apply for a full banking licence in South Africa.⁠[2][2][2][2][2][2][2][2][2]

In the European Economic Area, Revolut Digital Assets Europe Ltd received authorisation from the Cyprus Securities and Exchange Commission (CySEC) under the Markets in Crypto-Assets Regulation (MiCA), allowing it to continue providing crypto services in Europe; Revolut also submitted an application for a French banking licence to the Autorité de contrôle prudentiel et de résolution (ACPR) as part of plans to establish a second EU bank.⁠[2][2]

In March 2026, Revolut NewCo UK Ltd received PRA approval to exit the banking licence mobilisation phase, lifting the restrictions on its licence, and on March 12 it was renamed Revolut Bank UK Ltd; in connection with this the group subscribed for 115 million ordinary shares in it for £115 million. The UK bank had been under restrictions for about 20 months, compared with the usual period of about 12 months. Revolut plans to migrate its 13 million UK customers gradually to deposit accounts protected by the Financial Services Compensation Scheme (FSCS) and to launch more banking products.⁠[2][8][2][15][15][2]

Storonsky said launching the UK bank “has been a long-term strategic priority for Revolut,” calling the UK the company’s home market and central to its growth.⁠[15][15]

The same month, Revolut applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter for the proposed Revolut Bank US, N.A., together with an application to the Federal Deposit Insurance Corporation (FDIC) for deposit insurance.⁠[2][2]

On April 2, 2026, Italy’s Autorità Garante della Concorrenza e del Mercato (AGCM) announced fines totalling more than €11 million on Revolut group entities for unfair commercial practices: €5 million on Revolut Securities Europe UAB and Revolut Group Holdings Ltd for failing to disclose clearly, from the first point of contact, the additional costs and limitations of “commission-free” investments, including fractional shares; €5 million on Revolut Group Holdings Ltd and Revolut Bank UAB for aggressive practices in suspending, limiting and blocking payment accounts without adequate prior information, notice, opportunity to respond or assistance; and a further €1.5 million on the latter two companies for not clearly explaining the requirements and timeframe for obtaining an Italian IBAN.⁠[18][18][18][18][18][18][18]

On July 21, 2026, the Australian Prudential Regulation Authority (APRA) granted Revolut Payments Australia Pty Ltd a licence to operate as an authorised deposit-taking institution (ADI) under the Banking Act 1959, and concurrently licensed Revolut Australia NOHC Pty Ltd as a non-operating holding company.⁠[19][19][19]

In July 2026, Revolut confirmed that it had started a new secondary share sale allowing some employees to sell shares; Bloomberg reported a valuation of $115 billion, or $2,017 per share. The company said it would not comment on details while the process was ongoing. In an internal message, Storonsky said the company’s momentum over the past twelve months had attracted significant demand from new and existing investors. As of that month, Revolut had more than 75 million retail customers.⁠[20][20][20][20][20]

In August 2026, following a joint assessment by the ACPR and the European Central Bank, Revolut Bank S.A. received a full banking licence in France; it will serve customers first in France and then, in later phases, in markets including Germany, Ireland, Italy, Portugal and Spain, while the Lithuanian Revolut Bank UAB continues to serve the rest of the European Economic Area, with both banks supervised by their local competent authorities and the European Central Bank. Revolut has confirmed that its Western Europe headquarters in Paris will open in 2027. Storonsky said the licence would provide the foundation to build “the next generation of banking” for more than 30 million customers in Western Europe.⁠[21][21][21][21][21][21]

In September 2026, Revolut received conditional approval from the Office of the Comptroller of the Currency (OCC) for its national bank charter application; the company still needs to continue discussions with the FDIC and the Federal Reserve and obtain final OCC approval, and plans to open its US bank in 2027. US customers would then have access to loans, credit cards, FDIC-insured deposits, and crypto-asset and stablecoin services. At the time Revolut served more than 80 million customers worldwide and targeted 100 million customers by mid-2027.⁠[22][22][22][22][22][22]

Storonsky said conditional OCC approval was “an important first step” towards establishing the proposed Revolut Bank US.⁠[22]

As of December 31, 2025, Nik Storonsky was considered the group’s ultimate controlling party and was the only person with significant control registered at Companies House, holding more than 25% but not more than 50% of the shares of Revolut Group Holdings Ltd and the right to appoint or remove a majority of directors. The group’s board is chaired by Martin Gilbert, and co-founder Vlad Yatsenko is group chief technology officer and a director. The board delegates day-to-day management of the group to the chief executive, Storonsky, exercised through bodies including the Group Executive Committee, the Group Executive Risk Committee and the Group Assets and Liabilities Committee.⁠[2][23][2][2][2][2]

Revolut: Official website: https://www.revolut.com/ (opens in a new window).⁠[10]