Revolut’s $115 billion valuation rises 53% in share sale

Revolut investors completed a secondary share sale valuing the British fintech at $115 billion, 53% above its valuation in another share sale a year earlier. Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates and Baillie Gifford led the transaction.

The deal brought no new money into Revolut. The company declined to say how much stock sold, leaving the size of the secondary trade undisclosed. The $115 billion figure reflects the valuation of the share sale, not capital raised by the fintech.

How has Revolut grown?

Revolut has become increasingly profitable, generating $6 billion in revenue at a 38% profit margin in 2025. Founded in 2015 by Nik Storonsky and Vlad Yatsenko, the London-based company has grown from a money-transfer app into a financial-services platform. It serves more than 80 million retail customers across over 40 countries.

Although Revolut built much of its business around consumers, business banking has become an increasingly lucrative part of the company. James Gibson, head of Revolut Business and a partner at the company, told TechCrunch that “the division accounts for about 20% of Revolut’s gross profit.” The division has operated since 2017.

How large is Revolut Business?

Revolut Business is available across Europe, the U.K., Singapore, Australia, New Zealand and the U.S. The unit processes more than £36 billion, about $48.6 billion, in transactions each month. More than £1 billion, around $1.35 billion, of that monthly volume comes from the U.S. alone.

Revolut Business generates more than £950 million, about $1.28 billion, in annualized revenue. It holds more than £18 billion, roughly $24.3 billion, in customer deposits, Revolut told TechCrunch. Nearly half of the division’s new U.S. customers are newly incorporated companies, the company said.

The division’s customer target is one million businesses by 2027, up from more than 800,000. Gibson said Revolut is looking to bring business banking services to “more markets, including Mexico, Brazil and India.” He did not specify when the company expects those launches.

When will Revolut enter the U.S.?

Revolut has received conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national bank. The company plans to launch it in the first half of 2027, subject to final regulatory approval.

Revolut launched banks in the U.K., Mexico, Australia and New Zealand this year. It has established banking operations across Europe and secured banking licenses in France, Colombia and Argentina. Earlier this year, it began rolling out financial services in India.

What are the IPO terms?

Revolut is weighing a public listing that could reportedly value it at $200 billion. An IPO would come no earlier than 2028, depending on market conditions. Storonsky has considered a dual listing in New York and London and indicated a preference for “a primary listing in the U.S.”

The secondary sale gives investors a $115 billion private-market reference before a public-market test. The reported $200 billion IPO valuation would depend on market conditions and could not arrive before 2028. That leaves the U.S. bank launch and business-banking expansion as nearer-term operating tests for Revolut.

Revolut’s next dated milestones are final regulatory approval for the first-half-2027 U.S. bank launch and an IPO no earlier than 2028. The fintech also targets one million business customers by 2027 and plans business-bank expansion in Mexico, Brazil and India. Those targets sit with a $115 billion private valuation and a 38% margin on $6 billion of 2025 revenue.