Revolut Valuation Hits $115bn, Topping Barclays
Revolut has closed a secondary share sale that values the London-based fintech at $115bn (£87bn), a 53% jump from the $75bn it commanded a year ago and a figure that now places it above several of Europe’s established banks by equity value. The deal lets employees and early backers sell existing shares rather than raising fresh capital for the business, and it crowns a year in which Revolut secured banking permissions across four continents.
The transaction was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates, and Baillie Gifford, drawing in both long-standing shareholders and new institutional names.
How does $115bn compare to Europe’s incumbent banks?
The headline number is the story finance professionals will notice first. At $115bn, Revolut’s private valuation overtakes Barclays, which carried a market capitalisation of roughly $95bn at the time of the deal. For a company that has never listed a share publicly, pricing above a 335-year-old high-street lender marks a structural shift in how private markets value digital-first banking.
The ascent has been steep. Revolut was valued at $45bn in August 2024, $75bn in November 2025, and now $115bn, close to a tripling in a little over two years. Reporting from the Financial Times has suggested these successive secondary rounds are engineered to build toward an eventual IPO in the $150bn to $200bn range, which would make the current deal a waypoint rather than a destination.
What is actually behind the valuation?
Unlike many private-market markups, this one rests on audited numbers. Revolut’s 2025 annual report showed group revenue rising 46% to $6.0bn (£4.5bn) and pre-tax profit climbing 57% to $2.3bn (£1.7bn), lifting the pre-tax margin to 38% from 35% the previous year. Net profit reached $1.7bn (£1.3bn), the fifth consecutive year of net profitability.
Customer growth underpins those figures. Retail customers reached 68.3 million at the end of 2025, up 30% year on year, with the company now citing more than 80 million. Eleven separate product lines each generated over £100m in revenue, and customer balances rose 66% to $67.5bn (£50.2bn). The credit portfolio more than doubled to $2.9bn (£2.2bn) as Revolut pushed deeper into lending territory long held by retail banks.
Which markets did Revolut open in 2026?
The valuation coincides with the most aggressive regulatory expansion in the company’s history. Since the start of 2026, Revolut has launched full banking operations in the UK, Mexico, Australia, and New Zealand, and secured banking licences in France, Colombia, and Argentina. That builds on established European banking operations across 30 EEA markets.
The most consequential approval came from the United States. On 3 September 2026, the Office of the Comptroller of the Currency granted preliminary conditional approval for a national bank charter under the name Revolut Bank US, N.A., a full-service bank headquartered in Stamford, Connecticut, operating with no physical branches. The charter would let Revolut serve American customers across all 50 states under a single federal framework, replacing its current reliance on partner banks. Final authorisation still requires sign-off from the Federal Deposit Insurance Corporation and the Federal Reserve. The OCC has turned away other applicants recently, denying Wise a trust charter in July and Bunq a de novo application in August, which sharpens the significance of Revolut clearing the bar.
What comes next?
Revolut is steering toward a stated target of more than 100 million active customers across more than 100 countries, with management reiterating it remains on track to hit 100 million by mid-2027. CEO and founder Nik Storonsky has indicated a public listing remains at least two years out. For now, the secondary structure gives employees and early investors liquidity while keeping the company private, and lets Revolut set a pricing benchmark on its own terms ahead of any flotation.
The real test of the $115bn figure will not arrive in a secondary round, where a small pool of institutional buyers with long horizons sets the price. It will come when Revolut files a prospectus and submits its financials to public-market scrutiny.
Why This Matters to FinanceX Readers
A private fintech pricing above Barclays is a signal about where value is migrating in financial services. For investors, the sequence of secondary rounds at rising marks is a deliberate pre-IPO pricing exercise, and the gap between a $115bn private valuation and a mooted $150bn to $200bn listing is where the risk and the opportunity sit. For banking professionals, the US charter progress matters more than the valuation: a federally chartered Revolut competing directly across all 50 states, rather than through partner banks, changes the competitive map in the world’s largest financial market. The audited 38% pre-tax margin is the number to watch, because it is what will justify, or undermine, the multiple when public investors finally get a vote.
