Fintech · Digital Banking S-1 Filed

Revolut

The European neobank reaching $6 billion in revenue and eyeing a $75-200 billion listing.

Last Valuation $75B+
2025 Revenue $6B
2025 Net Profit $1.7B
Customers 68.3M
Target List Date Q4 2026
Revolut is the largest privately held neobank in the world, profitable, and growing revenue at 50% annually. The company is reportedly targeting Nasdaq over its home London market for higher fintech multiples and deeper retail-investor demand.

Business Overview

Revolut is a digital-first financial services company founded in 2015 by Nik Storonsky and Vlad Yatsenko, headquartered in London. The platform offers retail banking, international money transfers, multi-currency accounts, cryptocurrency trading, stock trading, savings, and lending products. Revolut holds banking licenses across multiple jurisdictions including the UK (granted 2024) and the EU.

Financial Profile

Revolut reported revenue of $6 billion for fiscal year 2025, up from $4 billion in 2024 — 50% year-over-year growth. Net profit grew to $1.7 billion, up from $1 billion in 2024, with 68.3 million retail customers at year-end. The company has raised a total of $5.89 billion across its funding history. A secondary share sale is reportedly scheduled for the second half of 2026 that would value the company at more than $100 billion. The company is targeting $9 billion in 2026 revenue and $3.5 billion in net profit.

IPO Status & Catalysts

Revolut has reportedly filed a confidential S-1 with the SEC in early 2026, with a target Q4 2026 listing window. The company has reportedly chosen NASDAQ over its home London market. CEO Nik Storonsky stated in April 2026 that the IPO was at least "two years away," suggesting the listing may extend into 2027. Some analyst commentary references long-term valuation targets approaching $200 billion at maturity.

Bull Case

Profitable at scale — differentiates from US neobank peers. 68M customer base and 50% revenue growth justifies premium fintech multiple. Nasdaq listing captures higher multiples than European exchanges. International expansion (US, India, Brazil) opens new TAM.

Bear Case

Regulatory scrutiny in multiple jurisdictions. Crypto trading exposure to volatility. Customer concentration in European markets. Storonsky's "two years away" commentary suggests potential 2027 slippage.

Key Risks