Revolut has grown from a low cost currency exchange app into a financial giant valued at about $115 billion, putting some of Europe's established banks firmly in its sights.
Reuters reports that the London based fintech now has around 80 million customers worldwide and is pushing deeper into markets including Mexico and Australia as CEO Nik Storonsky pursues his ambition of building a truly global bank.
The valuation makes Revolut Europe's most valuable startup and reflects extraordinary growth since the company was founded just over a decade ago.
But size alone does not guarantee victory over traditional banks.
Reuters reports that Revolut customers still hold considerably smaller average deposits and loans than customers at established institutions. Its loan to deposit ratio stood at only about 6% at the end of 2025.
That suggests many people still use Revolut as a secondary account, particularly for travel, currency exchange and everyday payments, rather than as the place where they keep most of their savings or receive their salary.
Regulation is another challenge. The company has faced regulatory scrutiny, including a fine in Lithuania, while complaints involving fraud have attracted attention in Britain.
The next stage of Revolut's expansion could therefore be more difficult than the first.
The company has already proved it can attract tens of millions of customers. Now it must convince more of them to treat Revolut not simply as a useful financial app, but as their main bank.
