The Revolut $115 billion valuation set by a new secondary share sale prices employee stock at $2,017 per share, lifting the fintech’s private-market mark 53% above the $75 billion level it carried as recently as November 2025. The transaction raises no fresh capital; it gives employees and existing shareholders a path to liquidity while Revolut stays private.
Reuters reported that Revolut was targeting at least $750 million worth of shares in the sale, though a company spokesperson declined to comment on the details, saying Revolut would provide an update once the transaction was complete.
What the Revolut $115 Billion Valuation Actually Reflects
The valuation jump is not floating on sentiment alone. Revolut’s 2025 results press release shows group revenue of $6 billion, up 46% from $4 billion a year earlier, with profit before tax rising 57% to $2.3 billion. Net profit came in at $1.7 billion, and the pre-tax margin held at 38%.
CFO Victor Stinga put it plainly: ‘Our 38% profit before tax margin is a result of disciplined financial steering and our ability to scale efficiently while continuing to invest in our people and infrastructure.’
According to the Revolut 2025 annual report, 2025 marked the company’s fifth consecutive year of net profitability, now operating across 40 markets. Transactions per customer grew 24% year-on-year, a sign that engagement is deepening rather than just widening.
The comparison with established banks has become a talking point. The Wall Street Journal placed the $115 billion figure above Barclays’ market capitalisation of roughly $95 billion. At the $75 billion level from November 2025, Reuters noted Revolut already exceeded the market value of France’s Société Générale. The caveats apply: private secondary pricing and public-market trading are different animals, and liquidity is not the same thing.
Lending and Interest Income Add Balance Sheet Weight
Beyond trading revenue, the business that sits beneath the Revolut $115 billion valuation is growing in ways that look more like a bank than a payments app. The company’s customer lending portfolio expanded 120% year-on-year to $2.9 billion, consisting primarily of unsecured personal loans and credit cards, plus an early-stage mortgage book.
Interest income grew 23% to $1.3 billion, up from $1.0 billion in 2024. Revolut held 90% of assets in cash and cash equivalents or Treasury investments at year-end, according to the 2025 annual report, conservative balance-sheet positioning for a firm still pursuing multiple new banking licences.
Revolut Business contributed $365 billion of the company’s total $1.7 trillion transaction volume for 2025, with Business growing over 140% in expansion markets including Singapore, Australia, and the US.
Customer balances reached $67.5 billion at year-end. Revolut closed 2025 with 68.3 million retail customers after adding 16 million during the year; its website now cites over 75 million globally. Wealth revenue, covering investment and crypto-related activity, rose 31% to $876 million, and 11 separate product lines each generated at least $135 million in annual revenue.
CEO Nik Storonsky, when releasing the 2025 results in March, kept the framing measured: ‘We have only just begun to show what is possible.’
Crypto Licences and Banking Approvals Extend the Runway
The regulatory picture has moved quickly. Revolut secured a MiCA (Markets in Crypto-Assets) licence in Cyprus in October 2025, giving it a compliant route to crypto services across the EU. It has also received in-principle approval from Dubai’s Virtual Assets Regulatory Authority for crypto trading via both the main app and Revolut X, the dedicated crypto-trading platform.
CoinDesk notes that the main Revolut app supports trading in more than 200 crypto tokens, external wallet transfers, and staking. That breadth matters for the MiCA compliance picture as the framework moves into full enforcement.
On the banking side, Revolut received its full UK banking licence in March 2026 after operating under restricted authorisation since 2015. The company founded by Storonsky has no physical branches and never has. It has also filed for a US national bank charter with the Office of the Comptroller of the Currency, planning to combine stablecoins, multi-currency accounts, stock trading, and crypto services if approved.
An IPO remains at least two years out: Storonsky has said the company does not plan to list before 2028. Reports have circulated of a potential public valuation as high as $200 billion, though Revolut has confirmed neither an IPO date nor a target price. The secondary sale at $2,017 per share is the market’s best available read until then.
