Revolut's $115B mark and the bank plan

The number that moved this week was $115 billion, and it did so without a single new dollar entering Revolut's accounts. A secondary share sale, in which existing holders sold stock to buyers rather than the company issuing new shares, priced the British fintech at that figure — 53% above the valuation it carried in another share sale a year earlier. Alongside it sits a regulatory file: Revolut holds conditional approval to stand up a U.S. national bank, with a launch pencilled in for the first half of 2027.

Revolut declined to disclose how much stock changed hands in the sale. What is public is the lineup of buyers and the operating numbers that sit behind the price.

Who bought into the sale

The transaction was led by a group of institutional investors: Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates, and Baillie Gifford. Their participation is a purchase of existing shares, not a capital injection, so the proceeds go to selling shareholders rather than to Revolut's balance sheet.

That distinction matters for how the deal should be read. A secondary sale reprices a private company without funding its operations; the company's own description of the transaction confirms no new money came in. The buyers are acquiring exposure at a stated valuation, and the sellers are realizing value at that same mark.

The company's roots are modest relative to the current number. Revolut was founded in 2015 by Nik Storonsky and Vlad Yatsenko, and began as a money-transfer app before expanding into a broader financial services platform.

Scale built on retail customers

Today Revolut reports more than 80 million retail customers across over 40 countries. That consumer base has been the engine of its growth, and it is the part of the business most familiar to people who use the app for spending, transfers, and day-to-day accounts.

Around that core, the company has been assembling regulated banking operations. It has established banking across Europe, and this year launched banks in the U.K., Mexico, Australia and New Zealand. It also secured banking licenses in France, Colombia and Argentina.

Earlier this year Revolut began rolling out financial services in India, extending its reach into one of the world's largest consumer markets.

The U.S. bank and its conditions

The American piece of the plan rests on conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national bank. That approval is not final. Revolut plans to launch the bank in the first half of 2027, subject to final regulatory sign-off.

A national bank charter would place Revolut inside the U.S. federal banking system rather than operating purely through other arrangements. The conditional nature of the approval means the timeline depends on clearing whatever remaining regulatory steps the OCC requires.

The company has also been weighing a public listing. Storonsky has considered a dual listing in New York and London and has indicated a preference for a primary listing in the U.S. An IPO, which could reportedly value Revolut at $200 billion by that report, would come no earlier than 2028, depending on market conditions.

Profitability behind the price tag

The valuation did not arrive against a loss-making backdrop. Revolut reported profit margins of 38% on revenue of $6 billion in 2025. Those are the figures the company has put forward for its most recent full year.

Margin at that level on revenue of that size is the operating context for the secondary sale — the buyers were pricing a business that is already generating profit, not one promising to reach it later. The company described itself as having grown increasingly profitable.

On the consumer side, the app remains the front door. But a second, less visible business has been compounding underneath it.

Business banking as the quiet engine

Revolut Business launched in 2017 and now accounts for about 20% of Revolut's gross profit, according to James Gibson, head of Revolut Business and a partner at the company, who spoke to TechCrunch in a recent interview.

The division is available across Europe, the U.K., Singapore, Australia, New Zealand, and the U.S. It processes more than £36 billion (about $48.6 billion) in transactions each month, including over £1 billion (around $1.35 billion) in the U.S. alone.

On an annualized basis, Revolut Business generates more than £950 million (about $1.28 billion) in revenue and holds more than £18 billion (roughly $24.3 billion) in customer deposits, the company told TechCrunch.

The customer mix in the U.S. carries its own detail: nearly half of Revolut Business' new American customers are newly incorporated companies, the company said. That points to a base of young businesses rather than only established firms switching providers.

Where the business arm goes next

Revolut is looking to bring its business banking services to more markets, including Mexico, Brazil and India, Gibson said, though he did not specify when the company expects that to happen.

On customer counts, the fintech aims to grow its business base from over 800,000 businesses to a million by 2027, he said. That is a stated target rather than a reported result.

The geography of expansion matters for how the pieces fit together. Mexico already has a Revolut bank. Brazil and India would be new ground for the business division, and India in particular is where the company has only recently begun rolling out consumer financial services.

The figures in one place

• $115 billion — valuation set by the completed secondary share sale
• 53% — increase over the valuation from a share sale a year earlier
• 80 million+ — retail customers across more than 40 countries
• 38% — profit margin on revenue of $6 billion in 2025
• About 20% — share of Revolut's gross profit contributed by Revolut Business
• £36 billion (about $48.6 billion) — monthly transaction volume processed by Revolut Business
• £950 million (about $1.28 billion) — annualized revenue for Revolut Business
• £18 billion (roughly $24.3 billion) — customer deposits held by Revolut Business
• 800,000+ — current business customers, against a target of a million by 2027

Read together, the figures describe a company whose consumer app built the audience and whose business division is carrying a growing share of the profit. The secondary sale puts a price on the whole of it.

What the valuation does and doesn't tell you

A secondary sale is a transaction between private parties, and the $115 billion figure is the price those parties agreed on. Because no new capital entered Revolut, the sale did not add to the company's resources for launching the U.S. bank, expanding business banking into Mexico, Brazil and India, or building toward a listing.

What it does establish is a documented mark on the company one year after the prior sale, and a roster of institutional buyers willing to transact at it. The company declined to say how much stock was sold, so the size of the market's actual bet is not public.

The bank plan, meanwhile, remains subject to final regulatory approval, and the IPO talk is dated 2028 at the earliest. Between the $115 billion mark now and the reported $200 billion figure attached to a possible IPO sit two years and a set of approvals that have not yet been granted.

Why the numbers matter beyond Revolut

For the businesses that bank with Revolut, the business division's disclosed deposit and transaction figures are the part of this story with direct bearing on them: more than £18 billion in customer deposits and £36 billion in monthly transaction volume is a substantial book to be holding while the parent company reshapes itself around a U.S. charter.

For anyone watching fintech valuations, the useful comparison is between the two secondary sales a year apart, since both were priced by investors buying existing shares rather than by the company raising money. The 53% gap between them is the clearest public measure of how the private market has repriced Revolut over that period.

And for the U.S. banking plan, the conditional approval is the item to track. The first half of 2027 is the target Revolut has given, and final regulatory approval is the condition attached to it. Until that clears, the national bank is a plan with a date, not an operating institution.