British fintech company Revolut has reached a valuation of $115 billion following a new secondary share sale, marking a 53% increase from its previous $75 billion valuation in November 2025. The transaction, completed on November 4, 2026, attracted major institutional investors, including Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates and Baillie Gifford.
The valuation milestone comes as Revolut prepares to launch its US banking operations in 2027, following conditional approval from the US Office of the Comptroller of the Currency (OCC) for a national bank charter. The company, founded in 2015, has expanded from a money-transfer application into a financial services platform with more than 80 million retail customers across over 40 countries. Its latest valuation reflects investor interest in its international expansion, profitability and ambition to compete with established banks.
Revolut Reaches $115 Billion Valuation
The latest transaction values Revolut at $115 billion, compared with $75 billion in its November 2025 employee share sale.
The increase represents a 53.3% rise in the company’s valuation in approximately one year.
| Valuation milestone | Company valuation |
|---|---|
| November 2025 share sale | $75 billion |
| November 2026 share sale | $115 billion |
| Increase in valuation | 53.3% |
| Approximate increase in value | $40 billion |
The transaction was led by several established global investment firms, including Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates and Baillie Gifford.
The latest share sale also provides liquidity to employees and existing shareholders who have built equity stakes in the company.
Importantly, this was a secondary share sale rather than a conventional primary fundraising round. Existing shareholders sold shares to investors, meaning the transaction did not bring new capital directly into Revolut’s balance sheet.
The company has not disclosed the total value of shares sold or the complete breakdown of participating investors.
What Is a Secondary Share Sale?
A secondary share sale allows existing shareholders in a private company to sell their ownership stakes to other investors.
Unlike a primary funding round, where a company issues new shares and receives fresh capital, a secondary transaction transfers existing shares between shareholders.
For Revolut, this structure serves two purposes.
First, it gives employees and early investors an opportunity to realise part of the value of their holdings without waiting for an initial public offering (IPO).
Second, it allows new institutional investors to acquire stakes in the company at an agreed valuation.
The $115 billion valuation therefore represents the price implied by the transaction. It does not mean Revolut received an additional $40 billion in cash or that its available capital increased by that amount.
Secondary share sales have become an important feature of private technology markets, where companies can remain privately held for years while providing liquidity to employees and investors.
US Banking Launch Planned for 2027
One of the major developments behind Revolut’s latest valuation is its planned entry into the US banking market.
The company has received conditional approval from the OCC to establish a national bank in the United States. It plans to launch its US banking operations in the first half of 2027, subject to receiving final regulatory approval and satisfying the remaining requirements.
A national bank charter would allow Revolut to operate a broader range of banking services under a federal regulatory framework.
The company has historically provided services such as international money transfers, currency exchange, payment cards and digital financial accounts. Its US banking expansion is intended to move it further into traditional banking services.
However, conditional approval is not the same as a fully operational banking licence. Revolut must complete the remaining regulatory and operational requirements before beginning full banking operations under the proposed charter.
The US market presents a significant opportunity because of its large consumer banking sector, but competition is intense. Revolut will face established banks, digital-first financial companies and payment platforms with extensive customer networks.
Revolut’s Global Expansion Accelerates
The US is part of a broader international expansion strategy.
During 2026, Revolut launched banking operations in the United Kingdom, Mexico, Australia and New Zealand. It also secured banking licences in France, Colombia and Argentina, while maintaining established banking operations across European Economic Area markets.
The company’s expansion strategy is based on building a financial platform that can serve customers across multiple countries through a largely digital infrastructure.
Its services include:
- International money transfers and currency exchange.
- Multi-currency accounts and payment cards.
- Personal and business banking services.
- Savings and investment products in supported markets.
- Payments and financial management tools.
Revolut also began rolling out services in India through a controlled beta programme in 2026. The initial offering includes UPI payments, e-money wallets, prepaid cards and multi-currency card services.
The Indian operation is particularly relevant because the country has a large digital payments market. However, Revolut’s Indian services and regulatory position are separate from its banking operations in the US and Europe.
Revenue Reaches $6 Billion as Pre-Tax Profit Grows
Revolut’s valuation increase is supported by substantial financial growth.
For 2025, the company reported revenue of $6 billion, representing 46% year-on-year growth. Pre-tax profit increased 57% to $2.3 billion.
Its pre-tax profit margin reached approximately 38%, indicating that the company has been able to generate substantial earnings alongside its expansion.
| Financial indicator | FY25 |
|---|---|
| Revenue | $6 billion |
| Revenue growth | 46% |
| Pre-tax profit | $2.3 billion |
| Pre-tax profit growth | 57% |
| Pre-tax profit margin | 38% |
The company’s growth is not limited to consumer banking.
Its business banking division has become an increasingly important contributor. The division accounted for approximately 20% of Revolut’s gross profit, according to an interview with its business banking leadership.
Revolut Business processes more than £36 billion in transactions each month. It also generates more than £950 million in annualised revenue and holds over £18 billion in customer deposits, according to figures shared by the company.
These figures indicate that Revolut is building a business banking operation alongside its consumer-facing financial services.
Can Revolut Compete With Traditional Banks?
Revolut’s expansion places it in direct competition with established financial institutions in several markets.
Its digital-first model allows customers to access financial services through a mobile application without relying on a large network of physical branches.
This can help reduce some traditional distribution costs and support international expansion.
However, becoming a primary bank for customers involves more than offering convenient payment services.
Customers must be willing to hold larger deposits, use Revolut for regular income and expenses, and rely on the platform for lending and other financial needs.
Reuters has highlighted that Revolut’s lending business remains relatively small compared with its customer base. Loans totalled approximately £2.2 billion at the end of 2025, while its loan-to-deposit ratio stood at around 6%.
Expanding lending could create another revenue source, but it would also introduce additional credit risk and regulatory requirements.
The company must also maintain strong fraud prevention, customer protection and compliance systems as it enters more heavily regulated banking markets.
Revolut’s IPO Plans and Long-Term Ambitions
The latest valuation has renewed attention on Revolut’s potential public listing.
The company has previously considered a dual listing in London and New York, although founder and CEO Nik Storonsky has indicated that an IPO is unlikely before 2028.
Reports earlier in 2026 suggested that Revolut could eventually target a public-market valuation of between $150 billion and $200 billion. Those figures represent reported ambitions and expectations rather than a confirmed IPO valuation.
For now, the company is using private share transactions to provide liquidity while continuing its international expansion.
Revolut has also set a long-term goal of serving more than 100 million active customers across over 100 countries.
Reaching that target will require successful market entry, regulatory approvals and the ability to retain customers as its product range expands.
The Bigger Picture
Revolut’s $115 billion valuation highlights the growing importance of digital financial platforms in the global banking industry. A company that began as a currency exchange and money-transfer application has developed into a large financial services business with consumer and corporate customers across multiple markets.
Its latest valuation also reflects investor confidence in its profitability and international expansion. However, private-company valuations are not the same as public-market valuations, and the secondary share sale does not guarantee that Revolut would command the same price in an IPO.
The next phase will be defined by its ability to turn customer growth into deeper banking relationships, expand lending responsibly and establish operations in highly competitive markets such as the United States.
Looking Ahead
Revolut’s immediate priority is completing the remaining regulatory requirements for its US national bank and preparing for the planned 2027 launch. The company will also continue expanding its banking operations in markets where it has recently secured licences, while developing its business banking and consumer financial products.
The $115 billion valuation gives Revolut a prominent position among privately held financial technology companies. Whether it can sustain that valuation will depend on continued revenue growth, profitability, regulatory execution and its ability to compete with established banks across international markets.
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