Revolut's rise to become Europe's $115 billion big bank rival

Revolut has grown into Europe’s most valuable startup and a formidable competitor to long-established banks, reaching a private valuation of $115 billion, according to Reuters. Launched just over a decade ago as a fintech offering cheaper forex fees, the London-based company is now seen as worth more than Britain’s Barclays and France’s Société Générale. In 2025, Revolut posted a £1.7 billion ($2.2 billion) pretax profit, still far below Barclays’ £9 billion, but rising quickly. CEO Nik Storonsky says Revolut wants to be truly global, expanding retail operations across markets from Mexico to Australia. The piece also highlights challenges, including a fine in Lithuania related to money-laundering controls and a September incident where customer data was accidentally sent to hackers posing as government investigators.