Revolut spent a decade convincing regulators and customers it wasn't a fad. Now, with a full UK banking licence in hand, it's chasing a $115 billion valuation and gearing up to launch five new credit cards.
Glade Brook Capital is reportedly lining up a secondary share sale that would value Revolut at $115 billion, according to Bloomberg, a 53% jump from the $75 billion the fintech commanded just seven months earlier in November 2025. It's the kind of number that would have sounded like a joke a decade ago.
Talk to anyone who signed up for Revolut back in 2015, when Nik Storonsky, a former Lehman Brothers derivatives trader, and Vlad Yatsenko were handing out prepaid currency cards to London commuters tired of bank exchange fees, and $115 billion still sounds absurd. It wasn't a bank then. It barely had a product beyond a card and an app. Now it has more than 50 million customers worldwide, according to American Banker, and as of this year it's a bank in the fullest legal sense.
That happened on March 11, 2026, when Revolut Bank UK Ltd exited the "mobilisation" restrictions the Prudential Regulation Authority had placed on it since July 2024. Revolut first applied for a UK banking licence back in 2021. Four years and a lot of patience later, its UK deposits now carry the same Financial Services Compensation Scheme protection as HSBC's or Barclays', up to £120,000 per person.
For years, opening a UK credit card or taking out a loan through Revolut simply wasn't possible, not by choice but by regulation. That's changing. Revolut's UK chief executive, Francesca Carlesi, told Bloomberg on June 4, 2026, that the company is "passionate" about credit cards and that five separate products, one for each of Revolut's subscription tiers, would launch soon. According to Sifted, the cards will run on RevPoints, the rewards system Revolut introduced for debit cards last year. It's a modest-sounding announcement. It's also the entire point of getting a banking licence: subscription fees and card interchange only get a fintech so far, and lending is where an actual bank makes money.
Revolut is reportedly targeting $9 billion in revenue and $3.5 billion in profit for 2026, according to internal projections cited by industry outlet Connecting the Dots in Fin.Tech. Hitting that depends on turning millions of app users who already trust Revolut with their salary deposits into borrowers, not just currency traders and subscribers.
The $115 billion figure isn't a funding round raising new cash for Revolut itself. It's a secondary sale, meaning early employees and investors get to cash out shares while the company keeps operating as normal, and Glade Brook Capital is expected to lead it alongside existing backers Andreessen Horowitz, Tiger Global, SoftBank and TCV, Bloomberg reported. At least $750 million in shares are on the table, with investor demand potentially pushing the total as high as $2 billion. If it closes at that price, Revolut becomes Europe's first centicorn, a private company worth more than $100 billion, and Storonsky's own stake, already close to 29% of the company, would be worth at least $36 billion under an incentive structure tied to hitting that valuation.
That's a lot of money riding on a bank that, four months ago, wasn't legally allowed to call itself one in its own home market.
An IPO still isn't imminent. Storonsky has signaled to people close to the company, per Bloomberg's reporting, that a public listing is unlikely before 2028, with Revolut waiting on a US banking charter before it takes that step. Its newly appointed US chief executive told American Banker's Digital Banking conference in Orlando on June 16, 2026, that the goal is to become "the first truly global bank," with an American launch targeted for early 2027.
Getting licensed was, relatively speaking, the easy part. Revolut now has to prove it can underwrite credit risk as well as it built a slick currency exchange app, in a UK lending market where HSBC, Barclays and Monzo are already fighting over the same customers. That's a different business than the one that made Revolut famous, and it's the one investors are now paying $115 billion to bet on.
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