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Revolut Group Holdings Ltd, doing business as Revolut, is a British multinational neobank and fintech company that offers banking services for individuals and businesses. It was founded in July 2015 by British-Russian businessman Nikolay Storonsky and British-Ukrainian software engineer Vlad Yatsenko. As of 2025, the company operated in over 48 countries and caters to over 60 million retail customers globally.
The bank offers free and subscription-based digital banking services, primarily through a mobile app. Features include domestic and international , , , a Stock market and cryptocurrency exchange, as well as other features such as and .
As of August 2024, Revolut is valued at $45 billion, making it the most valuable private tech company in Europe. As per the company's latest annual report, the revenue in 2024 stood at $4 billion, while the profit before tax grew to $1.4 billion.
The same month, the company raised £1.5 million during a seed funding round. This was followed by a Series A round the following year, where Revolut raised over £6.75 million, which put them at a total valuation of about £42 million at the time. By that time, they reached around 300,000 users, processing almost £1 billion in transactions according to the company.
Building on its initial success, Revolut then launched a subscription-based app in June 2017 available to businesses across the UK and Europe. Under the name of "Revolut Business", businesses could create an account with a multi-currency IBAN to hold, exchange, and transfer money with 25 currencies. Following the launch of Revolut Business, the company raised $66 million during a Series B round in July 2017 with the goal to expand across Asia and the United States.
The company was also affected by a major outage with their card processor Global Processing Services in June 2017, causing card payments to fail. Revolut experienced a similar outage along other companies, such as Monzo, back in March of the same year.
Following the acquisition of a banking license, the company announced plans in September 2019 for expansion into 24 new markets across the United States, Asia, and other regions, supported by agreements with Visa and Mastercard. The company said that they also want to hire an additional 3,500 employees. Earlier that year, it had already expanded into Australia, marking its first expansion outside of Europe. The following month, Revolut expanded to Singapore, becoming the company's first Asian market. By 2020, they had also launched in the United States and Japan.
By November 2020, Revolut reported that it had reached breakeven! At that time, it was valued at £4.2 billion, making it one of the highest-valued fintech companies in the UK. The company's valuation was brought further during a Series E round in July 2021, with a $800 million funding round bringing them to $33 billion.
The company applied for banking license in the United Kingdom and a bank charter in the United States in early 2021. The European Central Bank also granted Revolut a full banking licence later that year.
The Financial Times reported in July 2023 that Revolut had lost $20 million to organized criminal groups due to a flaw in its US payment system between late 2021 and early 2022. The issue affected the company's corporate funds and not customer accounts; some of the money was recouped. Later that year, Revolut announced that they would stop offering cryptocurrency trading services to their US customers due to the "evolving regulatory environment" as the Securities and Exchange Commission intensified regulations regarding certain crypto assets and platforms.
The company was the target of a cyberattack in September 2022. An unauthorized third party briefly obtained access to a small portion (0.16%) of customer details. While no funds were accessed or stolen, personal data of over 50,000 customers was accessed by the perpetrator. In the same month, The UK's Financial Conduct Authority added Revolut to its list of companies authorized to offer cryptocurrency products and services. Before, the company had offered crypto trading since 2017, but it was not regulated.
In January 2023, the company announced that it would transfer its 2 million Ireland customers to a new Irish branch, moving them from a Lithuanian IBAN to an Irish IBAN. This was followed by a launch for IBANs in France, Netherlands and Spain in September 2023.
Revolut launched a subscription tier named "Ultra" for individuals in the UK and EEA in June 2023, which was the company's most expensive subscription at the time. Around this time, the bank also began allowing staking for holders of proof of stake cryptocurrencies in the UK and EEA, a feature used by various cryptocurrencies such as Cardano or Polkadot at the time. In October 2023, Revolut expanded its stock trading services to include commission-free European stock trading in the EEA, aligning with similar offerings from other fintech platforms. By the end of the year, it was reported that they reached customer deposits of £15.1 billion. It was also reported that, despite ongoing uncertainty regarding the UK banking license, the company swung to a £25m loss in 2022 after giving out higher wages to staff. This included a near 80% pay jump for its founder and the highest-paid director.
In August 2024, the company was seen to be preparing for a potential IPO on the Nasdaq in the United States with an expected valuation of approximately £45 billion, although UK politicians were said to be pushing for a London listing. The company also doubled its headcount over the past two years, employing over 8,000 people in more than 25 countries. The company faced criticism from local Portuguese banks about unfair competition after its subsidiary, "Revolut Bank UAB", was granted a full banking license by the ECB. Revolut was also granted a British banking license the following month, though with restrictions via the standard "mobilization" stage.
A report in October 2024 found that Revolut was named in more fraud complaints in the UK than any major bank in the country, sparking a debate on the effectiveness of its security controls. 'I lost £165k to fraud in an hour' - customers say they were let down by Revolut Revolut named in more fraud complaints than any major UK bank, report finds It was stated that many customers had to turn to the financial ombudsman service after falling victim to fraud earlier that year. By the end of 2024, Revolut reported having 50 million registered users globally. In 2023, they had over one million daily active users. In 2025, figures from the Financial Ombudsman Service showed that Revolut topped the fintech industry for the most complaints.
In April 2025, Revolut obtained the PPI licence from the Reserve Bank of India (RBI), to offer international and domestic payment solutions including pre-paid cards and wallets with UPI.
In May 2025, Revolut announced that it plans to invest $1.1 billion over the next three years to expand in France and officially made Paris as its Western European headquarters, at the 'Choose France' summit by French President Emmanuel Macron.
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In 2025, Revolut entered discussions with the Bank of Israel to obtain a "lean bank"
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As of June 2025, Revolut announced it had reached 60 million global users
/ref> solidifying its position as one of the largest digital banking platforms worldwide. The growth was attributed to continued expansion across Europe, North America, and new markets in Latin America and the Middle East.
On 26 April 2018, Revolut raised $250 million in Series C funding. It had a post-funding valuation of US$1.7 billion, making it a unicorn. In February 2020, Revolut completed a Series D funding round of $580 million that more than trebled its value, valuing the company at £4.2 billion and becoming the United Kingdom's most valuable financial technology startup.
The company achieved unicorn status in April 2018, after receiving €205 million in investments during Series C funding, which valued the company at over €1.4 billion.
In July 2021, Revolut's Series E raised US$800 million from investors, including SoftBank Group and Tiger Global Management, at a US$33 billion valuation. This made Revolut the leading European startup in terms of valuation.
As of June 2023, Revolut has raised $1.7 billion in total funding.
In August 2024, Revolut announced a secondary share sale that valued the company at $45 billion, up from its previous valuation of $33 billion in 2021.
In June 2020, Wired published a further exposé of Revolut's dismissal of employees during the COVID-19 pandemic, in which employees, particularly in Kraków, were given the choice of being terminated for underperformance or a mutual agreement to leave the company voluntarily, in order to reduce the headline number of 62 redundancies announced by Revolut. The report said "Current and former Revolut employees say staff were coerced into accepting terminations, even though the company had no legal grounds to fire them" and that employees in Porto were pressured into agreeing to a salary sacrifice scheme in order to keep their jobs. According to Wired, in a message sent to the 495-strong customer support team on Slack soon after the salary sacrifice scheme was announced, head of Support Inna Grynova urged them to participate.
It has been reported since 2020 that Revolut's algorithms suspended accounts for weeks or months at a time after unusual activity was detected. Revolut's policies require customers whose accounts were suspended to request a resolution via in-app chat support. Revolut said that "the system is programmed to temporarily lock an account and place it in a queue, until one of our compliance agents can review the case".
In February 2020, The Daily Telegraph reported that Revolut suspended an account containing £90,000 for more than two months and that another customer travelled 500 miles from Auvergne in France to Revolut's London offices in an unsuccessful attempt to recover £15,000 in an account that Revolut had frozen with no justification given. The account was later closed and the money in it returned to the customer's other bank accounts.
Also in February 2020, The Times reported that Revolut suspended and later closed a business account containing €300,000 belonging to Priorité Energie, an energy transition start-up company, preventing the company from paying its staff. Revolut publicly apologised and eventually rectified the problem.
There were further reports in 2021 of Revolut withholding clients' funds.
Prior to Revolut having a banking license, complaints were made by defrauded Revolut customers to the Financial Ombudsman, who in some cases required Revolut to reimburse and compensate victims, and remove fraud markers wrongly placed against the individuals.
Many financial service customers in the UK have been subject to fraud, but Revolut has been involved in more cases than any major High Street bank, and has a reputation for not reimbursing victims, which full banks are more likely to do. ActionFraud received 10,000 reports of fraud naming Revolut in 2023, 2,000 more than Barclays, one of the UK's largest banks, and twice as many as a competitor bank of similar size to Revolut. That year over 3,500 complaints about Revolut were made to the ombudsman, more than any other financial institution. Consumer organization Which? did not recommend banking large sums of money with Revolut, saying "They have a track record of not reimbursing people who fall victim to fraud or find themselves in this incredibly difficult situation, and of money being taken from accounts even after scam activity has been reported."
In May 2025, Revolut won the Best International Payments Provider in the British Bank Awards 2025 hosted by Smart Money People. Revolut was also named "Best Consumer Banking Mobile App" in Fintech Breakthrough awards 2025.
In 2024, FastCompany named Revolut as the Most Innovative Company in Personal Finance category.
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