Revolut is weighing a secondary share sale that would value the London digital bank at $115 billion, a 53% jump from the $75 billion tag it set in November 2025. The number landed in early June via Bloomberg and arrives, by Revolut’s own design, before any IPO. The company has been explicit that each secondary is a price-discovery exercise, run to test the market before it has to stand before public shareholders. Almost every line of the resulting coverage has framed the next leg of growth as US banking, Mexico, or private wealth. The Revolut business banking segment, which has quietly outgrown the rest of the company, sits one layer below all of that.
The numbers are difficult to square with that framing. Revolut Business now counts 767,000 customers, up 33% in a year, and accounts for 16% of group revenue. The segment grew 53% in 2025, faster than the retail side, and added 30,000 companies a month including Booking.com. The case Revolut has to make to public-market investors is built as much on business banking as on anything Storonsky says about America.
The 767,000-Customer Engine Behind the $115B Tag
Revolut does not break out Revolut Business revenue on a separate P&L line, and the segment has no listed financials of its own. What the 2025 annual report does state, in its clearest disclosure yet, is that the unit produced 16% of group income, the highest direct figure the company has ever published. The number is now the load-bearing one in the proposed pitch, and the rest of the case flows from it.
The 2025 annual report, released 24 March 2026, frames business banking as the structural reason group revenue could rise 46% to $6.0 billion (£4.5 billion) on a 33% larger customer base, per Revolut’s 24 March 2026 results press release. Business customers grew to 767,000 from 578,000 the year before, a 33% jump, while retail customers rose 30% to 68.3 million. The Revolut business segment grew at 53% year-on-year, a rate the retail side has not matched in any recent reporting period. In expansion markets, the Singapore, Australia, US cluster, Revolut Business posted more than 140% growth and accounted for $365 billion (£277 billion) of group transaction volume. Add those two together and the segment has outgrown the consumer side for the first time in the company’s history.
- Group revenue 2025: $6.0B (£4.5B), up 46% from $4.0B (£3.1B)
- Profit before tax 2025: $2.3B (£1.7B), up 57%
- Net profit 2025: $1.7B (£1.3B), up from $1.0B (£790M)
- Revolut Business revenue share: 16% of group income
- Revolut Business year-on-year growth: 53%
- Business customers at year-end 2025: 767,000 (up 33%)
- Companies joining Revolut Business each month: 30,000
- Total customer balances: $67.5B (£50.2B), up 66%
- Customer lending portfolio: $2.9B (£2.2B), up 120%
How Business Banking Outgrew the Rest of Revolut
For most of Revolut’s ten-year history, the unit sat in the shadow of the consumer side, a payments and FX layer for freelancers and small merchants. The 2025 numbers invert that hierarchy in three ways at once. Group revenue rose 46%, and the slice of that pie from business customers rose 53% in the same window. That means business is now growing faster than the consumer franchise for the first time in the company’s history.
The wider Revolut product set widened alongside it. Eleven distinct product lines each cleared $135 million (£100 million) in revenue, a metric the company used to anchor its diversified-model argument.
The lending book is where the second-order shift shows. Customer lending grew 120% year-on-year to $2.9 billion (£2.2 billion), and the 2025 report began to break out unsecured personal loans, credit cards, and a nascent mortgage portfolio in the same disclosure. The UK banking license, secured in March 2026, starts to matter at this step: it lets Revolut underwrite risk on home territory for the first time, with loans originated, serviced, and balance-sheet-funded inside one regulated entity.
The customer balance sheet, $67.5 billion (£50.2 billion) at year-end 2025, is the third leg. That is up 66% in a year, and the company holds 90% of assets in cash and Treasury investments, a deliberately conservative posture. Each of those three numbers, lending, balances, and business customers, compounds the others; the segment is not growing on one lever. Fees, 76% of total turnover, come from card payments, subscriptions, wealth, and FX, a fourth source the segment has been adding without consumer growth driving it. Together, those four inputs describe a segment that does not depend on consumer growth to keep compounding.
What the 2026 Regulatory Stack Actually Built
The case Revolut is taking to investors in the proposed round rests on a regulatory stack built in two quarters. In January 2026, Revolut launched full banking operations in Mexico, its first bank outside Europe, with Reuters reporting the launch as a template for future non-European expansion. In March 2026, the UK Prudential Regulation Authority ended Revolut’s long “mobilisation” period, releasing 13 million UK customers into FSCS-protected deposit accounts. In the same month, the company filed a formal application for a US national bank charter with the OCC and FDIC. Each step is a precondition for the next stage of the plan.
Business banking is what turns those licenses into a revenue line. The UK license unlocks lucrative lending in the UK, a product category Revolut could not offer as a regulated bank before March 2026. The Mexico launch is the template for a global rollout; the US filing is the eventual prize. Each license, on its own, is a regulatory milestone; together they are the conditions for the business banking growth that anchors the new valuation pitch.
The company has committed $13 billion (£10 billion) of investment over five years, with £3 billion earmarked for the UK and 1,000 high-skilled roles attached to the new London Global HQ in Canary Wharf, per the Revolut’s £10 billion investment and London HQ announcement. The 100 million customer target by mid-2027 is the visible endpoint of the spend.
- January 2026: Revolut launches full banking operations in Mexico, its first bank outside Europe.
- March 2026: UK PRA ends Revolut’s mobilisation period, releasing 13 million UK customers into FSCS-protected accounts.
- March 2026: Revolut files a US national bank charter application with the OCC and FDIC.
- April 2026: CEO Nik Storonsky tells Bloomberg the IPO is at least two years away, targeting 2028 at the earliest.
- June 2026: Bloomberg reports Revolut is weighing a secondary share sale at a $115 billion valuation.
We have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth.
Nik Storonsky, Co-Founder and CEO of Revolut, 24 March 2026 results press release.
The SME Battlefield Is Already Crowded
Revolut is not arriving into an empty SME market. Starling Bank, the UK digital incumbent that reached profitability before Revolut, has been building a business banking franchise of its own and is preparing its own secondary share sale. Monzo’s Business Pro tier is sold on a simple monthly fee and has been a default challenger pick for sole traders since launch.
The new piece of ground is mid-market and cross-border. Revolut Business grew more than 140% year-on-year in Singapore, Australia, and the United States, the three expansion markets Storonsky has personally named as the next frontier. The product mix helps: integrated multi-currency accounts, corporate cards, payment acceptance, and treasury tools aimed at companies with international supplier and customer footprints. Starling and Monzo, both UK-domiciled, are not positioned to serve that footprint with the same depth, and Revolut’s reported jump in business customers in a year suggests the segmentation is landing.
The case isn’t yet proven. US growth of 140% in a year is a small base growing quickly, not a market-share claim, and the US national bank charter process is a multi-year regulatory exercise.
The market-share figures Revolut itself points to in Europe underline how exposed the incumbents already are. In Spain, 38% of newly opened bank accounts are Revolut accounts, in France 37%, in Italy 29%, per a16z analysis of the 2025 results. A retail brand that has won one in three new European accounts is the same brand now opening a corporate card product. The corporate product, in turn, leans on the same KYC rails, the same treasury engine, and the same compliance stack that won the consumer fight. The business-customer growth line is, in effect, the return on the consumer-side KYC and compliance investment.
Revolut’s Public-Market Math at $115B
The proposed mark carries a specific test. At $115 billion on $6.0 billion of revenue and $2.3 billion of profit, the implied multiple puts Revolut in the company of the fastest-growing technology businesses, not the average listed bank. Bloomberg reporting, citing internal share distribution documents, puts Storonsky’s own stake at at least $36 billion at that valuation, placing him among the wealthiest founders in global finance.
Public market investors won’t write the same cheque twice. The optionality story that powers a private tag won’t survive contact with quarterly reporting. Once listed, Revolut will be measured quarter by quarter on net interest margin, loan-loss provisions, and the cost-to-income ratio. The 38% profit before tax margin gives the company a cushion. The loan book growing 120% in a year, against an ECL coverage of 4.1%, gives the next CFO a question to answer.
Storonsky’s own timeline is the explicit anchor. He told Bloomberg in April 2026 that an IPO is at least two years away, pointing to 2028 as the earliest window, and the proposed secondary is the staging exercise designed to test the number before public investors have to. The implied growth path, from the 2025 revenue base to whatever number would justify the proposed tag on public markets, will require the business bank to keep compounding. The business banking unit, growing 33% a year with 30,000 companies joining each month, is the line the public-market story will need to keep delivering.
Frequently Asked Questions
How big is Revolut’s business banking segment?
Revolut Business counted 767,000 customers at year-end 2025, up 33% in a year, and produced 16% of group revenue, with the segment growing 53% year-on-year. The unit added 30,000 companies a month in 2025, including Booking.com, and accounted for $365 billion (£277 billion) of the group’s total transaction volume.
What is Revolut’s current valuation?
Revolut is weighing a secondary share sale that would value the company at $115 billion, per Bloomberg reporting from 5 June 2026. The proposed sale is a 53% jump from the $75 billion tag the company set in a November 2025 secondary led by Coatue, Greenoaks, Dragoneer, and Fidelity, with participation from Andreessen Horowitz, Franklin Templeton, T. Rowe Price, and NVIDIA’s NVentures.
When will Revolut go public?
CEO Nik Storonsky said in an April 2026 Bloomberg interview that an IPO is at least two years away, placing the earliest listing window in 2028. The company has been explicit that each secondary sale is a staging mechanism, providing insider liquidity and price discovery, ahead of any public listing.
What regulatory milestones did Revolut hit in 2026?
Revolut launched full banking operations in Mexico in January 2026, its first bank outside Europe, with the launch reported by Reuters. The UK Prudential Regulation Authority ended the company’s mobilisation period in March 2026, releasing 13 million UK customers into FSCS-protected accounts. In the same month, Revolut filed a US national bank charter application with the OCC and FDIC.
How does Revolut Business compare to Starling and Monzo?
Starling Bank, the UK digital incumbent that reached profitability ahead of Revolut, has been building a business banking franchise of its own and is preparing its own secondary share sale. Monzo’s Business Pro tier is sold on a simple monthly fee and has been a default challenger pick for sole traders since launch. Revolut’s reported 33% jump in business customers in 2025, and its 140% growth rate in Singapore, Australia, and the United States, set a different geographic footprint, with the company explicitly chasing cross-border mid-market customers.
