Revolut is now valued at $115 billion, but the most unusual number in its business may be much smaller: roughly 6%.
That is the digital bank’s approximate loan-to-deposit ratio, according to Reuters. In other words, Revolut has reached a valuation that rivals major traditional banks without building its business around lending out most of the deposits it attracts.
Revolut has become Europe’s most valuable startup
A Reuters analysis published October 4 puts Revolut’s valuation at $115 billion and describes the company as a serious challenger to established European banks. The company now serves more than 80 million customers globally.
Revolut started with low-cost foreign exchange, but its product stack has widened into cards, payments, subscriptions, investing, crypto, business accounts, savings and increasingly traditional banking products.
It is growing more like a financial platform than a traditional lender
Traditional banks typically depend heavily on the spread between what they pay depositors and what they earn from loans. Revolut’s relatively small loan book means a much larger share of its economics comes from payments, subscriptions, trading, foreign exchange and other financial services.
That helps explain why the 6% loan-to-deposit ratio is so interesting. The deposits are important, but Revolut has not needed to turn most of them into mortgages, auto loans or corporate credit to build a highly profitable business.
80 million customers could become 100 million by mid-2027
Revolut’s 2025 annual report says the company now has more than 80 million retail customers and is adding roughly one million new customers every 17 days. On that trajectory, it expects to reach 100 million customers by the middle of 2027.
The report also says the number of customers using Revolut as their primary account rose 45% year over year. That metric matters more than raw app downloads because a financial platform becomes more valuable when customers route salaries, recurring payments and everyday spending through it.
Revolut reported about $6 billion in 2025 revenue and approximately $2.3 billion in profit before tax. That profitability separates it from the older fintech model of subsidizing growth first and worrying about earnings later.
Finance is becoming software distribution
Revolut’s scale fits a broader shift BitcoinVersus.Tech has been tracking: financial products are increasingly being distributed through software surfaces rather than through branches or even traditional banking websites.
We recently covered how Stripe made Open USD the default stablecoin across its payment stack, moving digital-dollar infrastructure deeper into ordinary payment flows.
At the banking layer, Citi and Coinbase are putting stablecoin payments inside bank rails. And at the brokerage layer, Interactive Brokers is turning X cashtags into a direct trading handoff.
The hard part now is becoming someone’s main bank
Revolut’s valuation assumes that rapid customer growth can translate into deeper financial relationships. A user who exchanges currency twice a year is very different from a customer who receives payroll, keeps savings, buys investments and pays bills inside the same platform.
That is why the 45% increase in primary-account adoption may matter more than the headline valuation. Revolut does not need to copy the balance-sheet model of an old bank exactly if it can own more of the customer’s financial activity through software.
The question is whether that model can keep scaling while regulatory, fraud, compliance and trust requirements grow with it. At 80 million customers, Revolut is no longer just proving that a fintech app can become large. It is testing whether a software-first financial platform can become a global bank without looking economically like one.
BitcoinVersus.Tech
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