Revolut — research brief (BMC #050)

Prepared 2026-10-07. Labels: FACT = from Revolut's 2025 Annual Report (audited IFRS statements, GBP), Revolut's own releases and pricing pages, or a regulator decision; SECONDARY = news reports; INFERENCE = computed by this project from those facts. Revolut is private; no valuation or headcount figures beyond what it published are used.

Sources

Revolut Group Holdings Ltd Annual Report 2025 (published Mar 24, 2026): https://www.revolut.com/reports-and-results/
2025 results press release (Mar 24, 2026): https://www.revolut.com/en-US/news/revolut_reports_record_profit_of_2_3bn_for_2025_as_revenue_surges_to_6bn/
Revolut launches UK bank (Mar 11, 2026): https://www.revolut.com/en-US/news/revolut_launches_uk_bank/
UK pricing plans (accessed Oct 7, 2026): https://www.revolut.com/our-pricing-plans/
OCC Corporate Decision #1390, Revolut Bank US, N.A. preliminary conditional approval: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1390.pdf
SECONDARY: The Fintech Times on the French banking licence (Sep 30, 2026): https://thefintechtimes.com/revolut-secures-french-banking-licence-from-acpr-and-ecb/
SECONDARY: The Guardian on the Sep 2026 data incident: https://www.theguardian.com/business/2026/sep/17/revolut-reportedly-facing-3m-ransom-demand-after-hackers-steal-hundreds-of-customers-data

Teaching arc

A free app with many paid engines → fees, not loans, drive revenue (76%) → deposits mostly parked in cash and bonds (loans 6.2% of deposits) → 2026 conversion from e-money to licensed banks (UK, France, conditional US) to unlock lending.

FY2025 income statement (FACT, £000)

Revenue 4,515,770 (2024: 3,090,043), +46%.
- Fee income 3,429,229: card payments 1,003,941; subscriptions 708,455; wealth 663,494; FX 605,762; rewards programs 192,802; other 254,775.
- Interest income 974,159 (2024: 790,240). Net interest income 891,156.
- Other income 112,382.
Mix (AR text): fees 76%; card payments 22.2%; interest 21.6%; subscriptions 15.7%; wealth 14.7%; FX 13.4%.
Cost of sales 998,129: fee expense 767,201; interest expense 83,003 (saving vaults 72,746); credit losses lending 61,239, non-lending 19,943; other operating 66,743.
Gross profit 3,517,641 (78% margin; 2024 81%).
Administrative expenses 1,804,368: staff 922,247 (sales-related 130,033); advertising & marketing 528,841 (+47%); IT & comms 88,942.
Profit before tax 1,713,273 (37.9% margin); tax 408,645; net profit 1,304,628.
Efficiency ratio (admin ex sales/marketing ÷ gross profit) 33% (2024 38%). Adjusted EBITDA £1,924M.
Average employees 10,909 (2024: 9,932). Risk & compliance headcount +42%.

Balance sheet + customers (FACT)

Total customer balances £50.2B (2024 £30.2B), including £14.0B savings with partners / Flexible Cash Funds (off balance sheet).
Balance sheet £43B; 90% of assets cash + treasury investments. Loans £2.2B (+120%); loan-to-deposit 6.2%; ECL coverage 4.1%.
Capital resources £4.9B, all CET1. Fundraising at $75B implied valuation (Coatue, Greenoaks, Dragoneer, Fidelity lead).
Retail customers 68.3M (+30%, 16M added); business customers 767K (+33%); 75M+ retail "as of today" on the AR site.
Transaction volume £1.3T (+65%); Business £277B. Transactions per customer +24%. Primary-account users +45%. Paid plan adoption +42%. RevPoints 17M users / 36 markets.
63%+ of new retail customers via word of mouth or referrals. 1 in 5 working-age adults in Europe use Revolut.
75%+ of support interactions resolved by Gen-AI chatbot; support NPS +12 pts.
Business revenue £708M (16%); 30,000 companies join a month; expansion markets growth 140%+.

Pricing (FACT, UK page)

Standard free · Plus £3.99/mo · Premium £7.99/mo · Metal £14.99/mo · Ultra £55/mo. Fair usage £1,000/month combined exchange; 1% fee above for Standard, 0.5% for Plus.

2026 (FACT unless marked)

Jan 2026: full banking in Mexico. Mar 11, 2026: UK bank exits mobilisation, 13M UK customers to migrate.
Mar 10, 2026: US national bank charter application; OCC preliminary conditional approval (CD #1390) for Revolut Bank US, N.A., Stamford CT; ≥$95M capital; retail FX excluded pending non-objection.
£10B investment over five years; target 100M customers by mid-2027.
SECONDARY: French banking licence (Revolut Bank S.A.) announced Aug 10, 2026; Swiss licence application Sep 16, 2026 (Reuters); impersonation scam exposed data of ~680 crypto customers in Sep 2026 (Guardian).

Inferences

Revenue per average retail customer ≈ £4.52B ÷ ((52.5M+68.3M)/2) ≈ £75 (includes business revenue).
Business customers ≈ 1.1% of total customers but 16% of revenue.
Headcount +10% vs revenue +46%.

# Revolut — research brief (BMC #050) Prepared 2026-10-07. Labels: **FACT** = from Revolut's 2025 Annual Report (audited IFRS statements, GBP), Revolut's own releases and pricing pages, or a regulator decision; **SECONDARY** = news reports; **INFERENCE** = computed by this project from those facts. Revolut is private; no valuation or headcount figures beyond what it published are used. ## Sources - Revolut Group Holdings Ltd Annual Report 2025 (published Mar 24, 2026): https://www.revolut.com/reports-and-results/ - 2025 results press release (Mar 24, 2026): https://www.revolut.com/en-US/news/revolut_reports_record_profit_of_2_3bn_for_2025_as_revenue_surges_to_6bn/ - Revolut launches UK bank (Mar 11, 2026): https://www.revolut.com/en-US/news/revolut_launches_uk_bank/ - UK pricing plans (accessed Oct 7, 2026): https://www.revolut.com/our-pricing-plans/ - OCC Corporate Decision #1390, Revolut Bank US, N.A. preliminary conditional approval: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1390.pdf - SECONDARY: The Fintech Times on the French banking licence (Sep 30, 2026): https://thefintechtimes.com/revolut-secures-french-banking-licence-from-acpr-and-ecb/ - SECONDARY: The Guardian on the Sep 2026 data incident: https://www.theguardian.com/business/2026/sep/17/revolut-reportedly-facing-3m-ransom-demand-after-hackers-steal-hundreds-of-customers-data ## Teaching arc A free app with many paid engines → fees, not loans, drive revenue (76%) → deposits mostly parked in cash and bonds (loans 6.2% of deposits) → 2026 conversion from e-money to licensed banks (UK, France, conditional US) to unlock lending. ## FY2025 income statement (FACT, £000) - Revenue 4,515,770 (2024: 3,090,043), +46%. - Fee income 3,429,229: card payments 1,003,941; subscriptions 708,455; wealth 663,494; FX 605,762; rewards programs 192,802; other 254,775. - Interest income 974,159 (2024: 790,240). Net interest income 891,156. - Other income 112,382. - Mix (AR text): fees 76%; card payments 22.2%; interest 21.6%; subscriptions 15.7%; wealth 14.7%; FX 13.4%. - Cost of sales 998,129: fee expense 767,201; interest expense 83,003 (saving vaults 72,746); credit losses lending 61,239, non-lending 19,943; other operating 66,743. - Gross profit 3,517,641 (78% margin; 2024 81%). - Administrative expenses 1,804,368: staff 922,247 (sales-related 130,033); advertising & marketing 528,841 (+47%); IT & comms 88,942. - Profit before tax 1,713,273 (37.9% margin); tax 408,645; net profit 1,304,628. - Efficiency ratio (admin ex sales/marketing ÷ gross profit) 33% (2024 38%). Adjusted EBITDA £1,924M. - Average employees 10,909 (2024: 9,932). Risk & compliance headcount +42%. ## Balance sheet + customers (FACT) - Total customer balances £50.2B (2024 £30.2B), including £14.0B savings with partners / Flexible Cash Funds (off balance sheet). - Balance sheet £43B; 90% of assets cash + treasury investments. Loans £2.2B (+120%); loan-to-deposit 6.2%; ECL coverage 4.1%. - Capital resources £4.9B, all CET1. Fundraising at $75B implied valuation (Coatue, Greenoaks, Dragoneer, Fidelity lead). - Retail customers 68.3M (+30%, 16M added); business customers 767K (+33%); 75M+ retail "as of today" on the AR site. - Transaction volume £1.3T (+65%); Business £277B. Transactions per customer +24%. Primary-account users +45%. Paid plan adoption +42%. RevPoints 17M users / 36 markets. - 63%+ of new retail customers via word of mouth or referrals. 1 in 5 working-age adults in Europe use Revolut. - 75%+ of support interactions resolved by Gen-AI chatbot; support NPS +12 pts. - Business revenue £708M (16%); 30,000 companies join a month; expansion markets growth 140%+. ## Pricing (FACT, UK page) Standard free · Plus £3.99/mo · Premium £7.99/mo · Metal £14.99/mo · Ultra £55/mo. Fair usage £1,000/month combined exchange; 1% fee above for Standard, 0.5% for Plus. ## 2026 (FACT unless marked) - Jan 2026: full banking in Mexico. Mar 11, 2026: UK bank exits mobilisation, 13M UK customers to migrate. - Mar 10, 2026: US national bank charter application; OCC preliminary conditional approval (CD #1390) for Revolut Bank US, N.A., Stamford CT; ≥$95M capital; retail FX excluded pending non-objection. - £10B investment over five years; target 100M customers by mid-2027. - SECONDARY: French banking licence (Revolut Bank S.A.) announced Aug 10, 2026; Swiss licence application Sep 16, 2026 (Reuters); impersonation scam exposed data of ~680 crypto customers in Sep 2026 (Guardian). ## Inferences - Revenue per average retail customer ≈ £4.52B ÷ ((52.5M+68.3M)/2) ≈ £75 (includes business revenue). - Business customers ≈ 1.1% of total customers but 16% of revenue. - Headcount +10% vs revenue +46%.