Revolut

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Revolut headquarters.

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Revolut is a digital-only banking platform based in London that is designed to bring together a host of financial services, including traditional checking and savings accounts, investments, peer-to-peer payments, and cryptocurrency trading, all within a single mobile app. Originally built around low-cost foreign exchange, the platform has expanded to cover a wide swath of everyday financial activity. 

Over time, Revolut has moved beyond its early identity as a travel-focused payments app toward a broader role as a primary banking alternative, targeting users who are comfortable managing their finances entirely through a mobile interface. Since its inception in 2015, the company has grown rapidly across Europe and into other markets, emphasizing low fees, fast product development, and a streamlined user experience over the branch-based model of traditional banks. But its rapid expansion and broad product mix have also brought increased regulatory scrutiny and questions about whether its controls and customer protections have kept pace with its growth.

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The Revolut Business credit card.

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Founded in 2015, Revolut quickly gained popularity with its prepaid debit card, which enabled its customers in the United Kingdom and Europe to save money when traveling by accessing the interbank foreign exchange (FX) market, meaning they could cut out typical bank and card fees and wide bid-ask spreads. The idea for the initial service came from Russian-born Revolut cofounder and CEO Nikolay Storonsky, who encountered those fees and charges on a regular basis when traveling.

The promise of lower exchange rates delivered fast growth to Revolut, and capital that it rapidly invested in new services and features. In 2017 it launched business accounts, as well as a premium subscription option, and added crypto to its platform. Over the following years, Revolut added equities trading and new business services; it also expanded to new countries. In 2024, the company processed more than $1 trillion in transactions.

By early 2026, Revolut had 70 million customers in 140 countries. In November 2025, a funding round valued the company at about $75 billion.

As a fintech company, Revolut represents a challenger to established banks and financial services firms. To compete on that scale, however, it needs regulatory approval, which it has actively sought out and gained. Lithuania was the first to grant Revolut a banking license in 2018, which allowed it to operate as a bank throughout the European Union. After operating under a restricted license in its U.K. home for two years, Revolut was granted a full banking license by the Bank of England’s Prudential Regulation Authority in March 2026.

Also in 2026, Revolut applied to the U.S. Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation for a U.S. national bank charter, and hired Cetin Duransoy as its U.S. CEO.

Revolut’s active pursuit of regulated-bank status reflects its ambition to access the capital, payment networks, and protections enjoyed by banks. As a small firm without legacy systems, it has a built-in pricing advantage, but requires bank-only features to compete with larger banks on rates, fees, and what it can offer customers on their deposits.

In other words, without legacy systems, Revolut has a cost advantage—but it needs a banking license to fully compete with larger institutions.

Becoming a regulated entity brings added scrutiny and higher compliance costs, raising the expense of acquiring and servicing customers. As it has sought banking licenses, Revolut has adjusted its operations in preparation for stricter oversight. For example, in 2023, it scaled back its cryptocurrency services in the United States, citing regulatory uncertainty.

Revolut customers have also fallen prey to “authorized push payment fraud,” in which criminals trick users into sending money tied to fake investments or relationships. Reports in 2024 indicated that more than 1,000 Revolut users had complained of such scams.

Before obtaining full banking licenses in key markets, the firm faced public criticism over its handling of fraud cases, particularly its reluctance to reimburse customers who had transferred money to scammers. Its automated anti–money laundering (AML) systems—tightened as the company prepared for greater regulatory oversight—have also drawn complaints, with some users reporting that their accounts were frozen for extended periods with limited recourse. 

As Revolut grows, it also faces risks that can be especially damaging to a digital-only bank. In September 2022, a breach exposed personal data from more than 50,000 customers, including some payment and account information. In 2023, the company disclosed that criminals had exploited a flaw in its payment systems to steal about $20 million in corporate funds.

Fintech companies have numerous tailwinds in their favor:

Plus, average banking customers—particularly younger digital-native consumers—have grown more comfortable keeping their money with an online-only service provider.

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Revolut sponsors a Formula One racecar.

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The challenge for Revolut is maintaining those advantages in the face of new pressures, requirements, and operating costs. Some of that pressure comes with a higher public profile—complete with a new global headquarters and a prominent Formula One sponsorship—but much of it comes from regulators. Scrutiny is higher, and compliance is more expensive for a regulated firm than for a start-up. In 2023, the company said it had doubled the headcount for its financial crime division to 2,500 employees.

Revolut started out by offering a way for consumers to sidestep costly foreign exchange fees while traveling, and has extended that model to a broader range of financial services. But as it pushes toward full bank status in key markets, the test is whether it can keep its advantages while meeting the tighter controls of a regulated institution.