Revolut's $75B Valuation: A Fintech Milestone or a Bubble in the Making?

Revolut’s $75 billion valuation, achieved in September 2025 via a secondary share sale, has sparked intense debate among investors and analysts. This leap from a $45 billion valuation in 2024 reflects a 67% increase, driven by robust financial performance and strategic expansion. In 2024, Revolut reported $4 billion in revenue—a 72% year-on-year rise—and a net profit of $1 billion, fueled by crypto trading, subscription services, and interest income [1]. The fintech’s user base now exceeds 52.5 million, with $38 billion in customer deposits, underscoring its appeal as a digital-first financial platform [2].

The valuation surge is partly attributed to Revolut’s pivot toward becoming a “banktech” ecosystem, integrating services like crypto trading, wealth management, and cross-border payments. Its recent approval for a restricted UK banking license in July 2024, albeit with limitations on customer deposits, has further bolstered investor confidence [3]. However, the company’s ambition to secure a full UK banking license—and eventually a U.S. charter—remains a critical regulatory hurdle. Delays in obtaining these licenses could stifle growth in high-margin areas like consumer lending and institutional partnerships [4].

Industry comparisons reveal both strengths and risks. Revolut’s 16x EV/revenue multiple in 2025 exceeds the average 13.7x for private fintechs but lags behind Stripe’s 20x [5]. While its diversified revenue streams—crypto trading (300% revenue growth in 2024), subscriptions (74% YoY increase), and business banking—position it as a formidable player, its reliance on volatile markets like crypto introduces uncertainty. For context, Nubank’s $100 billion valuation in 2024 was underpinned by its focus on financial inclusion in Latin America, a more stable and scalable model [6].

Regulatory challenges remain a double-edged sword. Revolut’s provisional UK license restricts it to holding only £50,000 per customer, limiting its ability to compete with traditional banks. Meanwhile, its push into the U.S. market—a key growth target—faces scrutiny over compliance with the Office of the Comptroller of the Currency (OCC) requirements [7]. Analysts warn that without a U.S. banking license, Revolut’s expansion could stall, particularly as it seeks to launch a fiat-pegged stablecoin in Latin America [8].

Expert opinions are divided. Proponents argue that Revolut’s $75B valuation is justified by its global user base, recurring revenue model, and first-mover advantage in crypto integration. “Revolut is redefining the neobank playbook,” says one fintech analyst, noting its 92% customer satisfaction score and 75 NPS [9]. Skeptics, however, caution against overhyped expectations. “The fintech sector is prone to valuation bubbles,” warns another expert, citing the collapse of high-profile startups like Robinhood during market downturns [10].

The sustainability of Revolut’s valuation hinges on three factors: regulatory progress, profitability consistency, and market diversification. While its 2024 net profit of $1 billion demonstrates operational strength, the company must navigate a complex web of international regulations to unlock its full potential. A U.S. IPO, tentatively planned for 2026, could provide liquidity but also expose Revolut to heightened scrutiny from public markets.

In conclusion, Revolut’s $75B valuation reflects a blend of innovation, growth, and strategic ambition. Yet, investors must weigh these positives against regulatory risks and the fintech’s reliance on volatile markets. For now, the valuation appears justified by its financial metrics and global reach, but long-term success will depend on its ability to secure banking licenses and adapt to evolving market demands.

Source:
[1] Revolut’s 2024 financial performance and valuation surge [https://www.revolut.com/news/record_growth_and_diverse_product_offering_drive_revolut_to_1_4bn_profit_in_2024/]
[2] Revolut’s user growth and revenue diversification [https://coinlaw.io/revolut-statistics/]
[3] UK banking license progress and restrictions [https://www.ainvest.com/news/revolut-regulatory-hurdles-test-resilience-fintech-giant-2507/]
[4] Regulatory challenges in the U.S. and global expansion [https://www.fintechweekly.com/magazine/articles/revolut-valuation-75b-share-sale]
[5] Fintech valuation multiples in 2025 [https://www.finrofca.com/news/fintech-revenue-multiples-2025]
[6] Nubank’s valuation and business model [https://lucidityinsights.com/infobytes/top-fintech-companies-in-2024]
[7] U.S. banking license requirements and Revolut’s strategy [https://www.linkedin.com/posts/seb-johnson_revolut-activity-7351543718472024064-MD4t]
[8] Revolut’s stablecoin and Latin American expansion [https://techfundingnews.com/revolut-75bn-valuation/]
[9] Customer satisfaction and NPS metrics [https://www.chargeflow.io/blog/stripe-statistics]
[10] Fintech sector risks and historical precedents [https://www.saastr.com/the-latest-20vcsaastr-benioff-joins-and-delivers-1b-ai-revenue-anthropic-demand-is-insatiable-ai-following-up-with-1000000-leads-at-salesforce/]