Revolut has grown into a $115 billion financial company with more than 80 million customers, but its next phase of expansion will depend less on adding accounts and more on persuading customers to use it as their primary bank.
The London-based fintech is now Europe’s most valuable startup and has achieved a valuation comparable with established banking groups.
Its customer growth has been extraordinary. Revolut says more than 80 million retail customers now use its services globally, with the company targeting 100 million customers by mid-2027.
But scale in users does not yet translate into traditional banking depth.
Revolut had approximately £2.2 billion of loans at the end of 2025. Its loan-to-deposit ratio was roughly 6%, far below the ratios commonly seen at established global banks.
That difference reflects Revolut’s origins.
The company expanded through foreign exchange, payments, subscriptions and other app-based financial services rather than building its business primarily around lending.
That model helped Revolut acquire customers quickly and diversify revenue, but becoming a full-scale global banking competitor requires customers to deposit larger balances, route salaries through their accounts and use more lending products.
There is evidence of progress.
Revolut reported that the number of customers choosing it as their primary account increased 45% year over year, while profit before tax increased 57%.
The strategic challenge is significant.
Expanding lending can increase revenue and deepen customer relationships, but it also introduces greater credit risk, capital requirements and regulatory complexity.
For investors, the question is whether Revolut can preserve the efficiency and customer appeal that fueled its rise while taking on the responsibilities of a much larger banking operation.
At a $115 billion valuation, expectations are already substantial.
The next phase of Revolut’s growth will therefore be measured less by downloads than by deposits, lending, primary-account adoption and sustainable earnings per customer.
