11. Revolut
Revolut has rapidly become one of the most prominent players in digital banking and one of the most successful fintech startups globally
Founders: Nik Storonsky (CEO), Vlad Yatsenko
Launched: 2015
Headquarters: London
Funding: $1.7 billion
Valuation: $45 billion
Key Technologies: N/A
Industry: Fintech
Previous appearances on Disruptor 50 list: 0
With over 50 million users across more than 48 countries, Revolut has rapidly become one of the most prominent players in digital banking and one of the most successful fintech startups globally.
Revolut's platform offers a broad range of services including multi-currency accounts, debit cards, stock and crypto trading, and savings accounts. Positioning itself as an "all-in-one finance app," its subscription model spans from a free tier to high-end option that bundles features such as travel perks and higher interest rates.
Revolut operated without a full banking license in its home country the U.K. for nearly a decade. While it was designated as a licensed electronic money institution (EMI), it could not legally lend money through products like credit cards, personal loans or mortgages. It finally obtained its license in July 2024 after years of regulatory delays and internal issues, and now has plans to enter into new markets and product categories, including mortgages and business loans.
"As you can imagine, at this scale, it's a thorough process, and we just pay a lot of attention to it," Revolut's chief financial officer Victor Stinga told CNBC in April. "We work very closely on a close contact with the PRA [Prudential Regulation Authority] and the FCA [Financial Conduct Authority] on it. We feel like we're making great progress on it."
The company launched Revolut X last year, a crypto trading platform that is now available in 30 countries in the European Economic Area. And the U.K. granted Revolut a license to allow trading of U.K. and E.U.-listed stocks and exchange-traded funds last November.
In August 2024, Revolut announced a partnership with Visa, allowing Revolut Business customers to send funds globally via the Visa Direct system.
Revolut also has recently received or is actively pursuing banking licenses in other international markets, opening new branches in Germany, Romania, and Switzerland in 2024, and announcing expansion plans in Mexico, Australia and Colombia.
Being Europe's most valuable fintech has also drawn the attention of scammers. Many Revolut customers have been targeted by authorized push payment (APP) scams. These scams involve criminals tricking their victims into transferring money to fraudulent individuals or businesses. The rise in APP crime has led U.K. lawmakers to require banks and fintech companies to compensate victims up to £85,000 (or about $113,500). Revolut has pushed back, saying other parties including social platforms like Meta should also be responsible for some of the fees.
Despite these setbacks, Revolut remains financially strong. Unlike many of its fintech peers, it has achieved profitability. Its net profit for 2024 totaled £1.1 billion ($1.5 billion), accounting for an increase of 149 percent year over year, giving it a clear edge as it eyes future expansion and a potential IPO.
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This story originally appeared on: CNBC - Author:Michelle Castillo
