The news: UK-based mega-neobank Revolut reported £4.7 billion ($6.29 billion) in revenue for 2025, up 47% YoY, and a net profit of £1.3 billion ($1.74 billion), up 65% YoY. Results included increases of 30% YoY to reach 767,000 business customers and 30% to reach 68.3 million retail customers.

Digging into the results: Revolut’s income is mostly fee-based (76%, up 4.2% YoY). It includes card payments (22.2% of revenues), subscriptions (15.7%), wealth management (14.7%), and foreign exchange (13.4%). It plans to broaden its lending products—including launching a business lending product in 2026—and adding credit products globally. Global growth plans include Latin America, Africa, the Middle East, Asia Pacific, Europe, and the US.

Zoom out: The global playbook is largely consistent across countries: Acquire a banking license, directly offer financial products, and expand into related services. Revolut recently acquired banking licenses in Mexico and Colombia, was authorized to issue prepaid payment instruments in India, and received in-principle approval of a United Arab Emirates payments license. In addition, it bought a bank in Argentina and plans to apply for a full banking license in South Africa.

Revolut's March application to the Office of the Comptroller of the Currency (OCC) for a US national banking license is pending. If the OCC approves Revolut’s application, the company will have direct access to US core payment infrastructure and be able to offer deposit accounts, issue cards, and originate loans. It plans to invest $500 million in the US as part of its $13 billion global expansion.

Implications for banks: Revolut’s international “land and expand” strategy and its multibillion-dollar revenue engine promise more intense financial services competition in many global markets.

Large neobanks or equivalent payment services already operate in many of the markets Revolut plans to grow into. Its successful growth in every market is not assured (e.g., it gave up on entering the US for the first time in 2021). But banks need to brace for another large, well-resourced competitor challenging their business models and capturing prospects and customers.