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Revolut aims to become global tech company beyond banking, CEO says - Finance news and analysis from Global Banking & Finance Review
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Revolut aims to become global tech company beyond banking, CEO says

Published by Global Banking & Finance Review

Posted on October 9, 2026

2 min read

· Last updated: October 9, 2026

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Revolut CEO Outlines Vision for Global Tech Company Beyond Traditional Banking

Revolut's Expansion and Strategic Vision

By Elvira Pollina

Revolut's Move Beyond Financial Services

TURIN, Oct 9 (Reuters) - Revolut plans to move beyond financial services and develop a broader suite of technology products, Chief Executive Nik Storonsky said on Friday, as Europe's most valuable startup pushes deeper into global markets.

Leveraging Proprietary AI and Unique Data

Storonsky said Revolut had developed proprietary AI models trained on customer transaction data, using techniques similar to those underpinning large language models.

"With 30 to 40 million transactions taking place every day on Revolut, we have a unique dataset to build on," he said at the Wave by Vento tech forum in Turin, adding that his long-term goal was for Revolut to reach a scale comparable with the biggest US technology companies.

Regulatory Scrutiny and Security Incidents

Regulatory Challenges and Compliance

Revolut's rapid growth has drawn regulatory scrutiny. In 2025, Lithuania's central bank imposed a record €3.5 million fine over shortcomings in transaction-monitoring controls, though the company said the investigation found no confirmed instances of money laundering and that it had strengthened its systems.

Data Breach Incident

In September, Revolut accidentally sent customer data to hackers posing as government investigators. The company said its systems and customer funds were unaffected.

Valuation and Market Position

Impressive Growth and Valuation

Founded a little over a decade ago, Revolut was valued at $115 billion in a secondary share sale this year, up from $45 billion in 2024. It is now privately valued at more than the market capitalisation of Britain's Barclays or France's Societe Generale.

Licensing and Global Expansion

Recent Licensing Milestones

The company has announced several new licences in recent weeks. It received preliminary approval for a national banking licence in the United States in September, after winning licences in Britain and France earlier this year.

Potential Public Listing

Preference for US Listing

If Revolut were to list its shares, it would favor a primary listing in the US, Storonsky told Bloomberg TV on Thursday.

(Reporting by Elvira Pollina and Giulio Piovaccari, editing by Elaine Hardcastle)

Key Takeaways

  • Revolut plans to transform from a financial services provider into a broad tech platform, with AI agents managing purchases and investments.
  • It has developed proprietary AI foundation models (e.g., PRAGMA) trained on customer transaction data to enhance fraud detection, credit scoring, and insights.
  • Revolut is rapidly expanding globally with conditional US national bank approval and recent licences in France, Australia, Mexico, and Colombia.

Frequently Asked Questions

What is Revolut's long-term goal according to its CEO?
Revolut's CEO aims to expand the company into a global technology company beyond financial services, targeting a scale comparable to major US tech firms.
How is Revolut using artificial intelligence in its business?
Revolut developed proprietary AI models trained on customer transaction data, using methods similar to large language models, to enhance its product offerings.
What recent regulatory issues has Revolut faced?
Revolut was fined €3.5 million by Lithuania's central bank over transaction-monitoring shortcomings and reported a data incident involving hackers posing as officials.
What is Revolut's current valuation?
Revolut was valued at $115 billion in a secondary share sale in 2024, making it more valuable than Barclays or Societe Generale.
Which new markets has Revolut recently entered?
Revolut received preliminary approval for a US banking licence and has also secured banking licences in Britain and France in 2024.

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