Revolut announced Wednesday it has crossed 60 million customers worldwide and has submitted final documentation to the UK Prudential Regulation Authority as part of its ongoing banking licence application. The company said it expects a decision from UK regulators before the end of 2026, more than two years after it first applied for a full banking licence in the country and following a period of regulatory back-and-forth that became one of the most closely watched licence applications in UK financial services history.
A full UK banking licence would allow Revolut to offer Financial Services Compensation Scheme-protected deposits up to £85,000, a significant gap in its current product offering compared to traditional banks and a frequent criticism from consumer advocates. Revolut currently operates in the UK under an e-money licence, which provides fewer consumer protections than a full banking licence. The company holds banking licences in Lithuania, which governs its European operations, and Mexico, covering its Latin American expansion.
Revenue and profitability
The company reported £2.2 billion in revenue for the 12 months ending December 2025, up 72 percent year-over-year. Net profit reached £438 million, its second consecutive profitable year after turning profitable for the first time in 2024. Revolut attributed the growth to three primary drivers: its expanded business banking division, which now serves over two million companies; increased adoption of its stock trading and cryptocurrency products; and the launch of Revolut <18, a youth account that has attracted 1.2 million users since launching in early 2025.
The strong financial performance has strengthened Revolut’s position in its regulatory discussions. UK regulators have historically been cautious about granting banking licences to fintech companies without established profitability, and Revolut’s sustained profit generation addresses one of the key concerns raised during earlier stages of its application process.
RevAI and product expansion
Revolut also announced the expansion of its AI-powered financial assistant, RevAI, which the company said now handles 45 percent of customer service queries without human intervention — up from 28 percent when the feature launched in 2024. The assistant can set spending limits, flag unusual transactions, provide personalised budgeting recommendations based on transaction history, and explain regulatory decisions such as account restrictions in plain language.
The company is preparing to launch a mortgage product in Ireland before the end of 2026, subject to regulatory approval, which would represent its first foray into secured lending. Revolut has not confirmed whether a UK mortgage product is planned, noting that this would require the banking licence to be in place first.
Valuation and competitive landscape
Revolut’s valuation stood at $45 billion following a secondary share sale in early 2026, making it Europe’s most valuable private technology company ahead of Swedish buy-now-pay-later firm Klarna. The company faces intensifying competition from Monzo, which received its UK banking licence in 2020 and has been steadily expanding its product range, and from traditional banks including NatWest and Lloyds, which have accelerated digital product development in response to challenger bank growth.
Revolut CEO Nik Storonsky described the 60 million customer milestone as “a reflection of the trust customers place in a better way to manage money” and said the company aims to reach 100 million customers within two years. The company employs approximately 10,000 people across 45 countries and operates in 38 markets globally.
What a banking licence would actually change
For existing customers, the practical difference between Revolut’s current e-money status and a full banking licence is largely about deposit protection rather than day-to-day functionality. Under the current structure, customer funds are safeguarded through ring-fenced accounts at partner banks rather than covered by the FSCS deposit guarantee that applies to traditional current accounts. A banking licence would close that gap and likely allow Revolut to offer its own overdrafts and secured lending products in the UK directly, rather than relying on the more limited credit products it currently provides through partner arrangements.
Industry analysts covering the neobank sector note that the timing is significant: several UK challenger banks that received licences earlier, including Starling and Monzo, used the credibility boost to accelerate business banking growth and win corporate treasury relationships that had previously gone to incumbent banks by default. Whether Revolut can replicate that pattern at its current scale — with a customer base roughly six times the size Monzo had when it received its own licence — will be one of the clearer tests of whether scale advantages carry over once regulatory constraints are lifted.
