REVOLUT CITY

2025 Financial Cityscape & Growth Pulse

Financial Cityscape Interactive Visualizer

Hover over the glowing high-rise towers to explore the massive pillars of Revolut's FY2025 expansion

Revenue Tower

£4,515.8M

↑ 46.1% YoY

Card payments, subscriptions, and wealth services drove total group revenue past £4.5B. This represents a healthy diversify, where 76% of total revenue is fee-based rather than interest-income.

Total Revenue

£4,515.8M

↑ 46.1% vs £3,090.0M in FY24

Net Profit

£1,304.6M

↑ 65.1% vs £790.4M in FY24

Total Customer Balances

£50.2B

↑ 66.2% vs £30.2B in FY24

Retail Customers

68.3M

↑ 30.1% Added 16M users in 25

AI Smart City Engine

Gen AI Operating Model Leverage

In FY2025, Revolut experienced the first major impact of **Generative AI** on scaling efficiency. A smart chatbot resolved customer support inquiries, enabling massive customer scaling with declining operational costs.

75%+

Customer Queries Resolved Autonomously

40% / 50%

Retail / Business Resolution Time Reduced

-5.5%

Customer Operations Staff Headcount (YoY)

⚠️

Operations Staff Deflation vs Product Growth

Customer Support headcount fell from 4,974 to 4,700 average. All headcount growth was shifted into hiring high-skilled Product (+26% YoY) and Global Expansion (+35% YoY) engineers, while Support Net Promoter Score (NPS) rose by 12 points.

Global Horizon Map

Strategic banking licenses, regulatory filings, and expansion nodes completed in early 2026:

March 2026

UK Bank Mobilisation Lifted

PRA lifted restrictions on banking license, unlocking FSCS-protected accounts for 13M UK users.

March 2026

U.S. National Bank Charter Application

Formally submitted charter application to OCC & FDIC (Revolut Bank US, N.A.) to unlock full lending & insurance.

January 2026

Mexico Bank Launch

Launched full banking operations in Mexico following a successful early access phase.

Late 2025 / Early 2026

APAC & LATAM Licensing Nodes

Secured Colombia bank license, UAE payments approval, India PPI license, and Argentina acquisition.

August 2025

NVIDIA AI Alliance

Partnered with NVIDIA's NVentures in a secondary sale valuation of $75B, targeting key AI implementations.

Consolidated Statement of Comprehensive Income

Detailed audited financial performance for the year ended 31 December 2025 compared to 2024

Revenue Diversification breakdown (Total: £4,515.8M)

Card Payments

£1,003.9M

22.2%

Card Payments

£1,003.9M (22.2%)

Interest Income

£974.2M (21.6%)

Subscriptions

£708.5M (15.7%)

Wealth (Crypto/ISAs)

£663.5M (14.7%)

Revenue Component growth (FY24 vs FY25 Comparative)

Card Pay

Interest

Subs

Wealth

FY2024

FY2025

Financial Statement Component	FY2025 (£000)	FY2024 (£000)	YoY Change	% of Rev
Fee Income (Note 6)	3,429,229	2,216,775	+54.7%	75.9%
Interest Income (Note 7)	974,159	790,240	+23.3%	21.6%
Other Income (Note 8)	112,382	83,028	+35.4%	2.5%
Total Revenue	4,515,770	3,090,043	+46.1%	100.0%
Fee Expenses (Note 9)	(767,201)	(473,289)	+62.1%	17.0%
Interest Expenses (Note 7)	(83,003)	(42,789)	+94.0%	1.8%
Credit Losses on lending & non-lending products (Note 31.1)	(81,182)	(51,067)	+59.0%	1.8%
Other operating expenses	(66,743)	(33,756)	+97.7%	1.5%
Gross Profit	3,517,641	2,489,142	+41.3%	77.9%
Administrative Expenses (Note 10)	(1,804,368)	(1,400,412)	+28.8%	40.0%
Profit Before Tax (PBT)	1,713,273	1,088,730	+57.4%	37.9%
Tax Expense (Note 12.1)	(408,645)	(298,304)	+37.0%	9.1%
Net Profit for the Year	1,304,628	790,426	+65.1%	28.9%

Consolidated Statement of Financial Position

Total Group assets, customer liabilities, and capital equity reserves at 31 December 2025

Balance Sheet Asset Structure (Total: £43,024,390k) Cash & Treasuries: 89.8%

Cash (49%)

Treasury (41%)

Cash & Equivalents 48.9%

Treasury Investments 40.9%

Customer Net Loans 5.0%

Commodities (Gold) 1.7%

Other Assets 3.5%

Equity & Liabilities Structure CET1 Capital Ratio: Comfortably Excess

Customer Deposits (84%)

Equity (11%)

Customer Deposits 84.0%

Other Liabilities 4.6%

Equity Capital 11.4%

Assets Line Item	FY2025 (£000)	FY2024 (£000)
Cash and cash equivalents (Note 13)	21,021,729	15,905,635
Treasury investments (Note 14)	17,614,303	7,845,972
Investment in commodities (Note 16)	738,674	199,109
Loans and advances to customers (Note 18)	2,150,128	979,384
Trade and other receivables	1,110,564	593,924
Deferred tax assets	200,154	120,014
Property, equipment, & right-of-use assets	102,685	69,847
Other assets (Intangibles/Derivatives/Tax)	86,153	131,790
Total Assets	43,024,390	25,845,675

Liabilities & Equity Item	FY2025 (£000)	FY2024 (£000)
Customer liabilities (Note 22)	36,880,199	22,543,576
Trade and other payables (Note 23)	1,094,994	625,280
Current tax liabilities	113,204	28,453
Provisions for liabilities (Note 24)	34,772	25,279
Derivative financial liabilities	7,395	53,759
Total Liabilities	38,130,564	23,276,347
Share premium (Share capital £nil)	830,772	4,187
Merger reserve	—	1,287,803
Retained earnings	3,465,642	978,539
Other reserves (Note 28)	597,412	298,799
Total Equity	4,893,826	2,569,328

Consolidated Statement of Cash Flows

Audited cash inflows/outflows for FY2025 with explanations on restated presentation of comparatives

💡

Note 2.2 Change in Presentation of Statement of Cash Flows

FY2025 includes presentational changes to provide a more useful disclosure of cash flows. Specifically, **Interest Paid (£80.2M)** and **Interest Received (£943.7M)** are now presented separately inside operating cash flows (previously outside). Additionally, **treasury investments** cash inflows and outflows are grossed up to display purchases and maturities separately rather than net. Prior-year FY24 comparatives have been restated to conform.

Operating Inflow +65.2%

£13,417.7M

Core trading activity, customer deposit inflows, and net fee revenues.

Financing Inflow >100%

£651.5M

Financing net cash, driven by £647M from treasury share transactions.

Annual Net Velocity +35.2%

+£4,639.9M

Group net cash increase, after massive strategic capital reinvestments.

Closing Cash Reserves +32.2%

£21,021.7M

War chest of highly-liquid safeguarding cash at year-end.

Investing Allocation +100.9%

-£9,429.4M

Driven by putting surplus cash into yield-bearing high-grade Treasuries (net purchases of £9.33B).

Cash Flow Statement Activity	FY2025 (£000)	FY2024 (£000)*	Change
Cash generated from operations (Note 34)	12,817,330	7,724,406	+65.9%
Corporate income tax paid	(263,045)	(296,935)	-11.4%
Interest received	943,659	742,073	+27.2%
Interest paid	(80,198)	(45,986)	+74.4%
Net Cash generated from Operating Activities	13,417,746	8,123,558	+65.2%
Cash inflows from other treasury investments	25,742,313	7,415,099	+247.2%
Cash outflows for other treasury investments	(35,071,549)	(12,072,877)	+190.5%
Other investing activities (Equipment purchase, term deposits)	(100,116)	(35,821)	+179.5%
Net Cash used in Investing Activities	(9,429,352)	(4,693,599)	+100.9%
Net cash flows from movements in treasury shares	646,955	—	New
Other financing activities (Share issues, loans, lease payments)	4,511	1,014	+344.9%
Net Cash generated in Financing Activities	651,466	1,014	+64147.1%
Net increase in cash and cash equivalents	4,639,860	3,430,973	+35.2%
Cash and cash equivalents at beginning of year	15,905,635	12,827,654	+24.0%
Effect of exchange rates on cash balances	476,234	(352,992)	N/A
Cash and cash equivalents at end of year	21,021,729	15,905,635	+32.2%

Operational Disclosures & Notes

Granular breakdown of Fee Income, Geographical Segments, Customer Lending, and AI-deflected Headcount

Note 6: Fee Income & Geography (£3,429.2M Total)

Fee income represents **76.0%** of total revenue. Here is the split by core products:

Card Payments (Interchange & Merchant) £1,003.9M (+44.7%)

Subscriptions (Paid Plans migration) £708.5M (+67.5%)

Wealth Services (Crypto/ISAs/Mutual Funds) £663.5M (+31.0%)

Foreign Exchange (Currency conversions) £605.8M (+43.5%)

Rewards Program (RevPoints Loyalty) £192.8M (+709.2%)

Other Fee Income (Account fees, Youth, etc.) £254.8M (+72.7%)

Geographical Segment Split

Europe (71%) UK (25%) RoW (4%)

* Europe (excl. UK) grew **+54.3% YoY**, driven by massive digital adoption in France, Italy, and Spain. UK grew **+44.2% YoY**. Rest of World surged **+174.5% YoY** from US, India, and LATAM expansion.

Note 18: Customer Lending Portfolio (£2,150.1M Net)

Lending products grew **+119.5% YoY**, backed by tight risk underwriting and steady credit quality:

Asset Class	Gross (£M)	ECL (£M)	Net (£M)
Unsecured Personal Loans	1,832.0	(78.0)	1,841.2*
Credit Cards	235.3	(13.9)	221.3*
Mortgages (Lithuania launch)	87.6	(0.01)	87.6
Buy Now, Pay Later (BNPL)	9.3	(0.1)	9.2
Total lending assets	2,242.2	(92.0)	2,150.1

4.1% ECL Credit Loss Coverage Ratio

Total credit loss allowance of £92.0M holds flat YoY at 4.1% coverage despite doubling the lending balances. Credit quality remains highly conservative.

* Carrying values may show minor net reallocation due to fair value adjustments and specific product-related hedges.

Note 11: Headcount & Personnel Costs (£922.2M Staff Costs)

Staff monthly average headcount grew **9.8% YoY** to **10,909** (year-end: 12,200). Note how support staff declined as product engineering hiring soared:

Support (43%) Product (20%) Corp (20%) Sales (12%) Regions (5%)

4,700 Ops

Support (-5.5% YoY)

2,218 Eng

Products (+26% YoY)

494 Staff

Regions (+35% YoY)

Staff Cost Components (Total: £922.2M)

Wages, salaries, and bonuses	£577.2M	+19.0%
Share-based payments (Note 29)	£192.8M	+7.7%
Social security and other payroll taxes	£88.2M	+24.4%
Pension contributions & PEO (Employer Org)	£25.3M	-12.8%
Other staff costs & benefits	£38.7M	+27.5%
Total Group Staff Costs	£922.2M	+16.2%

Notes 13 & 14: Highly Liquid Safeguarded Balance Sheet

Revolut maintains **90.0% of its £43.0B total assets** in Cash & Central Bank reserves or sovereign treasury papers:

Cash & Cash Equivalents Term deposits with central banks (£12.9B), safeguarding accounts (£5.4B), bank own funds (£2.7B)

£21,021.7M

Reverse Repurchase Agreements Highly-secured reverse repos backed by £8.83B of fair value sovereign asset collateral

£8,587.4M

Amortised Cost Debt Instruments Corporate bonds, commercial papers, and high-grade certificates of deposit

£6,917.6M

Government Loans & Bonds Direct sovereign lending (£2,006.9M) and FVOCI government bonds (£2.4M)

£2,009.3M

🔒

Bulletproof Central Bank Placement

Over **£13.7 billion** of own and safeguarded customer cash is placed directly in liquidity reserves at Central Banks (e.g. Bank of England, Bank of Lithuania) to lock in high interest yields while ensuring immediate risk-free liquidity.

Revolut DNA & High-Performance Operations

Metrics-driven quantitative scalability, high-performance talent architectures, and product subtraction design powering 50M+ users globally

Strategic Scale & Collaborative Operations (Nikolay Storonsky)

Strategic scalability, supportive leadership models, and robust customer protection protocols powering global financial enablement.

$75B Valuation Scale & Visionary Financial Milestones

Pioneering ambitious and sustainable financial milestones, we design borderless solutions to bring comprehensive financial empowerment to users across 100 countries.

$9B / $3B

FY26 Rev / Profit

15M DAU

Daily Active

100 Co.

Global Target

• The $200B Shared Value Roadmap: Scaling net profits to $5.0–$6.0 Billion to support the next major valuation tier, building on expected FY25 revenue of $6.0B and net profit of $2.0B.

• Deep Customer Engagement: Empowering over 50M total customers, with 15M Daily Active Users (DAU) and 25–30M Weekly Active Users (WAU) through highly efficient technology architectures.

• Global Banking License Push: Securing full banking licenses globally to expand beyond the 95% European revenue base, including filing in Mexico, bank acquisitions in Argentina, and scaling operations in Brazil, Colombia, Peru, UAE, South Africa, Morocco, India, Philippines, Indonesia, and the US.

• Trust-Building US Public Listing: Planned US listing (Nasdaq/NYSE) within 2–3 years to build market trust and reputation, leveraging superior market liquidity and the absence of transaction stamp duties.

Professional Growth & Information Security Safeguards

Cultivating a supportive, team-oriented development structure. We maintain high professional excellence to nurture and fast-track exceptional talent.

Professional Growth & Mentorship Framework Fostering a creative builders' mindset focused on development. Our review frameworks emphasize mutual growth, constructive feedback, and continuous skill advancement across all team levels.

Strict Information Security Controls While offering full remote work flexibility, the workspace is compartmentalized to protect sensitive financial systems. To prevent unauthorized disclosures and maintain corporate IP security, central org charts are restricted.

Corporate Communications Compliance Compliance and Information Security teams monitor professional communications and public disclosures to safeguard corporate intellectual property and maintain regulatory compliance.

Premium Brand Architecture & UX Subtraction

How Revolut scales emotional lifestyle resonance and programmatically simplifies global boundary interfaces

Premium Lifestyle Rebrand & Collaborative Ideation (Gareth Morgan)

Transitioning into a high-gravitas premium lifestyle brand to inspire trust. We establish positive emotional connections, modeling communication strategies on global design and lifestyle leaders to deliver warm, welcoming customer experiences.

40+

In-House Creatives

IRL

Physical Touchpoints

Premium

Brand Experience

• Emotive Lifestyle Resonance (Nike Parallel): Choosing Revolut is positioned as a positive lifestyle alignment, focusing on a shared customer ethos and value-driven experience rather than standard functional feature lists.

• Integrated In-House Creative Agency: A 40+ person brand department spanning motion design, sound design, and 3D modeling ensures total creative control, rapid execution, and deep brand alignment.

• Generative AI for Visual Proofs-of-Concept: Treating Generative AI as a collaborative design assistant (analogous to the Adobe suite) to rapidly build visual mockups, enabling the team to collaboratively greenlight ambitious and creative concepts.

• Tactical Partnerships & Experiential Touchpoints: Designing high-value creative partnerships (such as select sports and musical festivals) and physical card products with premium materials. The 2026+ strategy focuses on "Into Real Life" (IRL) customer journeys, including welcoming physical airport lounges and elegant street-level brand presence.

• Ego Detachment & Visual Diversity: Training creative teams to present multiple distinct visual solutions to stakeholders. This approach depersonalizes feedback, ensures data-driven decision-making, and keeps collaboration focused purely on client experience.

Design by Subtraction & Regional Research (Product Designers)

Translating complex global banking infrastructures and multi-jurisdictional frameworks into seamless, zero-friction client interfaces through subtraction.

"Design by Subtraction" Framework Maximizing impact by systematically pruning unnecessary screens, complex steps, and textual bloat to keep the core retail app clear and unified.

Boundary Complexity Abstraction Absorbing international regulatory differences and varying trans-border infrastructures to deliver a single, clean estimated timeline for client peace of mind.

Objective Weekly Sprint Meritocracy Rapid iteration sprint reviews where features are evaluated strictly on logic, metrics, and user value, regardless of corporate hierarchy or source.

Ground-Level Localization & Demographic Inclusivity Deploying regional research teams on-ground (e.g., Brazil payment culture studies) to inform core systems rather than relying on simple translation. Actively grounding designs to ensure broad demographic alignment and avoid localized corporate headquarters biases.

Algorithmic Venture Capital & Institutional Portfolios

Applying quantitative modeling and algorithmic data structures to institutional venture capital investing

Quantum Light Algorithmic VC Fund ($250M)

Operating a $250M venture capital fund backed by institutional investors. The fund eliminates human emotional pitches entirely, relying 100% on algorithmic data models to identify and evaluate Series B/C high-growth startups.

⚡

Mathematical Outperformance

By using quantitative data models to filter startup metrics, the Quantum Light fund historically generated **7x to 15x returns on historical mathematical backtests**.

The 5 Core Cultural Pillars In-Action

Revolut's written codes mapped directly to real-world engineering and brand scenarios

Never Settle

Striving for absolute excellence and 10x impact. We push boundaries to deliver innovative, market-leading solutions, redefining the standards of the financial services industry.

Target 10x, not 10% gains

Reject simple status-quo maintenance

Get It Done

Extreme ownership and a strong bias for action. We prioritize execution and actual product delivery, empowering teams with fast decision-making to confidently deploy solutions to production.

No excuses, only shipping

100% individual ownership

Think Deeper

Strictly analytical, logic-grounded rigor. Decisions are informed by data rather than assumptions. Design and development critiques are treated as valuable inputs to optimize user experience.

Data beats seniority/status

Root cause analysis always

Dream Team

We operate like a championship team. We recruit, develop, and retain the highest-caliber talent, ensuring continuous performance excellence to foster a growth ladder for high-achievers.

Hire and retain "All-Stars"

Radical transparency & feedback

Deliver WOW

Commitment to excellence and quality to prevent long-term system breakdown. We aim to systematically exceed project expectations by proposing creative, high-impact solutions.

Gorgeous, fast UI/UX design

Systematically exceed expectations