Revolut – The Dawn of Modern Banking

When we first came across Revolut in 2017, we were blown away by the product. Since then, the company has continued innovating and going from strength to strength. Today, Revolut is one of the most successful tech stories in Europe. What struck us then was the clarity of the vision: providing the best user experience while beating competition on rates. Built as one app, engineered from scratch around the customer rather than retrofitted onto legacy banking infrastructure, and deployed worldwide.

Today, Revolut is in the strongest position it has ever been in, solidifying its global leadership. In Europe, one in five working-age adults now uses Revolut and in some markets one in three new bank accounts is Revolut. Above all, Revolut is loved by its customers.

In this report, we present our investment thesis for Revolut, supporting the $115bn valuation of the ongoing round, and set price targets of $400bn+ by 2030 and $1tn+ by 2035.

Key findings:

• For the love of product. Product is the growth engine. Every product must “deliver WOW”, and customers reciprocate: around two-thirds of new customers arrive organically or by referral, and every new vertical launches into an already-engaged base at minimal acquisition cost, creating a flywheel where each product deepens retention and funds the next. The same discipline now extends to AI, with AIR putting the entire ecosystem behind a single conversational interface.
  

• Complexity that feels simple. Rivals, at best, focus on product breadth or monetisation depth; Revolut is successfully doing both, distributing institutional-grade, high-margin products to a 75-million-user base through the same daily habit that began with free FX. Three moats – distribution, in-house technology and the proprietary data those users generate – reinforce one another, and the combined advantage compounds with every launch.
  

• Culture rooted in excellence. Ownership, grit and a relentless pursuit of being number one. Hiring is treated as an engineering problem: 1.7 million applications in 2025, and only 0.15% accepted (comparable to the likes of Google and Goldman Sachs). The talent density shows up outside the company too, with Revolut now one of Europe’s most prolific founder factories, its alumni companies having raised over $1.2bn.
  

• Our view on current and midterm valuation. Revolut is growing revenue faster than most companies in the comparable set, while already delivering a superior net margin (also ahead of most peers) that we expect to keep expanding over the coming years. Across a range of valuation methodologies, we believe the $115bn ongoing secondaries round represents a fair value for the company today (35x 2026E P/E). By 2030, earnings growth should more than offset any multiple compression from today’s implied P/E, supporting a valuation in excess of $400bn (30x 2030 P/E).
  

• The path to a trillion-dollar valuation. By 2035, 271m customers (nearly 1 in 10 banked adults in target markets) at $309 ARPU are expected to produce $84bn of revenue and $42bn of net income, a margin that reflects the operational efficiency of Revolut relative to brick-and-mortar banks. At 25x P/E, a multiple that reflects Revolut’s growth and profitability, we arrive at $1 trillion. Both upsides and risks remain.

Bullhound Capital Founding Partner Per Roman: “I first became a customer to save on FX, then a loving customer due to the ease of use, and only then an investor. The founder Nik Storonsky delights his users while running a tight, fast-moving ship, generating exceptional returns for shareholders. Revolut is the Apple of money.”

Bullhound Capital Partner Alon Kuperman: “When I first came across Revolut in 2017 I knew it was an exceptional product. Two years later we became proud shareholders. Today, everyone I speak to says they love Revolut. That love has translated into superior unit economics and operating cash flows like no other, which, in turn, helps funding a better and better product on a global scale. I have had conviction in Revolut reaching a $1 trillion dollar valuation for a number of years now, which I shared with Nik back in 2021. It is nice to see the company continuing to execute so well on its way to this milestone, but more importantly, to see that Revolut is redefining modern banking and establishing itself as a true global leader.”

Enquiries
For press inquiries, contact: alon.kuperman@bullhound.com.