Revolut hits $75B valuation, delays IPO 2-3 years while securing banking licenses globally
Revolut raised $3B at $75B valuation in November 2025 - on par with Barclays and SocGen. CEO says IPO "most likely 2-3 years away", preferring US listing over London. 2024 revenue hit $4B (+72% YoY) with $1B net profit. Now at 65M customers across 48 countries. Pursuing standalone US banking license under Trump admin instead of acquiring a bank. Just became first digital bank to get Mexican banking license through direct application.
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Revolut's decision to pursue a standalone US banking license instead of acquiring an existing bank is a calculated bet on the new regulatory environment. $4B revenue with $1B profit at 65M customers means ~$62 revenue per user and ~$15 profit per user - solid unit economics. The Mexican banking license is huge for remittances. The real test: can they compete with Chase and Bank of America for US customers' primary banking relationship?