Revolut has become Europe's most valuable startup, reaching a private valuation of $115 billion and surpassing the market values of Britain's Barclays and France's Societe Generale. Founded just over a decade ago as a fintech offering cheaper foreign-exchange fees, the London-based company reported 2025 pretax profit of £1.7 billion, compared with Barclays' £9 billion. Its global expansion strategy includes new licences and markets such as Mexico and Australia, although the company faces intense competition in the United States, where it holds a provisional licence. Revolut's customer base has reached 80 million, but its revenue per customer and lending activity remain well below those of traditional banks. The company says its diversified business model relies on products and services including fees rather than primarily on lending. It had £2.2 billion in loans at the end of 2025, giving it a 6% loan-to-deposit ratio versus 55% for HSBC and 86% for Societe Generale. Revolut has also faced regulatory and operational setbacks, while investors are watching whether more customers adopt it as their primary bank account.