Revolut aims to match biggest U.S. tech firms after $115B valuation

On Oct. 9, Revolut CEO Nik Storonsky said the company, valued at $115 billion, aims to expand its technology suite and eventually rival the largest U.S. tech firms. He pointed to a proprietary AI model called PRAGMA, trained on 40 billion transactions from 25 million users across 111 countries, as the foundation for future products.

Revolut processes roughly 30 to 40 million transactions each day, giving it a large data set for training its models. The company received conditional OCC approval for a U.S. national bank charter on Sept. 3. It is working with the FDIC and Federal Reserve to complete remaining requirements. On Sept. 16 Revolut added a banking license in Colombia, bringing its total of full banking licenses worldwide to six.

“With 30 to 40 million transactions taking place every day on Revolut, we have a unique dataset to build on,” Nik Storonsky, CEO said.

Before these announcements, Revolut had already secured bank licenses in the United Kingdom, France, Australia, Lithuania and Mexico. The company had been pursuing a U.S. banking charter to enable credit cards and loans in America.

What we know

Revolut aims to expand its suite of technology products and, over the long term, grow to be as large as the biggest U.S. tech companies, CEO Nik Storonsky said Friday (Oct. 9), according to a Reuters report.
“With 30 to 40 million transactions taking place every day on Revolut, we have a unique dataset to build on,” Storonsky said, per the report.
Revolut was valued at $115 billion in a secondary share sale this year.
PYMNTS reported in April that Revolut trained a proprietary AI model called PRAGMA on 40 billion transactions, app interactions and financial events drawn from 25 million users across 111 countries.
Revolut announced Sept. 3 that it got one step closer to launching its American banking business when it received conditional approval from the Office of the Comptroller of the Currency for its U.S. national bank charter.