It already has more customers than either of them, surpassing 40 million compared with NatWest's 19 million. And although profit lags — Natwest earns in a month what Revolut earns in a year — the narrow valuation gap suggests investors think the upstart will catch up.
One of Britain’s biggest banks isn’t even a bank. For three years, Revolut has been in discussions with UK authorities to secure a local banking licence – without much success. “Hopefully, sooner or later, we’ll get it,” co-founder and chief executive officer Nikolay Storonsky told reporters last week.
The delay hasn’t slowed the nine-year-old fintech. Unconfirmed reports suggest a secondary share sale could value the company at US$40 billion ($53.91 billion), placing it between NatWest Group (US$34 billion) and Barclays (US$41 billion) among the UK’s most valuable financial institutions.
