Joe Sullivan

Wow. Revolut just confirmed its $115bn valuation according to WSJ 🤯. Staggering. I'm shook. A company that launched as a travel money card in 2015 is now worth more than Barclays. More than Deutsche Bank. It's the first private company Europe has ever produced worth over $100bn, and among private fintechs anywhere on earth, only Stripe ($159bn) sits above it. Its also the 5th largest private company in the world, only Anthropic, OpenAI, Stripe and Databricks beat it. The number underneath it is even wilder. Employees are cashing out at $2,017 a share. There's about to be one HECK of a Revolut Mafia starting new companies. What earned it: - A full UK banking licence in March, five years after first applying - A US national bank charter application filed (with good odds) - 65m+ customers across 45+ countries, with India, Mexico and Colombia in motion - $6bn of revenue and $2.3bn of pre-tax profit in 2025 - New licences in UAE, Australia, Mexico and Brazil This is the first truly global bank. Now do the maths on the price. $115bn on $2.3bn of pre-tax profit is roughly 50x. That's a software multiple attached to a licensed, deposit-taking bank. Investors are pricing Revolut as a tech company that happens to hold your money. And look at who's paying it. Coatue, Fidelity, T. Rowe Price, a16z. Nvidia's venture arm joined the cap table in November. Think about that. In 2026 the marginal growth dollar has one obvious home: AI. This one went to a bank. Even Nvidia, the company the entire AI boom runs through, wanted a piece of a bank (albeit, one that created a custom foundation model that runs on Nvidia hardware). Because Revolut is that rare thing, a bank compounding like a tech company. Often, my American friends underrate this company because it hasn't landed on their shores yet. The US charter is the swing variable. If it's granted, Revolut gets a shot at the largest banking market on earth, and $115bn will look like the early price. Never bet against Revolut.