Revolut is on track to reach a $1 trillion valuation within the next decade, according to an early venture capital backer of the digital banking group.

The fintech giant is currently in the middle of a secondary share sale that is expected to value the company at approximately $115 billion. Its most recent valuation stood at $75 billion in November 2025, following a share sale that attracted investment from semiconductor leader Nvidia.

Bullhound Capital, the venture capital arm of Revolut investor GP Bullhound, has published an optimistic report projecting that the firm will surge well beyond its current valuation to reach $1 trillion by 2035. Such a figure would place Revolut ahead of every traditional European bank by market capitalisation and rival the largest financial institutions in the United States.

The forecast echoes remarks made by former Revolut executive Alan Chang, who now leads Fuse Energy. Chang previously told City AM that any valuation milestone en route to a trillion dollars was "just a stepping stone."

Bullhound originally invested $10 million in Revolut during its Series D funding round in February 2020, when the company was valued at $5.5 billion.

Stepped Growth Projections

The investor projects that Revolut will hit $400 billion by 2030, equating to a 30x price-to-earnings ratio — a standard measure of how much investors pay per unit of a company's profit.

By 2035, Bullhound expects that figure to more than double, fueled by an estimated 271 million customers producing $84 billion in revenue and $42 billion in net income. At the projected $1 trillion valuation, the firm would trade at a 25x price-to-earnings ratio.

Closing the Monetisation Gap

The VC firm attributes much of this projected growth to Revolut narrowing the revenue-per-customer gap with established banking peers. The fintech currently generates $86 in revenue per customer, well below Santander at $306, Bank of America at $1,194, and JP Morgan at $1,790.

"Revolut still has significant monetisation headroom relative to its retail banking peers," the report states. "Closing even part of this gap (without adding a single customer) represents a substantial, uncaptured revenue opportunity."

If Revolut were to match Santander's revenue-per-customer level, it would generate approximately $21 billion in annual revenue based solely on the 69 million customers reported in its 2025 annual report.

"This is also not a one-product fintech riding a cycle, but a diversified financial institution compounding across two dimensions simultaneously," Bullhound noted. The remark underscores Revolut's expansion well beyond its origins as a low-cost currency exchange app, spanning banking, crypto trading, stockbroking, business accounts, and embedded finance across dozens of markets — a breadth that positions it differently from earlier neobanks that struggled to monetise.

Subscription services were the company's fastest-growing revenue stream last year, climbing 67 per cent to £708 million. That growth outpaced the 57 per cent rise in headline profit, which reached £1.7 billion.

Revolut co-founder Nik Storonsky is rumoured to be considering a public listing at a valuation of around $200 billion (£148 billion) by 2028. Such a move would position the digital bank ahead of several of Europe's largest financial institutions, including Barclays at £70 billion and UBS at $128 billion.