Revolut will become $1 trillion company by 2035, says early VC backer
Revolut will secure a price tag of $1 trillion within a decade, an early backer of the fintech has claimed.
The digital banking juggernaut is in the midst of a secondary share sale at an expected valuation of $115bn and was last valued at $75bn in November 2025, when it landed investment from chip giant Nvidia in a share sale.
Bullhound Capital – the venture capital arm of Revolut investor GP Bullhound – has released a bullish new report suggesting the firm will go even further and reach a mammoth $1 trillion valuation by 2035.
The prediction follows Revolut alumni Alan Chang, now the founder of Fuse Energy, telling City PM any valuation on the road to a trillion was “just a stepping stone”.
Bullhound provided a $10m investment in Revolut in February 2020 as part of its Series D funding round at a valuation of $5.5bn.
The investor projects that Revolut will reach $400bn by 2030, which will mark a 30x price-to-earnings ratio – a metric used to show how much investors pay for each dollar or pound of the bank’s profit.
This is then expected to more than double in the five years following, driven by an estimated 271m customers generating $84bn in revenue and $42bn in net income. Bullhound forecasts the 13 digit valuation would leave Revolut with a 25x price-to-earnings ratio.
Revolut’s ‘uncaptured revenue opportunity’
The VC firm said momentum will be driven by Revolut closing the monetisation gap between its peers. The fintech currently generates $86 in revenue per customer, trailing behind 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 argues.
“Closing even part of this gap (without adding a single customer) represents a substantial, uncaptured revenue opportunity.”
Should it match Santander’s level, it will generate $21bn in annual revenue based of the 69m customers recorded in its 2025 annual report alone.
“This is also not a one-product fintech riding a cycle, but a diversified financial institution compounding across two dimensions simultaneously,” Bullhound said.
Subscriptions provided the fastest area of revenue growth for the company last year, rising 67 per cent to £708m. This outpaced the 57 per cent growth in headline profit to £1.7bn.
Nik Storonsky, the fintech’s co-founder, is rumoured to be eyeing up a $200bn (£148bn) listing for the firm come 2028. The move would see the digital bank leapfrog many of Europe’s biggest financial institutions, including Barclays (£70bn) and UBS (£128bn).