The mid-2010s witnessed a seismic shift in Europe’s financial landscape, as a new vanguard of fintech companies began to fundamentally alter consumer perceptions of banking. These innovative entities, often characterized by rapid growth and soaring valuations, swiftly captured headlines, eclipsing traditional lenders. This period saw unprecedented capital infusion into the sector; venture capital funding surged from $19.4 billion in 2015 to $33.3 billion in 2020, according to analysis by McKinsey & Company, underscoring a fervent investor appetite for disruptive financial technologies.
While the initial fever pitch has somewhat abated in recent years, one company continues to embody the ambitious spirit of those early days: Revolut. The app-based bank, currently holding the distinction of being Europe’s most valuable fintech, has successfully transitioned from a nascent startup to a unicorn and, crucially, a profit-generating institution. In 2024, its profits more than doubled to £1 billion, and its customer base has recently surged past 65 million. This remarkable trajectory suggests that CEO and co-founder Nikolay Storonsky is indeed executing a compelling strategy.
Established in 2015, Revolut’s genesis was as a prepaid card offering free currency exchange. Through years of strategic diversification into new service verticals and consistent growth in its core banking operations, the company now provides an expansive suite of financial products, ranging from cryptocurrency trading to in-app eSIMs for international travelers. Storonsky has openly articulated his vision to create the "Amazon of banking," a testament to his aspiration for Revolut to become an all-encompassing financial ecosystem. This "jack of all trades" approach, however, is underpinned by Storonsky’s expectation of mastering each domain.
Despite Revolut’s demonstrable success, achieving global banking dominance is by no means assured. The acquisition of banking licenses has proven to be a complex and protracted process. Furthermore, akin to many ambitious, rapidly scaling technology firms, Revolut has faced criticism regarding its demanding workplace culture, with former employees citing intense work environments. Compounding these challenges, a recent secondary share sale propelled the firm’s valuation to $75 billion, a significant jump from $45 billion the previous year, leading some industry observers to question the ambitious price tag.
Nevertheless, Storonsky remains resolutely focused on future expansion, targeting continued innovation in new service areas and aggressive geographic growth. The critical question remains: does he possess the acumen and foresight to forge the world’s preeminent financial services provider?
The Genesis of Disruption
The collapse of Lehman Brothers in 2008 served as a watershed moment for the global financial services industry, sending shockwaves through markets and fundamentally altering investor and consumer confidence. For Nikolay Storonsky, the crisis had a profound personal impact. A Russian émigré who relocated to the UK in 2004, Storonsky arrived with a robust academic background in physics and applied economics. He soon embarked on a career as a derivatives trader at a major lender, where the abrupt bankruptcy of Lehman Brothers, a seemingly unshakeable institution, came as a profound shock. "It was a big and powerful investment bank, so the announcement came as a shock," he recounted to CNBC. "We were told without much warning, and it seemed to happen quite quickly."
This pivotal event, which cost Storonsky approximately half a million pounds, instilled in him a deep appreciation for data-driven decision-making and logical rigor. Following a tenure at Credit Suisse from 2008 to 2013, Storonsky began conceptualizing an innovative solution to simplify financial services. His vision materialized into an intuitive app designed to minimize fees associated with foreign currency transactions. In 2015, he co-founded Revolut with Vladyslav Yatsenko, a British-Ukrainian software developer with prior experience at UBS and Deutsche Bank, who continues to serve as the company’s Chief Technology Officer.
Concurrently, the broader financial technology sector was experiencing its own period of transformation. The global financial crisis had eroded public trust in established banks, creating fertile ground for a new wave of digital-first banks. Companies like Germany’s N26 and Fidor, Brazil’s Nubank, and America’s Chime emerged alongside Revolut, promising enhanced convenience, superior user experiences, and the agility to adapt services rapidly. Many of these ventures were founded by individuals disillusioned by the fallout from Lehman Brothers, individuals who, like Storonsky, harbored a desire for a more robust and responsive financial system. "A number of successful entrepreneurs rose from the ashes who were pretty disillusioned with the financial system," Storonsky observed.
The Strategic Ascent
Following its launch, Revolut experienced an explosive growth trajectory. In 2018, a significant $250 million funding round propelled the fintech’s valuation beyond $1 billion, marking its ascent as Britain’s first digital bank unicorn and one of Europe’s fastest-growing tech companies to achieve this status.
Even at this early stage, Storonsky signaled that Revolut’s ambitions extended far beyond its initial offering. "Our focus, since we launched, has been to do everything completely opposite to traditional banks," he stated at the time. "We build world-class tech that puts people back in control of their finances, we speak to our customers like humans and we’re never afraid to challenge old thinking in order to innovate."
Storonsky’s vision extended to fundamentally reshaping the banking paradigm: "Banking has historically avoided disruptions by technology, but that is all about to change on a big scale." His ambition for an alternative global banking network, where "Anyone in the world can just download the Revolut app and set up a local bank account to access any services they need," as articulated in 2017, is driven by a relentless pursuit of innovation. This is most vividly embodied in Revolut’s "new bets" division, a key engine for its expansion into novel revenue streams.
The tech industry’s long-standing mantra, "move fast and break things," appears to be deeply ingrained in Revolut’s operational DNA. The company has earned a reputation for its ability to rapidly introduce new revenue-generating services, encompassing everything from mobile phone plans to loyalty point programs.
These ventures possess the potential to become significant profit centers. Cryptocurrency trading, for instance, played a pivotal role in Revolut’s first annual profit in 2021, as retail investors flocked to capitalize on the burgeoning crypto market. Ed Gibbins, co-founder and CEO of ChaseLabs, an AI sales development system, noted, "Nikolay Storonsky’s leadership of Revolut highlights how speed and adaptability can really define success in fintech. His approach reflects a deep understanding of tech disruption: launch quickly, scale globally, and then refine using real user feedback. This ability to treat global markets as testing grounds means Revolut can adapt features faster than rivals and align its offerings closely with consumer demand."
Each "new bet" at Revolut is initiated by a small, agile team of approximately 10 individuals, often led by an employee with a strong entrepreneurial background. Armed with a budget of roughly £2 million to £3 million, these teams are tasked with developing experimental products within tight timelines of 18 months, though many have been launched considerably faster.
Revolut’s rapid iteration and deployment of new features, a strategy that allows it to test ideas across diverse markets and invest heavily in successful ones, has enabled it to outpace competitors and solidify its position. This cycle of continuous innovation and responsiveness has been crucial to its competitive advantage.
Successful "new bets" are scaled, while underperforming ventures are either refined, scaled down, or discontinued. A Revolut spokesperson confirmed to Sifted that 45 "new bets" have been approved, with some still under development, describing the unit’s operational model as "venture capital-inspired." Storonsky’s own entrepreneurial drive is evident in his 2022 launch of QuantumLight, his venture capital firm focused on AI-driven investments in fintech and related startups.
The combination of Revolut’s agility and its comprehensive product suite are key differentiators for its customer base. Michael Foote, founder of Quote Goat, an insurance comparison tool, observed, "Revolut’s rise has been driven by a clear focus on tech-savvy consumers who expect more than traditional banking can deliver. By combining everyday money management with trading and payments inside one app, the company positions itself as a lifestyle tool rather than a conventional bank. This multifunctional approach has given it strong appeal among younger customers who value speed, convenience, and variety without juggling multiple providers."
As of September 2025, Revolut reported surpassing 65 million customers globally. This success has also translated into significant financial gains for Storonsky, who is estimated to hold approximately a 25 percent stake in the company. Forbes estimates his net worth at $7.9 billion.
Navigating Growth Pains
While Revolut can point to impressive customer growth and profitability, the firm’s financial achievements may mask underlying challenges that have impacted its reputation. The company’s aggressive corporate culture, for instance, has come under considerable scrutiny. Some former employees have alleged being subjected to unachievable targets, unpaid overtime, and immense pressure.
For years, Revolut’s demanding work environment was an open secret. "We are not about long hours – we are about getting shit done," Storonsky stated to Business Insider in 2017. "If people have this mentality, they work long hours because they want it."
Reviews on the employer review site Glassdoor, while showing an overall rating of 4.0 as of October 2025, frequently highlight a lack of work-life balance and a perceived prioritization of targets above all else. Nevertheless, many reviewers acknowledge that while the environment is not suited to everyone, some individuals thrive under its high-pressure conditions.
Storonsky elaborated on this point, telling Business Insider, "No one is sitting there telling them they have to work long hours. They are really motivated, really sharing the vision of where we want to go and as a result, they work long hours – they work at least 12 or 13 hours a day. All the key people, all the core team. A lot of people also work on weekends."
Since that interview, Storonsky has indicated that changes have been implemented. "We are a different company than we were two to three years ago," he stated in a 2019 interview with Reuters. "We have learned lessons." However, in 2023, the company established an internal team to monitor employee behavior for inclusivity, approachability, and respect, aiming to foster a more "human" approach, as reported by The Guardian.
Francesca Cassidy, editor of Raconteur, a business news website, has questioned the effectiveness of such initiatives if they are not driven from the top. "Storonsky wants Revolut to be the ‘Amazon of banking.’ In pursuing this objective, he works tirelessly and expects much the same from his colleagues. With such a dedicated, driven character at the helm, it is little wonder that Revolut’s culture has developed as it has," she wrote in an opinion piece. Cassidy further commented that efforts to revamp performance reviews and introduce recognition programs "do little to address the high-performance culture that seems to be the source of much of the negative feedback. How can employees be expected to pour their energy into being pleasant, collaborative colleagues if they are overworked, under stress and burnt out?"
In addition to its internal culture, Revolut has faced protracted delays in securing its full UK banking license. While the company obtained an EU banking license through Lithuania in 2018, its application for a full UK license, submitted three years prior, was still pending regulatory approval as of the time of this report. The Bank of England has expressed concerns regarding the company’s capacity to maintain robust risk management controls amidst its rapid international expansion, according to the Financial Times.
Storonsky has acknowledged that not prioritizing the acquisition of a full UK banking license in Revolut’s formative years, opting instead for aggressive growth, was a strategic miscalculation. A full UK banking license would empower Revolut to offer a broader spectrum of financial products, including entry into the UK lending market, enabling it to compete more directly with traditional banks in areas such as mortgages and savings accounts. Crucially, such approval could serve as a catalyst for obtaining licenses in other key markets like the US, Australia, and Japan, and potentially pave the way for a public stock market flotation, likely in London or New York.
Storonsky’s Diversified Ventures
While Storonsky’s primary focus remains on Revolut’s global expansion, his entrepreneurial endeavors extend beyond the digital bank. QuantumLight, his venture capital firm, recently closed its inaugural $250 million fund, aiming to support founders in AI, web3, fintech, SaaS, and healthtech. QuantumLight explicitly positions itself as "on a mission to bring scientific precision to venture capital," underscoring Storonsky’s deep-seated belief in data-driven decision-making. "Our ambition is to build the world’s best systematic venture capital and growth equity firm," Storonsky stated. QuantumLight also serves as a strategic promotional tool for Revolut, releasing public "playbooks" that showcase the company’s operational expertise and offer guidance to founders seeking to replicate its successes.
Its recent publication, "Hiring Top Talent," co-authored by Storonsky, aims to demystify the operating principles Revolut employed to "systematically scale world-class teams." The playbook offers a detailed blueprint for implementing the structured recruitment approach that powered Revolut’s rapid growth to over 10,000 employees within a decade. Ilya Kondrashov, CEO of QuantumLight, commented, "Our goal is to make the invisible operating systems behind iconic companies like Revolut visible and replicable. Founders shouldn’t have to reinvent the wheel when it comes to building high-performing teams. By sharing these tools and frameworks, we’re helping scale-ups move faster from day one."
Beyond venture capital, Storonsky has also demonstrated an interest in the luxury sector with Utopia Design, a high-end travel company he reportedly established in 2023. This venture, inspired by his personal passion for kite surfing, includes luxury villa developments in desirable destinations such as the Dominican Republic, Brazil, and Barcelona.
While these personal projects may offer additional revenue streams, Revolut remains his principal financial engine. Reports indicate that Storonsky stands to receive a multibillion-dollar payout contingent on increasing Revolut’s valuation to $150 billion, a structure reportedly similar to the one approved for Elon Musk at Tesla. This arrangement would involve staged payouts of Revolut shares, potentially amounting to an additional 10 percent stake.
The Path to Global Supremacy
In 2019, Storonsky articulated that Revolut’s future success was intrinsically linked to its ability to acquire a substantial customer base. "The whole idea was we provide the product for free, then we cross-sell other services. So we just need to have large customer numbers," he told CNBC.
His ambition has only intensified. This year, he outlined a target of reaching 100 million retail customers globally by mid-2027 and expanding into more than 30 new markets by 2030, with the ultimate goal of becoming "the world’s leading financial services provider."
"Our mission has always been to simplify money for our customers, and our vision to become the world’s first truly global bank is the ultimate expression of that," Storonsky stated. In support of this vision, Revolut has earmarked $500 million to accelerate its operations in the United States. The company’s US CEO has confirmed discussions are underway regarding whether to pursue its own banking license or acquire an existing US bank to expedite market entry.
Overall, Revolut plans to invest $13 billion over the next five years to fuel its global expansion. The company’s launch in Mexico is anticipated in early 2026, with India also slated for a future rollout. A new global tech hub in the Philippines has been established to support operations in Australia and New Zealand, where Revolut is actively seeking banking licenses. The firm is also initiating its entry into Africa, with South Africa as a primary target, and has secured an in-principle license in the UAE to facilitate its expansion into the Middle East. Whispers also suggest that Revolut is exploring potential opportunities in China.
Revolut’s "new bets" unit is expected to continue developing innovative financial products, though the specific nature of these offerings remains undisclosed. A company announcement in September 2025 indicated that key areas of focus would include artificial intelligence and private banking. However, as Storonsky pursues his ambitious global expansion strategy, these new verticals may require significant adaptation to comply with varying regulatory frameworks in different regions. While this could foster unique product development, it also presents the potential for increased bureaucratic hurdles that could temper the division’s momentum.
"Nikolay Storonsky’s strategy has centered on rapid global expansion and aggressive feature rollout," noted Foote. "The combination of constant innovation and international reach has set the business apart, showing how fintechs can compete with traditional banks by being faster to market and more responsive to customer demand."
Despite Revolut’s insatiable appetite for growth and its successful transition to profitability, persistent concerns linger in some quarters regarding its $75 billion valuation. However, if Storonsky can successfully execute his ambitious global expansion plans and consistently deliver compelling new products, he may well succeed in silencing his critics and fundamentally reshaping the future of global finance.
