Revolut is acquiring banking licences in more markets, but it does not plan to copy the balance-sheet model of a traditional bank. Chief executive Nik Storonsky says lending should remain at only 10–20% of customer deposits. The ratio is currently around 6%, while fees and other non-interest sources account for most of the company’s revenue.
The strategy marks a clear difference from conventional banking, where a large share of deposits is typically transformed into loans and the loan-to-deposit ratio can approach 100%.
Storonsky told the Financial Times that Revolut does not want its lending exposure to rise above 10–20%. Some loans held on the balance sheet may also be sold to investors directly or through securitisation.
Lending remains a small part of Revolut’s balance sheet
At the end of 2025, Revolut’s loan book stood at $2.9 billion, compared with $67.5 billion of customer deposits.
The loan portfolio grew by 120% during the year, but remains small relative to the overall balance sheet. It consists mainly of consumer loans, credit cards and a growing mortgage business.
Keeping the loan-to-deposit ratio low is intended to limit credit risk and reduce the amount of capital tied up in lending.
About 76% of revenue comes from non-interest sources
Revolut can pursue that strategy because it is much less dependent on net interest income than a traditional bank. Around 76% of revenue comes from sources other than interest.
In 2025, revenue rose 46% to $6 billion, while pre-tax profit increased 57% to $2.3 billion.
Card payments generated $1.3 billion, subscriptions $936 million, investment services $876 million and foreign exchange $800 million. Interest income was also $1.3 billion.
Pre-tax margin reached 38%
Revolut’s pre-tax profit margin increased to 38% in 2025 from 35% a year earlier.
Storonsky has said that, after adjusting for excess capital, the company’s return on equity is in the 40–50% range. The company argues that high profitability with a relatively small loan book allows it to grow without taking on the same level of balance-sheet risk as a conventional lender.
Banking licences remain central to expansion
A cautious approach to credit does not mean Revolut is retreating from banking. The company continues to seek licences in new markets and ultimately wants banking operations in 100 countries.
Revolut now has more than 80 million customers worldwide, up from 68.3 million at the end of 2025.
More licences allow the company to accept deposits directly, broaden its product range and offer credit without relying on partner banks. Lending, however, is not intended to become the main engine of the business.
Revolut is trying to scale a different bank model
The central test for the company will be whether it can maintain high growth and profitability as it evolves from a fintech platform into a global regulated bank while continuing to derive most revenue from payments, subscriptions, foreign exchange, investment products and business services rather than lending.
