Revolut
Revolut is a digital financial services platform offering multi-currency accounts, international money transfers, crypto trading, stock trading, and budgeting tools through a mobile app. It offers tiered subscription plans from free to Ultra (about $55/month) across roughly 40 markets with more than 70 million customers.
Score generated by AI agents based on publicly cited evidence and reviewed by the project maintainer. Not independently validated. Last assessed 2026-10-01. Score revised 2026-10-01: 51 → 48.
Score History
Timeline events are AI-curated from public reporting. Score trajectory is derived from documented events.
Revolut launches a prepaid multi-currency card and app offering interbank exchange rates, undercutting banks' foreign exchange fees and gaining more than 100,000 users in its first year. The product is free, simple and fee-transparent, with no subscription tiers or bundling. The only early warning is a 2016 whistleblower complaint to the FCA about weak anti-money-laundering systems and the CEO's conduct.
The Premium tier launches in March 2017 and the free plan gets its first exchange cap, followed by paid-only business accounts, crypto trading with a markup built into the price, and the Metal tier in 2018. Valuation reaches $1.7 billion. Behind the growth, Revolut switched off its sanctions screening for three months in 2018 and chose not to send a drafted disclosure letter to the FCA, while the high-pressure culture later exposed by Wired was already in place.
Wired's February 2019 exposé of Revolut's work culture, the sanctions-screening revelations and the CFO's resignation bring the first major reputational crisis. Labor problems continue, with 2020 reports of more than 50 staff coerced into quitting, and customers increasingly report frozen accounts and withheld funds with only chat support. Stock trading, the US launch, the Plus tier and a $33 billion valuation in 2021 widen the product and the pressure to monetize it.
A social-engineering attack exposes 50,150 customers' data, BDO cannot verify £477 million of 2021 revenue, and the FCA questions the release of funds from accounts flagged by the National Crime Agency. Monetization deepens with the £55-a-month Ultra tier in 2023, UK price rises on three paid tiers, and the Revolut X exchange's two-tier crypto pricing. Compliance infrastructure visibly lags the company's global growth.
Revolut's UK bank enters a mobilisation phase that the PRA extends far beyond the usual year over doubts about its global risk controls. Enforcement mounts: BBC Panorama reveals it tops UK fraud reports, Lithuania imposes a record €3.5 million AML fine, and the ECB quietly curbs its EEA product launches in July 2025. Meanwhile, valuation-linked awards raise Storonsky's stake to about 29%, the $75 billion secondary sale and a discounted ex-employee buyback follow, and Russian and Belarusian EU residents' accounts are frozen under a stricter reading of sanctions.
The PRA grants full UK authorisation in March 2026, bringing FSCS protection to roughly 13 million UK customers, and licences follow in Australia and France, plus conditional OCC approval for a US bank. Record 2025 results ($6 billion revenue, 67% subscription growth), a $115 billion secondary sale, July 2026 price rises and talks on a $500 billion founder award show monetization and founder value capture continuing. Regulatory friction persists: Italy's €11.5 million fine, the disclosure of the ECB's 2025 curbs, and a September 2026 handover of customer identity documents to impersonators.
Alternatives
Best-in-class international transfers with transparent, mid-market exchange rates and low fees. No subscription tiers — you pay per transaction. Moderate switch: open an account, redirect your transfers. Lacks Revolut's crypto/stock trading and all-in-one app breadth.
US-focused fee-free banking with no monthly fees, no minimum balances, and early direct deposit. Easy switch for basic banking needs. Limited to USD only — no multi-currency or international transfer features that are Revolut's strength.
Dimensional Breakdown
Summaries below were written by AI agents based on the cited evidence. They are editorial interpretations, not independent research findings.
Dimension History
Timeline (58 events)
Revolut Launches Multi-Currency Prepaid Card
Nik Storonsky and Vlad Yatsenko launch Revolut in London, offering a prepaid multi-currency card linked to a mobile app that lets users spend abroad at the interbank exchange rate. The product targets travelers frustrated by traditional banks' FX fees and poor exchange rates. Revolut gains over 100,000 personal users in its first year.
Whistleblower Warns FCA About AML Deficiencies
A former Revolut employee files a complaint with the UK's Financial Conduct Authority raising concerns about inadequate anti-money laundering processes and the conduct of CEO Nik Storonsky. The whistleblower alleges that systems for flagging suspect payments were 'utterly inadequate' and that money-laundering checks were not being properly applied for select customers. The FCA opens an inquiry and later confirms it required Revolut to take specific actions.
Revolut Introduces First Paid Subscription Tier
Revolut launches its Premium subscription at £6.99/month across 42 European countries, marking the transition from a fully free service to a freemium model. Premium users receive unlimited interbank FX exchanges, while free users are capped at £5,000/month with a 0.5% fee beyond that. The move begins the progressive limitation of the free tier that would accelerate in subsequent years.
Revolut Business Accounts Launch in UK and Europe
Revolut expands into the B2B market, launching business accounts that hold, exchange and transfer 25 currencies at the interbank rate, with corporate cards for employees. More than 12,000 businesses pre-register before launch. Unlike TransferWise's free business account, Revolut charges a monthly fee across three packages ranging from £25 to £1,000 per month (first month free), beginning the pattern of gating business features behind subscription tiers.
Crypto Trading Added to Revolut App
Revolut introduces cryptocurrency trading inside its main app, letting users buy and exchange Bitcoin, Litecoin and Ether in 25 fiat currencies. Revolut charges a 1.5% flat markup on crypto-fiat transactions, pitched as cheaper than rivals' 5-9%. The markup is built into the quoted price, the start of a crypto pricing model whose costs users would later criticise as hard to compare.
Series C Raises $250M at $1.7B Unicorn Valuation
Revolut raises $250 million in a Series C round led by DST Global, catapulting the company to a $1.7 billion valuation and unicorn status. The five-fold valuation increase in one year intensifies growth pressure, shifting incentives toward rapid user acquisition and market expansion over compliance infrastructure and product quality.
Sanctions Screening System Disabled for Three Months
Revolut switches off its automated sanctions screening system between July and September 2018 after it generated 8,000 false positives. The decision allows thousands of potentially illegal transactions to pass through unscreened. Revolut's head of legal drafts a letter to the FCA disclosing the failure, but a decision is made internally not to send it. The FCA is only informed after a whistleblower contacts the board.
Metal Card Launches as Top-Tier Subscription
Revolut launches Metal, a premium tier at £12.99/month featuring a stainless-steel card, concierge service, and higher ATM limits (£600/month vs £400 for Premium). The third tier deepens the subscription ladder, with free-tier ATM withdrawals capped at £200/month. Hundreds of thousands sign up, establishing the multi-tier monetization model.
EU Banking License Granted by Lithuania
Revolut obtains a specialized EU banking license from the European Central Bank via the Bank of Lithuania, allowing it to accept deposits and offer consumer credit across the European Economic Area. The Lithuanian license becomes the foundation for Revolut's European banking operations but also subjects the company to Lithuanian regulatory oversight, which would later result in significant fines.
Wired Expose Reveals Toxic Workplace Culture
Wired publishes a detailed expose of Revolut's work culture, documenting unpaid work, unachievable targets, and extreme staff turnover. Analysis of 147 Revolut LinkedIn profiles finds 80% of employees lasted less than a year, with half leaving within six months. Job applicants were required to recruit 200 customers as an unpaid hiring test. Leaked Slack messages show CEO Storonsky demanding staff with low performance ratings 'will be fired without negotiation.'
CFO Peter O'Higgins Resigns Amid Compliance Crisis
Revolut's Chief Financial Officer Peter O'Higgins, a former JPMorgan investment banker who joined in 2016, resigns amid the sanctions screening controversy and AML concerns. The FCA is simultaneously questioning whether Revolut failed to abide by rules requiring openness with regulators. The departure signals deepening governance concerns at the rapidly growing fintech.
Commission-Free Stock Trading Launches
Revolut introduces Robinhood-style commission-free stock trading for 300 US-listed stocks, initially limited to Metal card holders and rolling out to other tiers. Standard users receive only 3 free trades per month, Premium gets 8, and Metal gets 100, further tier-gating financial features. Fractional shares with $1 minimums lower the barrier but deepen behavioral lock-in by adding another asset class to the platform.
Revolut Launches in United States, Then Japan
Revolut launches in the US on 24 March 2020 through a partnership with Metropolitan Commercial Bank, which holds the accounts (FDIC-insured up to $250,000), rather than under its own banking charter. A Japan launch follows in September 2020, with a far narrower feature set than in Europe. The multi-market expansion adds regulatory complexity across jurisdictions.
Revolut Accused of Coercing 50+ Staff to Quit
A Wired investigation reports that more than 50 Revolut customer-support and compliance staff in Poland and Portugal, outside the 62 redundancies Revolut had announced, were pressured to sign either an 'underperformance' termination or a 'mutual agreement' with a small severance. Lawyers told Wired the tactics could be read as unlawful, and the approach let Revolut avoid a group redundancy consultation. Revolut said it complied with local labour law and had dismissed only 'a small number' of Polish staff for underperformance.
Frozen Account Complaints Surge as Compliance Reviews Intensify
finews.com reports that hundreds of Revolut customers are waiting weeks for frozen accounts to be unlocked during due-diligence checks, with almost 500 reports on Revolut's support forum dating back to late 2017. One customer waited seven weeks, with daily chat requests going unanswered. In February 2020, The Times reported, Revolut blocked two accounts of French company Priorité holding a total of €300,000 for six weeks without giving a reason. The pattern of prolonged, unexplained freezes during compliance reviews, with chat-only support, erodes user trust.
Plus Tier Added as Fourth Subscription Level
Revolut introduces the Plus subscription at £2.99/month in the UK, creating a four-tier model (Standard, Plus, Premium, Metal). The new tier offers modest perks like disposable virtual cards and custom app icons. Its introduction narrows what the free Standard tier includes and adds another upsell pressure point within the app.
$90,000 Transfer Withheld for Two Months
FinTech Futures reports that a UK investment manager's $90,000 incoming transfer, sent in January 2021, was withheld by Revolut for about two months. He dealt with more than 21 different chat agents, found the phone line was an automated answering machine, and received the funds only after the Financial Ombudsman became involved. The report cites similar unexplained fund holds raised on Reddit, Twitter and Facebook and in the national press.
Series E Values Revolut at $33 Billion
Revolut raises $800 million in a Series E round co-led by SoftBank Vision Fund 2 and Tiger Global, valuing the company at $33 billion. The six-fold valuation increase from $5.5 billion (Series D, 2020) intensifies pressure for rapid revenue growth and IPO preparation, accelerating monetization of the user base through subscription tier expansion and wealth product fees.
Payment System Flaw Enables $20M Theft
Malicious actors exploit a discrepancy between Revolut's US and European payment systems to steal approximately $23 million in corporate funds between late 2021 and early 2022. Criminal groups encourage individuals to make expensive purchases that get declined, then withdraw the erroneously refunded amounts from ATMs. Revolut recovers some funds, resulting in a net loss of about $20 million. The incident is not publicly disclosed until July 2023.
Pet Insurance Launch Expands Super-App Lock-In
Revolut enters the insurtech market with pet insurance for UK customers, covering up to £10,000 per pet annually. This is the first standalone insurance product beyond the travel insurance bundled with Premium and Metal plans. The launch deepens the super-app strategy, adding another financial product that increases behavioral switching costs for users.
Cyberattack Exposes 50,150 Customers' Data
A highly targeted social engineering attack compromises an employee's credentials, giving hackers access to personal data of 50,150 Revolut customers worldwide, including about 20,700 in the European Economic Area. Exposed information includes names, addresses, phone numbers, email addresses, and partial payment card data. Revolut warns affected customers to watch for follow-on phishing attempts.
Lithuania Fines Revolut €70,000 for Late Financial Statements
The Bank of Lithuania fines Revolut €70,000 for failing to submit audited annual financial statements on time, violating Lithuanian financial institution laws. The regulator also notes that Revolut Payments failed to follow rules around handling customer complaints, including providing incomplete answers and missing response deadlines.
Auditor BDO Flags £477M Revenue Verification Concern
Revolut's auditor BDO LLP discloses it was unable to independently verify three-quarters of the £636 million of revenue reported in Revolut's long-delayed 2021 accounts. BDO notes that IT systems 'weren't designed in such a way that would allow for IT or business process controls to be effectively tested.' The UK's Financial Reporting Council had previously deemed the 2020 audit 'inadequate' with an 'unacceptably high' risk of undetected material misstatement.
Ultra Tier Launches at £55/Month as Fifth Subscription
Revolut launches Ultra, its most expensive subscription at £55/month or £540/year, with over 430,000 people on the waiting list. The five-tier model (Standard, Plus, Premium, Metal, Ultra) represents one of the most aggressive subscription ladders in fintech. Ultra's fee terms charge £50 for the Ultra card itself, plus delivery, if the plan is cancelled within six months of signing up, which discourages plan evaluation and increases switching costs.
FCA Investigates Released Suspicious Funds
The FCA holds talks with Revolut after the company notified the regulator that funds were released from accounts flagged as suspicious by the National Crime Agency between July and August 2023. Revolut put the figure at £500,000, while FT sources said it may have been as high as £1.7 million. The incident reveals continued weaknesses in the company's compliance systems five years after the sanctions screening failure.
Premium Plan Prices Hiked Across UK
Revolut notifies UK customers of price increases across paid tiers: Plus rises to £3.99/month, Premium to £7.99/month, and Metal to £14.99/month. The increases are positioned alongside new partner subscription benefits (Tinder, Deliveroo, Financial Times), but the net effect is higher recurring costs for the existing user base.
Illinois Biometric Privacy Class Action Filed
A proposed class action filed in Illinois in December 2023 alleges Revolut collects and stores customers' biometric data from its selfie-and-ID verification without the written consent required by the state's Biometric Information Privacy Act, and without a public policy on how long the data is kept or when it is destroyed. The suit also alleges Revolut fails to disclose third-party involvement in the verification process. Revolut declined to comment.
Revolut X Crypto Exchange Creates Two-Tier Trading System
Revolut launches Revolut X, a standalone crypto exchange for professional traders with 0% maker and 0.09% taker fees across 100+ tokens. The separate platform creates a two-tier system: sophisticated traders access near-zero fees on Revolut X while casual users continue paying up to 1.49% plus opaque spreads on the main app, effectively subsidizing the platform's growth.
UK Banking License Granted with Restrictions
After a three-year application process, Revolut receives UK banking licence approval with restrictions from the PRA, entering the 'mobilisation' phase in which a new bank can hold only £50,000 of total customer deposits. Mobilisation is a standard step for new UK banks, but Revolut's is unusually large: no other firm had entered it with more than 500,000 existing customers.
Employee Share Sale Values Revolut at $45 Billion
Revolut completes an employee secondary share sale, with Coatue, D1 Capital Partners and existing investor Tiger Global among the buyers, that values the company at $45 billion, up from $33 billion at the 2021 Series E and making it Europe's most valuable startup. The sale gives employees liquidity while bringing new investors onto the cap table.
BBC Panorama Reveals Revolut Tops UK Fraud Complaints
A BBC Panorama investigation using Freedom of Information data reveals that Action Fraud received 9,793 fraud reports naming Revolut over a 12-month period, more than any other UK bank; Barclays was second with 7,874. Panorama features a business customer who lost £165,000 to impersonation scammers; it took him 23 minutes to reach the Revolut department that could freeze his account, during which a further £67,000 was taken.
Lithuania Imposes Record €3.5M AML Fine
The Bank of Lithuania fines Revolut €3.5 million for violations of anti-money laundering prevention requirements, the country's largest-ever AML penalty. The central bank identifies shortcomings in how Revolut monitored business relationships and customer transactions, resulting in failures to properly identify suspicious operations. The fine represents only 0.38% of Revolut Holdings Europe's 2023 revenue, well below the possible 10% maximum.
Weekend FX Fees Tiered by Subscription Level
Revolut introduces tiered weekend currency exchange fees, eliminating the 1% weekend markup for Premium, Metal, and Ultra users while Standard customers continue paying. Plus customers receive a reduced 0.5% weekend fee. The change intensifies pressure on free-tier users to upgrade while rewarding paid subscribers, deepening the monetization differentiation between tiers.
ECB Curbs Revolut's EEA Product Launches
The European Central Bank temporarily restricts Revolut's European bank from launching new products in the EEA until it fixes deficiencies in the governance, risk, compliance and legal controls over product approvals, and orders an independent review of its approval framework. The measures, communicated to Revolut's European board in July 2025, also barred the unit from onboarding new customers or making acquisitions outside Europe. They were not disclosed until the Financial Times reported them in June 2026; Revolut said it had strengthened its controls since.
Which?: Revolut Still Tops Ombudsman Fraud Complaints
Freedom of Information data obtained by Which? shows Revolut customers referred more fraud and scam complaints to the Financial Ombudsman Service than customers of any other UK firm: 3,242 APP fraud and 2,631 other fraud complaints in 2024, and 1,875 and 1,333 in January to August 2025. The Ombudsman upheld 37% of the non-APP complaints against Revolut in 2025, the highest rate among the top firms. Revolut said more than a third of its workforce works on financial crime and that it prevented over £600m of fraud in 2024.
CEO Storonsky Shifts Residency to UAE
Companies House filings by his family office show CEO Nik Storonsky changing his country of residence from the UK to the UAE, a move tax analysts said could save him more than £3 billion in UK capital gains tax given his roughly 25% stake. Treasury, FCA and Bank of England officials reportedly learned of the change only from media reports, and pressed Revolut for assurances; Revolut said it was not required to inform regulators. The family office later amended the filing back to the UK, calling it a filing mistake.
UK Banking License Mobilisation Extended Beyond 14 Months
The PRA delays Revolut's exit from the banking license mobilisation phase past the typical 12-month period, citing concerns about whether Revolut's risk controls can match its rapid global expansion. Regulators evaluate risk management processes across the UK and international operations. Revolut co-founder Storonsky acknowledges it was 'a mistake' to prioritize growth over licensing compliance.
Russian and Belarusian EU Residents' Accounts Mass-Frozen
Revolut begins freezing accounts of Russian and Belarusian nationals living in the EU, citing the EU's 19th sanctions package. Customers receive emails requesting proof of EU residency, followed within minutes by account freezes and notices that their agreements will end on December 31, 2025; even some holders of valid residence permits could not upload documents because of a technical fault. The package bars such services only to Russians and Belarusians without EU/EEA/Swiss residence, and Deutsche Welle found no reports of similar restrictions at brick-and-mortar EU banks, suggesting Revolut applied its own stricter interpretation.
Valuation Reaches $75 Billion After Secondary Share Sale
Revolut completes a secondary share sale led by Coatue, Greenoaks, Dragoneer and Fidelity that values the company at $75 billion, a 67% increase from the $45 billion valuation in August 2024, placing it among Europe's most valuable private tech companies. 2024 revenue had reached $4 billion, with $1.4 billion profit before tax. The company later offers former employees share buybacks at a 30% discount to the headline valuation.
Ex-Employees Offered Share Buyback at 30% Discount
Revolut offers former employees the opportunity to sell their shares back at a 30% discount to the $75 billion headline valuation, effectively valuing their shares at approximately $52.5 billion. The discounted buyback captures value from early contributors who helped build the company, particularly those who left during the documented periods of toxic work culture and high turnover.
Storonsky's Stake Rises to 29% via Valuation-Linked Award
CEO Nik Storonsky says his stake has grown from about 25% to around 29% through a long-term incentive plan that grants him more shares as Revolut's valuation rises, with a further 10% if the company reaches a $200 billion valuation. Storonsky said the plan was introduced because his stake had been diluted 'too quickly', arguing investors provide capital but 'then don't do anything'. The holding's value rose from $11.2 billion to nearly $25 billion in a year.
Revolut Drops US Bank Acquisition for De Novo Charter
Revolut abandons its plan to buy a nationally chartered US lender, a strategy it had pursued since at least August 2025, and prepares a de novo national bank charter application with the OCC instead. According to the Financial Times, takeover hurdles included possible obligations to keep a community bank's physical branches and a separate change-of-ownership approval, while the OCC offered a faster path.
Storonsky Residency Filing Reverted to UK
Storonsky's family office files new Companies House records listing him as a UK resident, reversing the October 2025 filing that had named the UAE and blindsided officials weighing Revolut's banking licence. A corrective document dated the same day as the original filing was published only in January 2026. Revolut said his registered details at Companies House remained in the UK and his role was unchanged.
Revolut Files for US National Bank Charter
Revolut applies to the OCC and FDIC for a US national bank charter under the name Revolut Bank US, its second attempt after withdrawing a California-regulated application in 2023 amid regulatory obstacles and internal-controls concerns. The company names Cetin Duransoy as US CEO and commits to investing $500 million in the US market. A charter would give Revolut nationwide reach under one framework, direct access to Fedwire and ACH, and the ability to lend at full scale.
Full UK Banking Licence Granted After 20-Month Mobilisation
The PRA lifts restrictions on Revolut Bank UK Ltd, granting full authorisation roughly 20 months after the July 2024 conditional approval and five years after the original 2021 application. The licence brings FSCS deposit protection (up to £120,000) to Revolut's roughly 13 million UK customers and allows it to offer FSCS-protected current accounts and, in future, credit and lending. The grant resolves the extended mobilisation standoff that had anchored regulatory concerns about Revolut's global risk controls.
2025 Results: $6B Revenue, Subscriptions Up 67%
Revolut reports 2025 revenue up 46% to $6.0 billion and profit before tax up 57% to $2.3 billion, a 38% margin, with net profit of $1.7 billion. Subscription turnover rose 67% to $936 million (£708 million), card payments 45% to $1.3 billion, FX 43% to $800 million and Wealth 31% to $876 million. Retail customers grew 30% to 68.3 million and customer balances 66% to $67.5 billion.
Italy's AGCM Fines Revolut €11.5M for Unfair Commercial Practices
Italy's competition authority fines Revolut entities €11.5 million across three violations: €5 million for failing to disclose the costs and limitations of 'commission-free' fractional-share investing, €5 million for aggressive and opaque management of account suspensions without adequate notice, explanation, or recourse, and €1.5 million for inadequate information about IBAN migration. The account-suspension finding is regulatory confirmation of the freeze-without-explanation pattern users had documented for years. Revolut says it will appeal in the Italian courts.
Cash Top-Ups Removed for Personal Accounts
Revolut emails its European customers a terms update removing the ability to add money to personal accounts with cash, effective 9 July 2026 and regardless of plan. The Help Centre confirms cash deposits are being discontinued. The change removes a route used by customers who rely on cash to fund their accounts.
Secondary Share Sale Weighed at $115 Billion Valuation
Bloomberg reports Revolut is sounding out investors for a secondary share sale at a $115 billion valuation, a 53% jump from the $75 billion achieved in November 2025, allowing employees and early investors to cash out. The move follows record 2025 results — revenue up 46% to $6 billion with $2.3 billion profit before tax — and the full UK licence and US charter filing. CEO Storonsky has said an IPO remains at least two years away, with secondary transactions providing insider liquidity in the interim.
European Paid-Tier Prices Rise Up to 12%
Revolut notifies customers of subscription price increases effective July 2026. In Portugal, Premium rises 10% (€10.39 to €11.43), Metal 12.4% (€16.63 to €18.70) and Ultra 9% (€57.20 to €62.40), including 4% stamp duty, while Plus and Standard are unchanged, and silence is treated as consent to the new rates. The increases are partly offset by added perks: Premium gains card-linked travel insurance and 1GB monthly eSIM data, and Metal and Ultra get larger eSIM allowances and bundled third-party subscriptions.
Australian Banking Licence Granted
APRA grants Revolut a full, unrestricted Authorised Deposit-taking Institution licence and Revolut launches as Revolut Bank Australia, its first banking entity in Asia-Pacific. Revolut commits nearly AUD$400 million to the market over five years and moves its more than 1 million Australian retail customers into the regulated bank.
Secondary Share Sale at $115 Billion Confirmed
Revolut confirms a new secondary share sale, reported at a $115 billion valuation ($2,017 per share), letting employees cash in shares; the transaction raises no new capital. Storonsky told staff he was glad they had 'another opportunity to realise liquidity'. The price is 53% above the $75 billion valuation of November 2025.
Couple's Accounts Wrongly Blocked and Set for Closure
The Irish Times reports that an Irish couple's joint and personal Revolut accounts were blocked without notice after an internal security check, leaving them unable to pay for groceries, and then scheduled for closure with no reason given; an appeal upheld the closure. After the newspaper contacted Revolut, the restrictions were lifted within days. Revolut said its analysis had been incorrect and its support had fallen short, but would not say what its systems had flagged.
Storonsky in Talks on $500bn-Valuation Share Award
Storonsky is reported to be negotiating a new incentive package that would give him a further block of stock if Revolut reaches a valuation of about $500 billion, which would be the largest award of its kind in Europe. He already holds roughly 29%, and his existing package would take him to about 40% at a $200 billion valuation. Revolut declined to comment.
Full French Banking Licence Granted
Revolut Bank S.A. receives full banking authorisation after a joint review by France's ACPR and the European Central Bank, a year after applying. France becomes the hub for Western Europe, with services rolling out first in France and then Germany, Ireland, Italy, Portugal and Spain, backed by a €1 billion investment pledge and more than 600 hires.
Revolut Mobile Terminates Heavy 'Unlimited' Users
ISPreview reports that Revolut Mobile customers on the £14.99 'unlimited' 5G plan, which promised tethering and 'no throttle', had their lines terminated 'effective immediately' for heavy data use, without first being offered a different plan. The fair use policy reserves the right to investigate usage above 150GB twice in six months, and the carrier, Gigs, cited use in a non-handset device.
Conditional OCC Approval for US National Bank
The OCC grants conditional approval for Revolut Bank US, letting Revolut work toward offering loans, credit cards and FDIC-insured deposits directly rather than through partner banks. Revolut still needs FDIC and Federal Reserve approvals and final OCC sign-off, with a launch planned for 2027.
Customer ID Documents Handed to Impersonators
Revolut confirms it disclosed sensitive customer data to an unauthorised third party that sent fraudulent information requests from a legitimate government agency email domain. The data included birth dates, addresses, phone numbers and copies of passports and driving licences, and may have included verification selfies, account statements and transaction histories. Revolut said a 'limited' number of customers were affected and that its systems and customer funds were unaffected.
Evidence (55 citations)
D1: User Value Erosion
D2: Business Customer Exploitation
D3: Shareholder Extraction
D4: Lock-in & Switching Costs
D5: Twiddling & Algorithmic Opacity
D6: Dark Patterns
D7: Advertising & Monetization Pressure
D8: Competitive Conduct
D9: Labor & Governance
D10: Regulatory & Legal Posture
Scoring Log (6 entries)
Checked 88 items (40 timeline, 42 evidence, 4 milestones, 2 alternatives) + prose. 52 verified, 20 corrected (9 date-only), 13 re-sourced, 3 removed (1 dead, 2 junk). Key fixes: FCA flagged-account probe redated 2020->2023; crypto launch Dec 2017 at 1.5%; Japan launch Sept 2020; Ultra £55/month with a £50 card charge (not a cancellation fee); mobilisation ~20 not 18 months; Panorama £67k lost in the 23-minute delay; Storonsky stake ~25% in 2024-25; Portugal (not France) July 2026 prices; business-plan pricing; unsupported Reddit BTC and launch-savings figures removed.
51→48. D3 5→4 (recalibration: private, no dividends/buybacks, heavy reinvestment; monetization emphasis and founder-centric awards fit 4, not 5), D8 4→3 (recalibration: grows via own licences, dropped its only US bank acquisition plan; no rival acquisitions or interoperability fights), D10 7→6 (event: Australian, French and conditional OCC licences after the July rescore; offset by ECB 2025 curbs disclosed June 2026 and Sept 2026 ID-document handover, so record fits severe mixed compliance, not active capture). Since Oct 2025: residency filing reverted, $6B/$2.3B 2025 results with subscriptions +67%, ECB curbs revealed, AGCM €11.5M fine, Australia/France licences, $115B secondary, $500bn founder-award talks, OCC conditional approval, Sept 2026 data handover to impersonators. Eras: 'Monetization Begins' re-dated 2017-03-01→2017-03-23 (Premium launch); 'Culture Crisis' re-dated 2019-03-01→2019-02-28 (Wired exposé); 'Security Breach Era' re-dated 2022-09-01→2022-09-11 (breach) and relabeled 'Breach and Audit Doubts'; 'Regulatory Siege' re-dated 2026-02-19 (assessment date)→2024-07-25 (UK licence mobilisation); 'Licensed Expansion' re-dated 2026-07-02 (rescore date)→2026-03-11 (full UK licence); 'Disruptive Launch' kept. All eras re-scored from criteria (9, 22, 34, 40, 49, 48).
Periodic rescore: full UK banking licence (Mar 2026) resolved the extended-mobilisation anchor (D10 8→7); Italy AGCM €11.5M fine, US charter filing, $115B secondary sale contemplation, and July 2026 price hikes documented in timeline without moving D3/D5/D6/D7/D8 bands. Trajectory worsening→stable. New era 'Licensed Expansion'.