Revolut is scaling its international banking business while looking for to keep robust profitability and scale back its publicity to interest-rate cycles. The company is focusing on 100 million clients by 2027, supported by new market launches and a growing vary of financial merchandise.
In this interview, Sid Jajodia, Revolut’s chief banking officer, tells Retail Banker International (RBI) the company’s enlargement strategy, diversified income base, plans to present Finnish account numbers, and its resolution to focus on growth rather than remark on IPO timing.
RBI: You’ve set a aim to hit 100 million clients by 2027. Where is that next large wave of customers coming from?
Customer acquisition momentum stays robust, backed by our quickly increasing international footprint as effectively as our growing product suite. In January 2026, Revolut launched its first bank outside of Europe in Mexico and since then we’ve also launched our bank in Australia. Meanwhile, we’ve been strengthening our place in current markets, such as the UK and France, by securing full banking licences.
We’ve also continued to roll out options that drive deeper buyer engagement including paid plans and RevPoints across our 40+ markets. As such, we stay firmly on observe to attain 100 million clients by 2027.
RBI: You’re investing $13bn to increase globally. To velocity issues up, are you planning strategic acquisitions of native banks, or will this growth be purely natural?
Revolut constantly explores all growth alternatives to carry the Revolut app to clients worldwide.
Driven by our ambition to serve over 100 million day by day lively clients across 100 nations, we proceed to execute formidable enlargement methods – highlighted by latest licensing milestones across high-growth markets such as Mexico, France, Australia, Colombia, Peru and the UAE.
RBI: A 38% pre-tax revenue margin is unimaginable for banking. As central bank rates of interest begin coming down globally and squeeze curiosity income, how do you shield that Profitability?
Revolut has a sturdy and diversified business model where payment primarily based income – spanning subscriptions, card funds, wealth and FX – accounts for 76% of turnover, leaving only 21% straight uncovered to rate of interest fluctuations.
In 2025, 11 distinct product traces within Revolut generated over £100 million ($135 million) in annual income, with no single stream accounting for more than 22% of group income. We delight ourselves on this income diversification which continues to drive robust top-line momentum while also making the business as a entire more resilient to exterior cycles.
RBI: You now have 11 totally different product traces making over $135m in annual income each. Which one of these do you think is going to be your largest growth engine over the next two years?
One of the many strengths of our business model is that we intentionally do not rely on a single product or product line to carry our growth. Our devoted New Bets framework sits at the core of this strategy – encouraging and incubating quite a few new product traces within the business, sustaining the high velocity DNA of a startup even with more than 80 million clients. In sum, the actual growth engine is the community impact of Revolut’s system – every new product line has the potential both to benefit from and deepen engagement with all the others.
RBI: Everyone in the industry is watching your path to a public itemizing. What is the one closing inner milestone you need to hit before you really pull the set off on the IPO?
We do not remark on itemizing timelines or necessities. Our present focus is not on when we IPO, but on persevering with to increase the business, building new merchandise, and offering higher and cheaper providers to serve our growing international buyer base.
RBI: You just lately utilized for a native bank department license in Finland, but the nation is going through deep macroeconomic headwinds. So why Finland, and why now?
To make clear, Revolut’s focus in Finland centres on our passporting utility to increase our cross-border service capabilities served by Revolut’s current Lithuanian entity, Revolut Bank UAB.
Revolut already serves more than 250,000 clients in Finland. At current, Revolut’s Finnish clients use Lithuanian account numbers. Establishing a Finnish department will enable Revolut to offer Finnish account numbers, making on a regular basis banking actions such as receiving wage funds, paying payments and managing day-to-day funds more handy.
RBI: Instead of just plugging into ChatGPT or other third-party AI, you constructed your own model, PRAGMA, with NVIDIA. What made you determine that building a customized AI from scratch was value the large investment?
Serving 80 million clients across more than 40 markets, Revolut processes billions of cross-border transactions and various financial behaviours in actual time. Building PRAGMA, our own foundational model engineered particularly for the financial and banking sector, is a direct reflection of our core philosophy: Build, do not Bolt On. By embedding our own intelligence layer straight into Revolut’s core, we are creating an intelligence benefit that historically structured banks wrestle to match.
PRAGMA is designed to convert advanced financial behaviours into actionable information patterns, enabling Revolut to deal with key financial operations – such as catching fraud, assessing credit risk, and recognizing suspicious money transfers – more precisely and effectively, enhancing buyer outcomes and experiences. Initial testing is already demonstrating tangible requests including 2.3x increased accuracy at figuring out credit default risk, 65% more fraud circumstances and 41% more related product suggestions across retail and business accounts.
RBI: You’re scaling your workforce in India to 5,500 people, making up 40% of your international workforce. What particular core operations are you transferring there to support your worldwide enlargement?
Our worldwide enlargement is pushed by balanced workforce growth across all key areas rather than a reliance on a single market. We are actively hiring and scaling operational hubs worldwide to guarantee resilient, high-quality execution and buyer experiences.
“Interview: Revolut chief banking officer Sid Jajodia on growth, margins and IPO plans” was initially created and printed by Retail Banker International, a GlobalData owned model.
