Revolut, a British fintech company, has become Europe's most valuable startup, with a valuation of $115 billion (€102.83 billion) and more customers than HSBC, one of the world's largest banks. While Revolut has grown rapidly, it faces challenges, including generating less revenue per customer compared to traditional banks and maintaining a relatively modest lending activity. Unlike traditional banks, which rely heavily on lending, Revolut's revenue model is based on a range of products and services, such as fee-based subscriptions and transaction charges. The company's CEO, Nik Storonsky, aims to expand globally, having recently obtained licenses to establish a retail network in countries like Mexico and Australia. Revolut's financial performance shows a significant gap compared to traditional banks. In 2025, its pre-tax profit was £1.7 billion (€1.97 billion), much lower than Barclays' £9 billion. Paulo Macedo, CEO of Caixa Geral de Depósitos, a major Portuguese bank, stated that 2025 would be the last year in which his bank's profit would exceed Revolut's. Analysts from S&P Global Ratings, including Cihan Duran, noted that European bank executives view Revolut as a primary threat due to its aggressive marketing and rapid growth. In the United States, where Revolut has a provisional license, competition is expected to be tougher, as it enters a market dominated by established financial institutions. Revolut has also faced regulatory and operational challenges. It was fined in Lithuania for not preventing money laundering, though the company stated no proven cases were found. In September 2025, Revolut accidentally transmitted customer data to hackers posing as government investigators, though customer funds were unaffected. The company was the bank with the most complaints in the UK in fraud cases in 2024 and 2025. Revolut claims to take fraud seriously and has strong customer protection measures in place. With 80 million customers, Revolut has a large user base, though it lags behind traditional banks like JPMorgan, which has 84 million customers, and HSBC, with 41 million. However, Revolut's average deposit balances and revenue per customer are much lower than those of traditional banks. The company grants far fewer loans, preferring to rely on fees such as card subscriptions. At the end of 2025, Revolut had only £2.2 billion in loans, giving it a loan/deposit ratio of 6%, compared to 55% for HSBC and 86% for Société Générale. Analysts note that developing its lending business will bring risks, particularly those related to the management of large and complex credit exposures. Revolut's executives admit that too few customers use the app as their main bank account, though the figure increased by 45% compared to the previous year. Investors, such as Alex Immerman from Andreessen Horowitz, are closely monitoring the adoption of main accounts and total customer balances.