Revolut Targeted U.S. Expansion After Valuation Hit $115 Billion
The fintech firm is leveraging proprietary transaction models to anchor its U.S. growth and upcoming IPO strategy.
Updated on Oct. 10, 2026 in Financial Services
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Revolut has turned its focus toward a primary listing in the United States following a recent $115 billion valuation. The company is using its proprietary PRAGMA machine learning model to scale its financial services as it prepares for a full U.S. domestic banking debut.
Why it matters
By pursuing a U.S. listing, the firm aims to access the deep liquidity available in domestic capital markets to fund aggressive product rollouts. The strategy centers on using transaction-trained models to compete for market share against established incumbents.
Revolut currently processes between 30 and 40 million transactions daily, utilizing a PRAGMA model that draws on 40 billion data points from 25 million users across 111 countries. The firm now holds six full banking licenses globally, following its recent expansion into Colombia.
The players
Nik Storonsky
The CEO of Revolut who is leading the company's shift toward a U.S. primary listing and the implementation of proprietary data models.
Office of the Comptroller of the Currency
The U.S. federal agency responsible for granting national bank charters and overseeing the regulatory compliance of domestic banking institutions.
The details
The firm operates proprietary machine learning models, similar in architecture to large language models, that are trained exclusively on customer transaction data. This technology drives its service capabilities as it seeks to deploy credit cards and loans in new markets. Following conditional approval for a U.S. national bank charter, the company is positioning its data-heavy infrastructure to navigate the regulatory and competitive requirements of the American financial sector.
Timeline
September 3, 2026: Revolut received conditional U.S. banking charter approval.
September 16, 2026: The company secured a banking license in Colombia.
October 8, 2026: CEO Nik Storonsky discussed IPO plans and the firm's U.S. market strategy.
Market Landscape
The company's push into the U.S. follows the precedent set by other global fintechs seeking domestic charters to bypass traditional partner-bank dependencies. This move marks a departure from the firm's international-first growth pattern as it aligns its operations with the Office of the Comptroller of the Currency's national bank chartering process.
Operators should monitor whether the firm's model-driven approach translates into lower customer acquisition costs compared to traditional bank incumbents. Evaluate your own data strategy to see if transaction metrics can be leveraged to mirror these efficiency gains.
The takeaway
The firm is betting that proprietary machine learning can displace legacy banking infrastructure to capture market share. Business owners should track the firm's forthcoming U.S. product rollout as a signal for how automated credit underwriting will influence future lending competition.
Further reading
For more on the regulatory trends shaping the sector, visit Financial Services.
Source note: This article includes information reported by PYMNTS.
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