Revolut plans to become global tech company beyond banking, Storonsky says in Turin

Plans beyond banking

Revolut chief executive Nik Storonsky said on Friday that the company intends to move beyond financial services and develop a broader suite of technology products. Speaking at the Wave by Vento forum in Turin, where John Elkann interviewed him, Storonsky said Revolut had built proprietary AI models trained on customer transaction data, using techniques similar to those behind large language models. He pointed to the scale of activity on the platform as the basis for that work.

With 30 to 40 million transactions taking place every day on Revolut, we have a unique dataset to build on.

Storonsky's stated goal is a scale comparable to the largest US technology companies. In a conversation reported by BFM, he said that by the company's 20th anniversary in 2034 the aim is a global technology company similar to Meta, Google and OpenAI, built from Europe. He added that the objective is not to compete with those groups but to reach a similar scale. He also said that third-party AI agents could connect to the platform and interact with its systems and data, with explicit customer consent.

Valuation, licences and listing plans

Reuters reports that Revolut was valued at $115 billion in a secondary share sale this year, up from $45 billion in 2024, and that its private valuation now exceeds the market capitalisation of Barclays and Societe Generale. The company received preliminary approval for a US national banking licence in September, after winning licences in Britain and France earlier this year. BFM reports that the UK licence granted in March 2026 was a full one, and that the US conditional authorisation came in early September.

On listing, Storonsky told Bloomberg TV on Thursday that a listing would favour a primary listing in the United States. BFM reports that he is considering an IPO within the next two years, potentially with a dual listing in London and New York. La Stampa wrote that a Wall Street listing will not happen before 2028, so the reports give different timelines.

Regulatory scrutiny and a data incident

Revolut's rapid growth has drawn regulatory scrutiny. Lithuania's central bank imposed a record 3.5 million euro fine in 2025 over shortcomings in transaction-monitoring controls. The company said the investigation found no confirmed instances of money laundering and that it had strengthened its systems. In September, Revolut accidentally sent customer data to hackers posing as government investigators. The company said its systems and customer funds were unaffected.

Italy growth

Revolut said it has surpassed six million customers in Italy, an increase of one million since it reached five million early this year, and that it now holds more than 10% penetration of the Italian market. AGI reports that Italy is its fourth market worldwide by number of customers. Corriere della Sera reports that Italian general manager Nicola Vicino describes Revolut as the third bank in the country by users, behind UniCredit and Intesa Sanpaolo, and that the company aims to become the first.

Reaching six million customers in such a short time confirms the strong demand for Revolut in Italy.

Vicino said savings held by Italians on the platform now exceed 1.2 billion euros, almost four times the figure a year earlier, while the number of customers receiving their salary on Revolut has more than doubled year on year. Business clients in Italy reached 62,000, up 36%, and Corriere reports that 60% of customers are under 35. Ignacio Zunzunegui, Head of Growth for Southern Europe, said Italy has become one of the main growth engines for Revolut in Europe.

Andrea Orcel, chief executive of UniCredit, has said that fintechs will end up eating banks that cannot beat them, according to Corriere. Revolut will keep adding products localised for Italy, including tax payments through the F24 form and integration of the SEDA system.