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Can Revolut really justify a £55bn IPO valuation?

Published: October 7, 2025 at 9:39 am

Author: Max Thomas, partner, TBP Global Assets

Revolut’s recent valuation surge to $75 billion raises critical questions about its sustainability – especially as it prepares for an IPO.

“While its projected revenue for 2025 stands at $5.3bn, this results in an elevated EV/Revenue multiple of 14.2x, significantly higher than peers like NuBank and SoFi, which average around 10.1x.

“To justify and sustain this lofty valuation, Revolut must focus on several key areas.”

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