Revolut, the rapidly rising financial super app, has made strides across Europe with the official launch of its Italian branch and the introduction of Italian IBANs. This pivotal development not only signifies Revolut's expansion but also allows Italian customers the ease to use the service for their banking needs, sustaining over 3 million users already familiar with the platform.
With its new Italian presence, Revolut Bank UAB is now under the supervision of both the Bank of Italy and the European Central Bank. This enhances local trust and compliance, as users can now receive IBANs beginning with IT, facilitating salary deposits and everyday transactions without encountering previous restrictions tied to the Lithuanian IBANs (which started with LT). Notably, nearly half of Italians (46%) regard having a local IBAN as fundamental when selecting their primary bank account. "This step makes the branch of Revolut Bank UAB in Italy a full-fledged bank," stated Nicola Vicino, the newly appointed General Manager. "Offering a current account with Italian IBAN will facilitate daily transactions and the use of Revolut, making it much easier for customers to choose us as their main bank."
The allure of having locally relevant banking options is compelling; with Revolut having been the most downloaded financial app so far this year, its rise seems inevitable. Celebrated globally, Revolut has reached monumental customer numbers, boasting 50 million users and handling over 800 million transactions each month since its 2015 inception.
Yet, Revolut’s ambitions aren't limited to Italy alone. A strategic secondary share sale has taken place, attracting significant investment attention and raising nearly $1 billion. Initially restricted to just employees, this offering allowed early investors to cash out some of their stakes following Revolut's hard-won UK banking license. The campaign has seen participation from institutional giants like Abu Dhabi’s Mubadala, marking their debut investment with the fintech company. Reports suggest the overall company valuation has surged to approximately $45 billion, confirming its status as not just another fintech app, but as serious competition within the banking sector.
According to sources, the secondary share sale began after Revolut secured its UK banking license, which took over three years to achieve and greatly bolstered investor confidence after previous regulatory hurdles. Early backers and venture capitalists have collectively registered around $500 million worth of stock sales as part of the offering, with reports indicating Revolut CEO Nik Storonsky has realized between $200 million to $300 million from the initial offering alone.
Beyond these expansions and financial maneuvers, Revolut is also seeking new banking licenses globally; on its radar is New Zealand, underscoring the company’s strategic outlook and commitment to consistent growth across markets. By launching UK and EU stock trading under its banking license, the company has woven itself even tighter within the competitive banking ecosystem, showcasing willingness to innovate and respond to customer demands.
Despite the challenges posed by regulatory frameworks and market competition, the fintech has steadily maintained momentum, whimsical of the future as they navigate challenges with aspirational goals. Revolut staff, along with early investors, played their parts, collectively realizing substantial gains also representing unwavering confidence under these extensive and successful secondary offerings.
Currently, Revolut remains privately held without conducting an Initial Public Offering (IPO), yet speculations hint at future ambitions to go public depending on market circumstances and continued growth metrics. Industry voices are curious: Will the financial world see Revolution’s IPO soon?
What’s clear is the company’s expansion is unstoppable. With local enhancements, innovative solutions, strategic investments, and ambitious dreams, Revolut is carving its niche firmly within the wider financial ecosystem, leaving stakeholders and users eager to see what’s next on the horizon.
