Revolut is scaling its global banking business while seeking to maintain strong profitability and reduce its exposure to interest-rate cycles. The company is targeting 100 million customers by 2027, supported by new market launches and a growing range of financial products.
In this interview, Sid Jajodia, Revolut’s chief banking officer, tells Retail Banker International (RBI) the company’s expansion strategy, diversified revenue base, plans to provide Finnish account numbers, and its decision to focus on growth rather than comment on IPO timing.
RBI: You’ve set a goal to hit 100 million customers by 2027. Where is that next massive wave of users coming from?
Sid Jajodia: Customer acquisition momentum remains strong, backed by our rapidly expanding global footprint as well as our growing product suite. In January 2026, Revolut launched its first bank outside of Europe in Mexico and since then we’ve also launched our bank in Australia. Meanwhile, we’ve been strengthening our position in existing markets, such as the UK and France, by securing full banking licences.
We’ve also continued to roll out features that drive deeper customer engagement including paid plans and RevPoints across our 40+ markets. As such, we remain firmly on track to reach 100 million customers by 2027.
RBI: You’re investing $13bn to expand globally. To speed things up, are you planning strategic acquisitions of local banks, or will this growth be purely organic?
Sid Jajodia: Revolut continuously explores all growth opportunities to bring the Revolut app to customers worldwide.
Driven by our ambition to serve over 100 million daily active customers across 100 countries, we continue to execute ambitious expansion strategies – highlighted by recent licensing milestones across high-growth markets such as Mexico, France, Australia, Colombia, Peru and the UAE.
RBI: A 38% pre-tax profit margin is incredible for banking. As central bank interest rates start coming down globally and squeeze interest income, how do you protect that Profitability?
Sid Jajodia: Revolut has a robust and diversified business model where fee based revenue – spanning subscriptions, card payments, wealth and FX – accounts for 76% of turnover, leaving only 21% directly exposed to interest rate fluctuations.
In 2025, 11 distinct product lines within Revolut generated over £100 million ($135 million) in annual revenue, with no single stream accounting for more than 22% of group income. We pride ourselves on this revenue diversification which continues to drive strong top-line momentum while also making the business as a whole more resilient to external cycles.
RBI: You now have 11 different product lines making over $135m in annual revenue each. Which one of these do you think is going to be your biggest growth engine over the next two years?
Sid Jajodia: One of the many strengths of our business model is that we deliberately don’t rely on a single product or product line to carry our growth. Our dedicated New Bets framework sits at the core of this approach – encouraging and incubating numerous new product lines within the business, maintaining the high velocity DNA of a startup even with more than 80 million customers. In sum, the real growth engine is the network effect of Revolut’s system – every new product line has the potential both to benefit from and deepen engagement with all the others.
RBI: Everyone in the industry is watching your path to a public listing. What is the one final internal milestone you need to hit before you actually pull the trigger on the IPO?
Sid Jajodia: We don’t comment on listing timelines or requirements. Our current focus is not on when we IPO, but on continuing to expand the business, building new products, and providing better and cheaper services to serve our growing global customer base.
RBI: You recently applied for a local bank branch license in Finland, but the country is facing deep macroeconomic headwinds. So why Finland, and why now?
Sid Jajodia: To clarify, Revolut’s focus in Finland centres on our passporting application to expand our cross-border service capabilities served by Revolut’s existing Lithuanian entity, Revolut Bank UAB.
Revolut already serves more than 250,000 customers in Finland. At present, Revolut’s Finnish customers use Lithuanian account numbers. Establishing a Finnish branch will allow Revolut to offer Finnish account numbers, making everyday banking activities such as receiving salary payments, paying bills and managing day-to-day finances more convenient.
RBI: Instead of just plugging into ChatGPT or other third-party AI, you built your own model, PRAGMA, with NVIDIA. What made you decide that building a custom AI from scratch was worth the massive investment?
Sid Jajodia: Serving 80 million customers across more than 40 markets, Revolut processes billions of cross-border transactions and diverse financial behaviours in real time. Building PRAGMA, our own foundational model engineered specifically for the financial and banking sector, is a direct reflection of our core philosophy: Build, don’t Bolt On. By embedding our own intelligence layer directly into Revolut’s core, we are creating an intelligence advantage that traditionally structured banks struggle to match.
PRAGMA is designed to convert complex financial behaviours into actionable data patterns, enabling Revolut to handle key financial operations – such as catching fraud, assessing credit risk, and spotting suspicious money transfers – more accurately and efficiently, improving customer outcomes and experiences. Initial testing is already demonstrating tangible requests including 2.3x higher accuracy at identifying credit default risk, 65% more fraud cases and 41% more relevant product recommendations across retail and business accounts.
RBI: You’re scaling your team in India to 5,500 people, making up 40% of your global workforce. What specific core operations are you moving there to support your international expansion?
Sid Jajodia: Our international expansion is driven by balanced workforce growth across all key regions rather than a reliance on a single market. We are actively hiring and scaling operational hubs worldwide to ensure resilient, high-quality execution and customer experiences.
