Revolut

What it does

Revolut earns across a spread of product lines rather than from one. Its 2025 Annual Report says fee-based revenues account for 76 percent of turnover and that card payments were the largest revenue stream at 22.2 percent of the total, followed by interest income at 21.6 percent, subscriptions at 15.7 percent, wealth at 14.7 percent and FX at 13.4 percent, on group turnover of GBP 4.5 billion. The revenue recognition note defines each stream: card payments revenue is transaction fees on card payments including interchange, plus fair usage fees on cash withdrawals and account top-ups; foreign exchange revenue is the exchange fee charged when a customer converts one currency pocket into another; subscriptions are the monthly and annual fees on retail and business plans; and wealth is the markup or commission on crypto, equities and commodity contracts together with a monthly custody fee on assets under administration. Other fee income adds, among other things, fees charged on merchant acquiring transactions, card delivery, remittances, business expense management, insurance commission and the Stays, Experiences and Shops products. Interest income rests on the deposit base: the report says the balance sheet grew 66 percent to GBP 43 billion in 2025 on increased customer deposits, at a loan-to-deposit ratio of 6.2 percent.