Revolut, the digital banking firm, is projected by early backer Bullhound Capital to achieve a $1 trillion valuation by 2035. This forecast was released in a new report by the venture capital arm of Revolut investor GP Bullhound.
The company is currently engaged in a secondary share sale, which is expected to value it at $115bn. Its last valuation was $75bn in November 2025, when it received investment from Nvidia.
Bullhound Capital, which invested $10m in Revolut in February 2020 at a $5.5bn valuation, anticipates the company will reach $400bn by 2030. This growth is expected to be driven by an estimated 271 million customers, generating $84bn in revenue and $42bn in net income by 2035.
The VC firm suggests that Revolut has a substantial "uncaptured revenue opportunity" by closing the monetisation gap with its banking peers. For instance, matching Santander's revenue per customer could generate $21bn in annual revenue based on its 2025 customer numbers.
Subscriptions were the fastest-growing revenue area for Revolut last year, increasing by 67 per cent to £708m. This outpaced the 57 per cent growth in headline profit, which reached £1.7bn.