The Algorithm That Keeps Compounding

• Revolut: £4.5B revenue, 46% growth, 38% profit margin in 2025.
  • 35% ROE — 3-4x higher than traditional banks.
  • 68M users; ~1 in 3 new European bank accounts.
• 76% revenue CAGR since crossing $1B in 2022.
• Revenue diversified: 11 product lines each >£100M annually.
  • No single segment >22% of total revenue.
  • “Rule of 75”: 46% growth + 29% margin — rare at this scale.
• Loan-to-deposit ratio ~6% vs. 70-90% for incumbent banks — massive lending upside.
• 65% of new customers from organic/referral; NPS 2x industry average.
  • AI resolves 75% of support queries with higher satisfaction scores.
• Growth levers: US bank charter, under-35 primary account penetration, lending expansion.

Alex Immerman and Santiago Rodriguez (a16z Growth Partners) · 2026-03-24 · Read on a16z.com