Own a piece of Revolut
while it is still private.

A pre-IPO allocation of Revolut shares, held through Binaryx. You choose your amount, from $250, at $2,541.42 a share. That is a $138B valuation, the entry price for this round. Holdings are fractional: $10,000 buys 3.74 shares after the entry fee. You get money out only at a listing, an acquisition, or a sale to another investor.

Non-US investors only. This round is offered under Regulation S, so US persons cannot take part, and residents of Russia or OFAC-sanctioned countries are excluded. You do not need to be an accredited investor, and we check eligibility at onboarding with an investor questionnaire and KYC.

Buying shares in a late-stage private company before it lists on a public exchange. The price is agreed privately, not set by an exchange. Here it is the price for the current round.

A public stock trades on an exchange and can be sold any day. A pre-IPO share is private — there's no public exchange, so it's a longer-term hold, typically 1–5 years to a full exit like a listing, an acquisition, or a sale. On Binaryx you can still trade it peer-to-peer in the meantime, whenever there's a buyer.

It is the entry price for this round, not a market price. $2,541.42 a share values Revolut at $138B across the roughly 57.0 million shares public reporting implies. That share count comes from the July 2026 employee tender, reported at $115B and $2,017.00 a share by four of the five outlets that give a per-share price. Your final price is fixed at closing and can differ.

It is priced richly, and that is the central risk in this deal. At $138B Revolut is valued at 22.8x FY2025 revenue, 60x profit before tax and 79x net profit, against 8.21x sales for Nubank, the closest listed comparable. The 5% entry fee lifts your effective cost to about $145.3B. A platform mark of roughly $125bn circulated in August 2026, and that is a model output, not a trade. The growth has to arrive before this pricing is earned.

Allocation is limited. The round has a fixed number of shares, filled in the order orders arrive: first invest, first allocated. Anything we cannot allocate returns to your Binaryx balance, so you are never charged for shares you do not receive.

The $2,541.42 / share price is indicative: the entry valuation for this round of $138B, confirmed when the deal closes. If the final price is more than 10% higher than shown, we refund your investment.

Up to 5% once at entry, and up to 20% of profit at exit, charged only on gains and never on your principal. On $10,000 the entry fee is $500, leaving $9,500 invested and 3.74 shares. In the modelled scenario the position is worth $17,210 at exit. The success fee is $1,442, and you receive $15,768. That is a 1.58x net multiple.*

More flexible than a typical private investment, but not liquid like a listed share. Once the round closes your tokens trade on the Binaryx P2P market, so you can sell whenever there is a buyer. Trading in Revolut shares is infrequent, quotes have differed sharply between venues, and the gap between buying and selling prices is wide.

Treat it as a long-term, high-risk position. You are buying a private company ahead of a listing management has indicated but not committed to, at a price set privately for the round, not by a market. Expect to hold for several years. Tokens trade on the Binaryx P2P market once the round closes, but only when a buyer exists and only at that buyer's price. Pre-IPO investments are speculative and illiquid. You can lose everything you invest.

Right of First Refusal. When a private share is sold, the company or its existing shareholders may have a window (often ~30 days) to buy it first at the agreed price. If they exercise it, the trade doesn't complete and your funds are returned; if they pass, it settles to you. Revolut pre-IPO holdings are subject to transfer restrictions and a company right of first refusal.

No. Revolut is profitable, with £1.30bn of net profit after tax in FY2025, but a bank keeps its earnings to meet capital rules and fund the lending book it has only just started. This allocation pays no dividend and no interim payout. Your return depends only on the valuation changing, and you see it only at a liquidity event.

Expect it. At 31 December 2025 there were 2,807,683 options and RSUs outstanding, with an equity-settled share-based payment charge of £192,833,000 for the year. Separately, the CEO's existing valuation-linked incentive plan awards additional shares as the valuation clears thresholds — up to roughly 10% of the company if all targets are hit, with the first major trigger reported at around $150bn; he said in a December 2025 interview that the package would entitle him to about 40% of the company at a $200bn valuation. Press reports in August 2026 describe negotiations over a further staged award triggering at roughly $500bn; it is not finalised, and it is unclear whether it would add to or replace the existing arrangement. Your share count stays fixed; the total share count grows, and it grows fastest precisely when the valuation rises.

Not fully public, which limits any per-share figure. The July 2026 pricing implies about 57.0 million shares ($115B ÷ $2,017.00). The accounts show 46,969,137 Ordinary shares at 31 December 2025, plus Ordinary G and Ordinary H growth shares, which pay nothing unless the valuation clears a preset level. Revolut has not published how the tender valuation was struck, so a buyer cannot verify what fraction of the company a price buys.

Yes, and it is audited. FY2025 revenue was £4.52bn, up 46.1%. Profit before tax was £1.71bn, up 57.4%, a 37.9% margin. Net profit after tax was £1.30bn, the fifth profitable year in a row. Roughly three-quarters of income is fees, not interest. Gross margin is the one headline metric moving the wrong way, down to 77.9% from 80.55%.

Less than the headline suggests. Of £50.2bn in balances (up 65.9%), £36.1bn sits on Revolut's balance sheet as deposits and £14.0bn is held with partners, which is not a Revolut deposit. Revolut has lent out only £2.24bn of the deposits, or 6.2%, and net interest income grew 19.2% while balances grew 66%. Lending is where the next revenue has to come from, and where credit risk enters. Credit losses rose 107.2% to £61,239k, on a book of mostly unsecured personal loans and credit cards that has never been through a downturn.

From banking licences turning existing customers into more products. Revolut earns fees across eleven product lines that each bring in roughly £100m, and each new licence lets it sell lending, credit and protected deposits over the same infrastructure. 2026 completed that stack: Mexico in January, the UK on 11 March, France on 10 August. Costs fell to 33% of income from 38% while revenue grew 46.1%. Every turn of it needs a regulator's permission first, which is the weak point.

More than the numbers support. Revolut filed with the OCC and FDIC on 5–6 March 2026 for a national bank charter as Revolut Bank US, N.A., with $500m committed. It is the second attempt: a 2021 application was withdrawn in 2023 after regulatory pushback and concerns about internal controls. Approvals typically take 12–18 months and no decision has been announced. N26 and Monzo both left the US, and Chime already has 10.2m active members. Any valuation pricing in US expansion is pricing an outcome regulators have not granted.

In July 2025 the ECB barred Revolut's Lithuanian bank from launching new products across the EEA, over failures in governance, risk, compliance and legal controls. It ordered an independent outside review of how the bank approves new products. Outside the EEA it froze acquisitions and new customer sign-ups entirely. The measures became public only through the Financial Times on 10 June 2026, eleven months later. It could not be established whether all of them are still in force. They hit the exact engine the growth case depends on.

Worst among UK firms for fraud complaints, two years running. In calendar 2024, 3,242 authorised push payment fraud complaints went to the Financial Ombudsman Service, plus 2,631 other fraud and scam complaints. Monzo had 2,344. Barclays, with over 20m customers, had 1,704. From 1 January to 31 August 2025 there were 1,875 more referrals, 30% upheld. £756 is lost to this fraud for every £1m sent into Revolut accounts. Lithuania's financial crime service says Revolut accounts for roughly 80% of all suspicious transaction reports filed there. The Bank of Lithuania fined Revolut Bank UAB €3.5m on 8 April 2025, its largest AML penalty, for failures it called systematic rather than isolated. Italy's competition authority fined it a reported €11.5m in April 2026.

The FY2025 opinion is clean: BDO LLP signed an unqualified opinion on 12 March 2026. The history is worse. BDO issued a qualified opinion on the FY2021 accounts. It could not get enough assurance over £477m of the £636m of revenue then reported, because Revolut's IT systems were not built in a way that let controls be tested. Filings were repeatedly late: FY2021 on 6 March 2023, FY2022 on 6 January 2024 after an extension and a second missed deadline in a row. Ernst & Young replaces BDO from FY2026. That is a change of auditor, not a re-audit, and the earlier years are not being reopened.

Nikolay Storonsky, the co-founder and CEO, is the sole registered Person with Significant Control of Revolut Group Holdings Ltd — notified as holding more than 25% but not more than 50% of shares and the right to appoint or remove directors, with reporting putting him at roughly 29% of ordinary shares. Below him the senior team has turned over in the run-up to a US charter decision and an eventual listing: co-founder Vlad Yatsenko stepped down as CTO on 1 July 2026 with no reason disclosed, his responsibilities passing to Donato Lucia as VP of Technology rather than as CTO, leaving that seat unfilled; and the finance function has had three CFO arrangements in roughly two and a half years, with Max Lapin becoming group CFO in March 2026. Holding this allocation gives you economic exposure to the deal's proceeds, not a vote on any of it.

Nubank (NYSE: NU) is the closest listed comparable: around 131m customers, FY2025 revenue $6.991bn, net income $2.869bn, a $69.32bn market capitalisation, 8.21x sales and 19.55x earnings. It earns roughly 70–85% of revenue from lending in high-rate emerging markets, where Revolut earns about 76% from fees. Wise (LON: WISE) trades at £9.65bn and 5.09x sales. Chime (NASDAQ: CHYM) is at $12.08bn and still loss-making. Monzo targets a London listing at £6–7bn. Klarna (NYSE: KLAR) is the cautionary case: $5.69bn today against $15.11bn at its September 2025 listing.

Management has indicated a listing around 2028, expected in the United States rather than London; CEO Nik Storonsky told Bloomberg on 20 April 2026 that the IPO was two years away. Preparation is visible — Revolut simplified its share-class structure to resolve regulatory obstacles ahead of its restricted UK banking licence in July 2024, and Ernst & Young replaces BDO as auditor from FY2026. None of that is a commitment. No listing has been announced, no date, venue or price range exists, and a company-indicated timeline can move by years or not arrive at all. The 2028 exit date used on this page is a scenario assumption,* not a schedule you can rely on.

You keep your stake. An exit could still come through an acquisition, a later listing attempt, or a secondary sale to another private investor. Revolut has stayed private since its last primary priced round in July 2021 — the $800m Series E at $33B — and every mark since then ($45B in August 2024, $75B in November 2025, $115B in July 2026) has been a secondary sale of existing shares rather than new capital. Timing is unpredictable, no exit is guaranteed, and the position could remain unsellable for an extended period.

Your return would be lower than the modelled scenario, or negative. Private valuations fall as well as rise. N26 was valued at $3bn in May 2026, down 67% from its 2021 peak. Klarna fell from $15.11bn at its September 2025 listing to around $5.69bn, roughly 62%. Being profitable today is not a floor under the price you paid. If the company fails, the shares can lose all their value and you can lose your entire investment.