Revolut prioritizes B2B banking ahead of $200 billion IPO

Revolut CEO Nik Storonsky has declared business banking the company’s top priority, offering each of its 10,000+ employees a £1,000 bonus to recruit new corporate clients. The move comes as the fintech giant positions itself for a potential $150–200 billion IPO, likely no earlier than 2028. In a memo sent to staff on Friday, Storonsky designated the initiative “P0,” or priority zero, the highest rank in his internal system, and urged all departments,from engineering to compliance,to pitch new business customers directly to him and meet what he called “aggressive targets.”

This strategic shift marks a notable pivot for Europe’s most valuable fintech, which has built its 68 million customer base primarily through consumer offerings like currency exchange, stock trading, crypto, and everyday spending accounts. In 2025, business banking contributed only 16% of Revolut’s £4.5 billion revenue, despite growing 53% year over year,faster than the consumer side. The company ended the year with roughly 767,000 business customers, a 33% increase from 2024. Storonsky clearly sees the gap between these figures as the company’s biggest untapped opportunity.

Under the new plan, Revolut will launch business banking alongside its retail product in every new market it enters starting in 2027. The company also plans to introduce credit products for businesses next year and is building a dedicated department for new business growth and onboarding. New key performance metrics tied to business acquisition are being rolled out, and designated “heads of business” contacts will be embedded across the organization. The £1,000 employee incentive, while modest by fintech standards,the maximum cost would be around £10 million if every staffer earns it,signals a cultural shift: Storonsky wants business banking to be everyone’s responsibility, not just the sales team’s.

The timing reflects both opportunity and necessity. Revolut reported record results for 2025: £4.5 billion in revenue, up 46% year over year, and £1.7 billion in pre-tax profit, up 57%. It finally received its UK banking licence in March 2026 after years of regulatory delays and has applied for a US national bank charter. The company is projecting $9 billion in revenue and $3.5 billion in profit for 2026. But consumer growth, while still strong, is approaching a scale where each new customer adds incrementally less value. The 100 million customer target Storonsky set for mid-2027 is ambitious but largely a matter of geographic expansion. Business customers, by contrast, deposit more, transact more, and open the door to higher-margin products like lending, payroll, and treasury management. They are also stickier: a company that routes its payroll and invoicing through a platform is far less likely to switch than an individual using Revolut for occasional currency conversion.

Storonsky acknowledged as much in the memo. “Many legacy banks treat B2B as a stagnant side-bet,” he wrote, adding that Revolut intended to make it the engine of its growth and valuation.

That last word is key. Revolut is targeting an IPO no earlier than 2028, with a reported valuation ambition of $150 billion to $200 billion,roughly double to triple the $75 billion it achieved in its most recent secondary share sale. To justify that multiple on a public exchange, Revolut must demonstrate it is not merely a consumer payments app with good unit economics but a full-spectrum bank capable of competing with JPMorgan and HSBC for business deposits, credit, and treasury services. The company has not yet achieved primary bank status in most markets. Its UK banking licence is less than three months old, and its US banking application is still pending. In that context, the B2B push is as much about narrative as near-term revenue: Revolut needs to show IPO investors it can do what traditional banks do, not just what neobanks have done so far.

Whether Revolut can pull this off is another question. Business banking is a relationship-heavy, compliance-intensive segment where trust matters more than interface design. The incumbents Storonsky dismissed have decades of lending expertise, established credit models, and deep integration with corporate treasury systems. Revolut’s advantages,speed, lower fees, a slick mobile experience,matter less to a CFO managing multi-currency payroll than to a consumer splitting a dinner bill. The company’s growth in expansion markets is encouraging: business revenue in Singapore, Australia, and the United States grew more than 140% year over year in 2025. But those figures start from a small base, and the gap between acquiring small business customers and serving mid-market or enterprise clients is vast.

Storonsky has never been accused of lacking ambition. Revolut went from a prepaid card for travellers to a £4.5 billion-revenue company in a decade. The question now is whether the same relentlessness that built a consumer juggernaut can be redirected toward a segment where sales cycles are longer, compliance requirements are heavier, and competition is better entrenched. The £1,000 bonus is a start. The $200 billion valuation requires considerably more.