Revolut makes B2B banking its top priority as it targets $200 billion IPO valuation

Revolut’s chief executive, Nik Storonsky, has told employees across the company that business banking is now its top priority, and is offering each of them £1,000 to prove he means it. In a memo sent to staff on Friday, Storonsky asked everyone, regardless of department, to help bring in new business customers, send pitches directly to him, and deliver on what he called “aggressive targets.” He designated the effort “P0”, priority zero, the highest rank in his internal system.

The directive marks a strategic pivot for Europe’s most valuable fintech, which has built its 68 million-strong customer base overwhelmingly through consumer products: currency exchange, stock trading, crypto, and everyday spending accounts. Business banking accounted for just 16% of Revolut’s total revenue in 2025, even though the segment grew 53% year on year, faster than the consumer side. The company had roughly 767,000 business customers by the end of the year, up 33% from 2024. Storonsky appears to have concluded that the gap between those two figures represents the company’s biggest unrealised opportunity.

The plan

Revolut intends to launch business banking alongside its retail product in every new market it enters from 2027 onward, according to the memo. The company is also planning 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 organisation.

The £1,000 employee incentive is modest by fintech standards, Revolut employs more than 10,000 people, so the maximum cost would be around £10 million if every staffer earned the bonus. But the signal it sends is not about the money. Asking engineers, designers, and compliance staff to participate in sales is a cultural statement: Storonsky wants business banking to be everyone’s problem, not just the sales team’s.

Why B2B, why now

The timing reflects both opportunity and necessity. Revolut reported record results for 2025: revenue of £4.5 billion, up 46% year on year, and pre-tax profit of £1.7 billion, up 57%. It 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 is incrementally less valuable. The 100 million customer target that Storonsky has set for mid-2027 is ambitious but largely a matter of geographic expansion, signing up millions of users in markets where Revolut’s brand is still new. Business customers, by contrast, deposit more, transact more, and open the door to higher-margin products such as 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 who uses Revolut for the 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.

The valuation arithmetic

That last word is the one that matters most. 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 kind of multiple on a public exchange, Revolut needs to demonstrate that it is not merely a consumer payments app with unusually good unit economics but a full-spectrum bank capable of competing with the likes of JPMorgan and HSBC for business deposits, credit, and treasury services.

The company has not yet achieved primary bank status in most of the markets where it operates. Its UK banking licence is less than three months old. Its US banking application is still pending. In that context, the B2B push is as much about narrative as it is about near-term revenue: Revolut needs to show IPO investors that it can do what traditional banks do, not just what neobanks have done so far.

The execution question

Whether Revolut can pull this off is another matter. Business banking is a relationship-heavy, compliance-intensive segment where trust matters more than interface design. The incumbents Storonsky dismissed as treating B2B as a “stagnant side-bet” 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 they do 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 on 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 the sales cycles are longer, the compliance requirements are heavier, and the competition is better entrenched. The £1,000 bonus is a start. The $200 billion valuation requires considerably more.