30th July 2026
Revolut to be $1 trillion company by 2035 - Bullhound Capital research
Later today growth fund Bullhound Capital (https://bullhoundcapital.com) will publish brand new research on Revolut’s path to a $1 trillion valuation. As an investor since 2019, Bullhound Capital has a unique insight on Revolut’s ascendancy.
In the research, which I have included alongside a press release, Bullhound predicts that:
- By 2035 Revolut will surpass a $1 trillion valuation. With 271 million total users, representing 9% market share (up from 75 million today), Revolut will reach $84 billion in revenue and $42 billion of net income. Its higher operational efficiency, compared to traditional banks, will command a 50% net income margin - a steady state, not a peak.
- By 2030, earnings growth should more than offset any multiple compression from today's implied P/E, supporting a valuation in excess of $400bn - a further milestone on the path to becoming a trillion-dollar company by 2035.
- Revolut is growing revenue faster than most companies in the comparable set, while already delivering superior net margin - also ahead of most peers - that will continue expanding over the coming years. Across a range of valuation methodologies, Bullhound Capital believes $115bn represents a fair value for the company today.
- Product is the growth engine. Every product must "deliver WOW", and customers reciprocate: around two-thirds of new customers arrive organically or by referral, and every new vertical launches into an already engaged base at minimal acquisition cost, creating a flywheel where each product deepens retention and funds the next - resulting in a compounding growth engine. The same discipline now extends to AI, with AIR putting the entire ecosystem behind a single conversational interface.
There’s a depth of factors considered in the report, such as Revolut being diverse in product and geographies, and how its regulatory excellence and deep localisation enable expansion at the pace of a technology company with the rigour of a bank.
Pages of interest include: key insights (p.5-6); build vs buy (p.9); competitor analysis (p.12); UK launch case study (p.17); product velocity (p.18); select market traction (p.21-22); winning culture (p.30-31); alumni success (p.32); financial profile (p.34-35); growth and margin comparisons (p.38 + p.41); 2030 outlook (p.39 +p.45); path to $1 trillion (p.47 onward).
I can field any questions you may have, or arrange a quick chat with someone from Bullhound Capital. The firm is known for being early in Spotify and Klarna, alongside its deep tech and quantum portfolio companies.
Press release and report accessible here: https://drive.google.com/drive/folders/1LAljSioFZkKhozqqsNcyfNYaAzWb8uGR?usp=sharing
Connor