Revolut CEO Targets Long-Term Growth With Proprietary Models

TL;DR

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Revolut CEO Nik Storonsky said the company uses techniques similar to those behind large language models to build proprietary models from customer transaction data. He described the data as a resource for the company’s long-term expansion, but did not disclose new performance results or a timetable for the models.

Revolut CEO Nik Storonsky said the company is building proprietary models using techniques similar to those used for large language models, drawing on data from its customer transactions. Speaking Friday, Oct. 9, at the Wave by Vento event in Turin, he linked those models and Revolut’s wider technology products to a long-term ambition to grow to the scale of the largest U.S. technology companies, according to Reuters as reported by PYMNTS.

Storonsky said Revolut processes 30 million to 40 million transactions each day, a volume he described as a distinctive dataset for developing its own models. The remark points to the company’s use of customer activity as a technical resource, though he did not announce a new product, model launch or target date at the event.

PYMNTS reported in April that Revolut had trained a proprietary AI model called PRAGMA on 40 billion transactions, app interactions and financial events associated with 25 million users in 111 countries. The report said the model is used to assess matters such as potential fraud, credit risk and the likelihood a customer will leave. Those details describe an earlier development; Storonsky’s Oct. 9 remarks, as presented in the source report, did not provide fresh performance data about PRAGMA.

The comments arrive as Revolut pursues growth across financial services and technology. The company was valued at $115 billion in a secondary share sale this year, according to the report. That valuation and the CEO’s stated ambition offer scale context, but they do not establish that the company’s models have caused growth or that Revolut will reach its stated long-term goal.

Models Could Support Revolut’s Expansion

Revolut’s plans matter because the company is presenting data and internally developed models as part of its broader growth strategy, rather than treating them solely as back-office tools. Models used to identify possible fraud or assess credit risk can affect how financial services are delivered to customers and how a firm manages risk. The source report, however, gives no details on model accuracy, customer outcomes or the effect on revenue.

The ambitions also sit alongside a possible expansion in the United States. Storonsky has said the company wants to offer credit cards and loans there after obtaining a full U.S. banking charter. If that expansion proceeds, the company’s data-driven risk systems could become relevant to how it assesses prospective borrowers and manages fraud. That is a potential connection, not a confirmed account of how the models will be deployed in the U.S.

For customers and competitors, the key issue is not simply the size of Revolut’s dataset. It is whether the company can turn that information into dependable products while meeting financial and regulatory requirements. No new evidence about that question was included in the Oct. 9 remarks reported by PYMNTS.

Revolut’s Data and U.S. Plans

Revolut is a privately held financial technology company whose services span payments and banking products. PYMNTS described it as Europe’s most valuable startup and reported that its private valuation exceeds those of Barclays and Societe Generale. These comparisons reflect the report’s account of its valuation, not a measure of operating performance.

The company’s model work has been reported alongside its efforts to expand its banking footprint. On Sept. 3, Revolut said it had received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter. The company said it was still working through remaining applications and approvals with the Federal Deposit Insurance Corporation and the Federal Reserve. Conditional approval does not mean the bank is fully authorized to begin all planned U.S. operations.

Storonsky also told Bloomberg TV on Oct. 8 that, if Revolut pursues an initial public offering, he would want its primary listing in the United States, citing the depth of the U.S. market. In the same interview, he described plans to offer credit cards and loans once the company has a full U.S. banking charter. Separately, Revolut announced on Sept. 16 that it had secured a banking license in Colombia, bringing its reported total of full banking licenses worldwide to six.

“With 30 to 40 million transactions taking place every day on Revolut, we have a unique dataset to build on.”

— Nik Storonsky, Revolut CEO, as quoted in the Reuters report

Model Results and Timelines Remain Unknown

The report does not specify which proprietary models Storonsky discussed at the Turin event, whether he was referring to PRAGMA, or whether Revolut has begun training additional models. It also gives no new information about accuracy, bias testing, data safeguards or customer effects, and does not quantify any financial return attributable to the models.

Revolut’s long-term target is not accompanied by a timetable or measurable milestones in the source report. Its U.S. banking plans also depend on completing outstanding regulatory steps. The company’s eventual IPO timing, venue and decision to proceed remain uncertain, as do the exact products it could launch under a U.S. charter.

Regulatory Approval and Product Milestones

The next concrete developments to watch are Revolut’s remaining U.S. banking applications and any further decisions by the FDIC and Federal Reserve. The OCC’s conditional approval is one step in the process, while the company has said additional approvals remain outstanding.

Revolut could also provide more information about how its models are used, what safeguards apply and whether they support new products. For now, the Oct. 9 remarks establish the CEO’s stated direction and the company’s reported transaction volume, but not a launch schedule or evidence of results. Any U.S. credit cards or loans would follow the company’s stated condition of securing a full banking charter.

Key Questions

What did Revolut’s CEO announce?

Nik Storonsky said Revolut is building proprietary models with techniques similar to those used for large language models, using customer transaction data. The report did not describe a new model launch or release date.

What is PRAGMA?

PYMNTS reported in April that PRAGMA is a proprietary Revolut AI model trained on 40 billion transactions, app interactions and financial events from 25 million users across 111 countries. The report said it supports assessments related to fraud, credit risk and customer retention.

Has Revolut received a full U.S. banking charter?

Not according to the source material. Revolut received conditional approval from the OCC on Sept. 3 and said it was working on remaining applications and approvals with the FDIC and Federal Reserve.

Is Revolut planning a U.S. IPO?

Storonsky said that if Revolut pursues an IPO, he would prefer a U.S. primary listing because of the market’s liquidity. The report does not say the company has decided to go public or set a date.

Source: rss