Interview: Revolut chief banking officer Sid Jajodia on growth, margins and IPO plans

Revolut is scaling its global banking business while seeking to maintain strong profitability and reduce its exposure to interest-rate cycles. The company is targeting 100 million customers by 2027, supported by new market launches and a growing range of financial products.

In this interview, Sid Jajodia, Revolut's chief banking officer, tells Retail Banker International (RBI) the company's expansion strategy, diversified revenue base, plans to provide Finnish account numbers, and its decision to focus on growth rather than comment on IPO timing.

RBI: You've set a goal to hit 100 million customers by 2027. Where is that next massive wave of users coming from?

Customer acquisition momentum remains strong, backed by our rapidly expanding global footprint as well as our growing product suite. In January 2026, Revolut launched its first bank outside of Europe in Mexico and since then we've also launched our bank in Australia. Meanwhile, we've been strengthening our position in existing markets, such as the UK and France, by securing full banking licences.

We've also continued to roll out features that drive deeper customer engagement including paid plans and RevPoints across our 40+ markets. As such, we remain firmly on track to reach 100 million customers by 2027.

RBI: You're investing $13bn to expand globally. To speed things up, are you planning strategic acquisitions of local banks, or will this growth be purely organic?

Revolut continuously explores all growth opportunities to bring the Revolut app to customers worldwide.

Driven by our ambition to serve over 100 million daily active customers across 100 countries, we continue to execute ambitious expansion strategies - highlighted by recent licensing milestones across high-growth markets such as Mexico, France, Australia, Colombia, Peru and the UAE.

RBI: A 38% pre-tax profit margin is incredible for banking. As central bank interest rates start coming down globally and squeeze interest income, how do you protect that Profitability?

Revolut has a robust and diversified business model where fee based revenue - spanning subscriptions, card payments, wealth and FX - accounts for 76% of turnover, leaving only 21% directly exposed to interest rate fluctuations.

In 2025, 11 distinct product lines within Revolut generated over £100 million ($135 million) in annual revenue, with no single stream accounting for more than 22% of group income. We pride ourselves on this revenue diversification which continues to drive strong top-line momentum while also making the business as a whole more resilient to external cycles.