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Revolut CEO Nik Storonsky said the fintech is using techniques similar to those behind large language models to build proprietary models from customer transaction data. He described the technology as part of Revolut’s long-term growth plans, but did not disclose new performance results or a timetable for expansion.
Revolut CEO Nik Storonsky said Friday that the company is building proprietary models using customer transaction data, describing the work as part of an ambition to grow over the long term to the scale of the biggest U.S. technology companies. Speaking at the Wave by Vento event in Turin, Italy, he said Revolut handles 30 million to 40 million transactions a day, giving it a substantial dataset for developing its own technology, according to Reuters.
Storonsky said Revolut uses techniques similar to those used to develop large language models to build its proprietary models. He pointed to the company’s daily transaction volume as a resource, but did not provide new details about model architecture, deployment plans, or results at the event, according to the report.
The remarks follow an earlier account by PYMNTS in April that Revolut had trained a proprietary AI model called PRAGMA on 40 billion transactions, app interactions and financial events from 25 million users in 111 countries. That report said the model was used to make assessments related to fraud risk, credit risk and customer departures. Those figures and uses come from the prior report; Storonsky’s Oct. 9 remarks, as relayed by Reuters, did not confirm new model performance measures.
Revolut’s growth ambitions sit alongside its expansion plans in the United States. On Oct. 8, Storonsky told Bloomberg TV that if the company pursues an IPO, he would prefer its primary listing to be in the U.S., citing market liquidity. He also said Revolut intends to offer credit cards and loans and to compete for the U.S. market after securing a full banking charter there.
Proprietary Data Supports Expansion Plans
Revolut’s transaction volume could give it a large pool of information for developing internal tools, including systems for assessing fraud and credit risk. Those uses can affect how a financial company identifies suspicious activity, evaluates applicants and decides which customers may need attention. However, the available reporting does not establish how accurate PRAGMA is, how much it has changed business outcomes, or whether it has produced measurable financial gains.
The strategy also connects technology development with Revolut’s stated ambitions to grow beyond its existing markets. The company is pursuing U.S. banking authorization and has discussed adding lending products there. Proprietary models may support those operations, but the remarks do not show that the models themselves guarantee growth, regulatory approval or successful entry into the U.S. market.
Revolut’s private valuation adds to the attention on its plans. The source report said a secondary share sale valued the company at $115 billion this year, describing it as Europe’s most valuable startup. That valuation is a reported private-market figure, not a public-market price or evidence that the company has achieved its longer-term growth target.
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Revolut’s Banking and Listing Plans
Revolut announced on Sept. 3 that 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 is a step in the process, not confirmation that the U.S. bank is fully authorized to operate.
On Sept. 16, Revolut said it had secured a bank license in Colombia, bringing the number of full banking licenses it holds worldwide to six, according to the source report. The other named markets are the United Kingdom, France, Australia, Lithuania and Mexico. Together, these licensing developments provide context for the company’s stated international expansion plans, while each market’s regulatory requirements remain distinct.
The comments about a possible U.S. IPO were conditional: Storonsky discussed where he would want a primary listing if Revolut pursues an offering. The report did not say that the company has decided to go public or announced a timetable.
“With 30 to 40 million transactions taking place every day on Revolut, we have a unique dataset to build on.”
— Nik Storonsky, Revolut CEO, speaking at the Wave by Vento event, according to Reuters
Model Results and U.S. Approval Remain Open
The reports do not provide independent evaluations of PRAGMA’s accuracy or evidence of its effect on fraud losses, lending decisions, customer retention or revenue. It is also unclear which proprietary models are currently in use, how broadly they are deployed, and whether the model described at the Turin event was PRAGMA or a separate system.
Revolut has not, in the supplied reporting, set a deadline for reaching the scale of major U.S. technology companies or given a measurable definition of that ambition. Nor is there a confirmed IPO plan or date. The status and timing of the remaining U.S. regulatory approvals are also not specified beyond the company’s statement that applications and approvals are still in progress.
Regulatory Steps and Product Rollout
The next concrete milestones to watch are the remaining U.S. banking applications and approvals, followed by any announcement from Revolut about when it can begin operating as a fully authorized bank in the country. The company has said it plans to offer credit cards and loans after it obtains a full U.S. banking charter, but the source material does not give a launch schedule.
Further disclosures about Revolut’s models could clarify how the tools are used and whether the company measures their performance. For now, Storonsky’s remarks establish the company’s stated direction—building proprietary technology around its transaction data—rather than a new product launch, published results or a confirmed public-listing plan.
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, drawing on customer transaction data. The remarks were part of a discussion of the company’s long-term growth ambitions, not a formal announcement of a new product launch.
What is PRAGMA?
PYMNTS reported in April that PRAGMA is a proprietary AI model trained on 40 billion transactions, app interactions and financial events from 25 million users across 111 countries. That earlier report said it supports assessments involving fraud, credit risk and customers likely to leave.
Has Revolut confirmed a U.S. IPO?
No IPO decision or date is confirmed in the source material. Storonsky said he would prefer a U.S. primary listing if Revolut pursues an offering, citing the depth of U.S. market liquidity.
Can Revolut begin U.S. banking operations now?
The company has received conditional approval from the OCC for a U.S. national bank charter, but said it was still working on remaining applications and approvals with the FDIC and Federal Reserve. The reporting does not establish that Revolut has completed the process or begun operating as a fully authorized U.S. bank.
Source: rss
