Revolut on May 18 teased a physical crypto debit card — a product that's actually been around since 2024. The card links to a user's crypto balance and converts holdings to fiat at real-time rates. Revolut keeps the assets in custody, and balances aren't covered by UK deposit insurance. The tease came just days after the UK Financial Conduct Authority granted Revolut Trading a wider permissions package.
A familiar card
The crypto debit card isn't new. Revolut has offered it since 2024, so the May 18 push looks more like a marketing refresh than a product launch. Users who hold crypto with the fintech can spend directly from their balance, with automatic conversion at the point of sale. The catch: no deposit protection and the firm retains custody. Still, for customers already in Revolut's ecosystem, it's a frictionless way to spend without moving funds elsewhere.
FCA green light for trading
On May 14, the FCA granted Revolut Trading a Variation of Permissions covering leveraged investment products, discretionary portfolio management, and advisory services. That's a significant regulatory upgrade — it lets Revolut offer more sophisticated financial products to UK clients, likely including margin trading and managed portfolios. The timing suggests Revolut is building out its capital markets infrastructure ahead of the planned private bank launch this summer.
Business banking push
CEO Nik Storonsky has designated business banking as the company's top priority — internally labeled 'P0'. A leaked Slack memo offers employees £1,000 ($1,300) per new corporate client they refer. Revolut Business has about 767,000 customers, up 33% year-on-year, and contributes roughly 16% of group revenue. From 2027, the company plans to roll out business banking alongside its retail app in every new market it enters. The push is aggressive, but it's working: the unit is a growing revenue engine.
IPO on the horizon
Revolut targets an initial public offering no earlier than 2028, with a valuation between $150 billion and $200 billion. The company now has 70 million users globally. Alongside the card tease and FCA permissions, Revolut has also added Trust Wallet as a partner for instant token purchases, and partnered with Mastercard for a US card rollout. Cyprus regulators issued an authorization valid across the European bloc. The pieces are falling into place for a massive public debut — but that's still two years away, at best.
