Revolut was valued at a reported $115 billion in July 2026. Most other neobanks are worth between $3 billion and $12 billion, and Nubank, the profitable benchmark, around $65 to $75 billion on the stock market.
Klarna listed at $40 in September 2025 and trades around $13. Chime listed at $27 in June 2025 and trades just above it. Monzo's last completed valuation is £4.5 billion, though it was in talks at up to £10 billion this autumn. N26 peaked at $9 billion in 2021 and has not priced a round since. Public markets value listed neobanks at roughly 4 to 5 times revenue; Revolut's private price is close to 19 times.
Neobank valuations are often quoted without dates or sources, and mix private secondary sales, failed takeover talks and live share prices as if they were the same thing. They are not. This analysis separates them, gives the date and source for each figure, and compares every company on the same two measures: revenue multiple and revenue per customer.
Neobank valuations at a glance, October 2026
Market values move daily; figures are approximate for early October 2026 and should be checked against a live quote. Sources are given in the sections below.
Revolut: $115 billion and still private
Revolut's valuation has never gone down: $33 billion in 2021, $45 billion in 2024, $75 billion in a secondary share sale completed in November 2025, and a reported $115 billion in an employee share sale in July 2026 at about $2,017 per share. Revolut confirmed the sale but not the figure, which comes from Bloomberg and the Wall Street Journal.
The business supports a high number better than most. Revolut reported 2025 revenue of $6.0 billion, up 46%, pre-tax profit of $2.3 billion and net profit of $1.7 billion, with 68.3 million retail customers. It exited mobilisation and received its full UK banking licence on 11 March 2026, and won conditional approval for a US national bank charter on 3 September 2026.
On an IPO, chief executive Nik Storonsky has said it is at least two years away, likely 2028 or later, and in October 2026 said the US is the preferred primary listing venue. The Financial Times has reported investor expectations of $150 billion to $200 billion at listing. None of this is a filing.
Monzo: from IPO candidate to stake sale
Monzo's last completed valuation is £4.5 billion, set in an employee share sale in October 2024. Its fiscal 2026 results showed revenue of about £1.7 billion, up 39%, adjusted pre-tax profit of £172.6 million and 15.2 million customers, and it won an EU banking licence in Ireland in December 2025.
The autumn of 2026 changed the story. In late September, Reuters, citing Sky News, reported talks with Nubank on a combination at £8 billion to £10 billion. Nubank then said it would not pursue a transaction. On 2 October the FT reported that Monzo was in early talks with CVC and Advent to sell up to 15% to private equity. For anyone searching for a Monzo IPO, the accurate answer is that there is no prospectus and no date, and the current route is a private stake sale.
N26: the long way back
N26 was valued at $9 billion in October 2021. A 2023 stake sale by Allianz X implied roughly a third of that, and N26 has not priced a new round since, so any current figure near $3 billion is an estimate, not a transaction. Operationally it has turned: 2025 revenue rose 13% to €501.6 million and it reported its first full-year profit, €1.6 million, followed by €9.8 million of net income in the first quarter of 2026.
Klarna and Chime: two listings, two outcomes
Klarna priced its New York IPO at $40 on 9 September 2025, valuing it at about $15.1 billion, against a private peak of $45.6 billion in 2021 and a down round at $6.7 billion in 2022. Revenue grew 25% in 2025 to $3.5 billion and it posted small profits in the first two quarters of 2026, but after it cut full-year guidance in August the shares fell, and in early October they traded around $13, a market value of about $5 billion.
Chime priced at $27 on 11 June 2025 for a valuation of about $11.6 billion, less than half its $25 billion private peak, and trades a little above its IPO price, at a market value of about $11 billion in early October 2026. It has reported two consecutive profitable quarters, raised its 2026 revenue guidance, and in September agreed to buy its partner bank, Stride, for $590 million, which would give it its own charter subject to approval.
Nubank: the benchmark everyone is measured against
Nubank is the reference point because it is large, listed and highly profitable: 2025 revenue of $16.3 billion, net income of $2.9 billion and 138.9 million customers by mid-2026, with a return on equity of 33%. Its market value was quoted at between about $65 billion and $75 billion in early October 2026, depending on the day and source. Nubank earns more profit than Revolut and serves about twice as many customers, yet is valued well below Revolut's private price.
Nubank earns more than Revolut and serves twice as many customers. The public market values it at a fraction of Revolut's private price. That gap is the most important number in neobank valuation.
How the market prices a neobank
The Houlihan Lokey public comparables, as of 30 June 2026, put the median listed neobank at about 3.7 times expected 2026 revenue and 15.7 times expected EBITDA. Our own calculation on trailing revenue gives a consistent picture for the listed names, and shows how far the private prices sit from it.
Value divided by the latest full-year revenue reported by each company. Market capitalisation is used for listed companies, not enterprise value. Approximate and for comparison only.
Listed neobanks cluster at about four to five times revenue. Revolut's private price is roughly four times richer than any listed peer, which is either a bet that it will keep growing at 40% or more while staying highly profitable, or a premium that the public market has not yet confirmed. Klarna's discount reflects its lending model and its guidance cut more than its growth.
Revenue per customer: the number behind the valuation
Revenue per customer explains much of the spread. Using each company's own reported figures, Chime reports average revenue per active member of about $260. Monzo earned roughly £112 per customer in fiscal 2026, Nubank about $124 per customer in 2025 (about $205 per active customer on its own monthly measure), Revolut about $88 per retail customer, N26 about €90 per revenue-relevant customer, and Klarna about $30 per active consumer, which reflects a payments and lending model rather than a current account.
The pattern is that valuation follows the ability to earn more from each customer over time, through lending, subscriptions, wealth and business accounts, at a low cost to serve. Customer count alone has never been a reliable guide.
Three lessons for investors
- Private peaks were not prices
Klarna, Chime and N26 are all worth well below their 2021 private marks. A valuation set in a funding round is an agreement between a few parties, not a market price.
- Licences and profit now drive the multiple
Revolut's licence wins, Chime's bank acquisition and N26's first profit are the developments that moved sentiment in 2026, not user growth alone.
- Revenue per customer is the core metric
The neobanks valued most highly are the ones that earn the most from each customer at the lowest cost to serve.
MobiBank's position
MobiBank is a Finnish financial technology company building a mobile banking platform for markets where connectivity and infrastructure cannot be assumed, including a patented channel that allows the service to work without internet access. We publish this analysis because the same unit economics apply to every neobank, including us. Certain capabilities described across this site remain under development. Information for investors is available on our investor page.
Frequently asked questions
What is Revolut's valuation in 2026?
Revolut was valued at about $115 billion in an employee share sale in July 2026, at roughly $2,017 per share, according to Bloomberg and the Wall Street Journal. Revolut confirmed the sale but not the valuation. That compares with $75 billion in November 2025, $45 billion in 2024 and $33 billion in 2021. Revolut reported 2025 revenue of $6.0 billion and net profit of $1.7 billion.
When will Revolut IPO?
Not soon. Chief executive Nik Storonsky has said an IPO is at least two years away, likely 2028 or later, and in October 2026 said a US primary listing is the preferred route, while a dual London and US listing has also been discussed. The Financial Times has reported investor expectations of $150 billion to $200 billion at listing. There is no filing.
What is Monzo's valuation?
Monzo's last completed valuation is £4.5 billion, from an employee share sale in October 2024. In September 2026 it was reported to be in takeover talks with Nubank at £8 billion to £10 billion, which ended without a deal, and in October the FT reported talks with CVC and Advent to sell up to 15%. Those figures are reported talks, not completed transactions.
Is Monzo going to IPO?
There is no prospectus and no announced date. Monzo was long expected to list, but in 2026 the focus moved to a possible sale to Nubank, which did not proceed, and then to a minority stake sale to private equity reported in October 2026. It reported fiscal 2026 revenue of about £1.7 billion and adjusted pre-tax profit of £172.6 million.
What is N26 worth now?
There is no current transaction price. N26 was valued at $9 billion in 2021, and a 2023 stake sale implied roughly a third of that. Estimates around $3 billion are models rather than deals. N26 reported 2025 revenue of €501.6 million and its first full-year profit of €1.6 million.
How did the Klarna IPO perform?
Klarna priced its IPO at $40 on 9 September 2025, above its range, valuing it at about $15.1 billion, and opened at $52. After cutting its 2026 guidance in August 2026, the shares fell, trading around $13 in early October 2026 for a market value of about $5 billion, roughly two thirds below the IPO price and about 89% below its 2021 private valuation of $45.6 billion.
How are neobanks valued?
Mainly on revenue multiples, growth, profitability and revenue per customer. Houlihan Lokey's public comparables put listed neobanks at a median of about 3.7 times expected 2026 revenue as of June 2026, and our calculation puts most listed names at four to five times trailing revenue. Investors look closely at revenue per customer and cost to serve, at banking licences, and at whether growth is profitable.
Which is the most valuable neobank?
By reported private valuation, Revolut at about $115 billion in July 2026. Among listed neobanks, Nubank is the most valuable, with a market value of roughly $65 billion to $75 billion in early October 2026, and it is also the most profitable, with 2025 net income of $2.9 billion. This is general information, not investment advice.
Related
Figures are the latest publicly reported as of 9 October 2026 and are attributed to their sources in the text. Private valuations are reported by the press unless stated otherwise; share prices change daily; multiples and revenue per customer are our own approximate calculations from company-reported figures. This article is general information and is not financial, investment or legal advice, and it is not an offer to sell or a solicitation to buy any security. Certain capabilities described remain under development.