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Schrödinger’s Bank: the £57B paradox no one is pricing

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A couple of weeks ago the headlines crowned Nik Storonsky Britain’s almost-richest man. A Musk-style pay deal that could be worth £57B if Revolut reaches a $200B valuation. The Hindujas, Britain’s wealthiest family, sit on £38B. You did the arithmetic in your head and scrolled on.Here is the part the wealth stories left out. Revolut is two companies sharing one logo, and the £57B depends on both of them being true at once. Looking to understand the formula behind a profitable digital bank? Learn from the best in class with our deep dive analysis on Revolut. Check out the report now! Take me to the Revolut Report! Report Storonsky spent close to five years prising a full UK banking licence out of the regulator. He finally got it this March. Awkward thing about banks: the market values them on book value and steady earnings, which is why Barclays, Lloyds and NatWest trade at modest multiples while sitting on hundreds of billions in assets. A $200B price tag on Revolut’s $1.7B of 2025 profit implies a multiple north of 100x. Banks never see numbers like that. Fast-growing technology platforms do. So the licence that lets Revolut lend and hold deposits quietly […]

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