In recent days, the valuation of Revolut has made headlines, reaching 75 billion dollars. A striking number, but it tells only part of the story on its own. Looking deeper, what emerges more strongly is not so much the valuation but the structure of the revenue model.

In 2024, Revolut recorded a net margin of 26%, supported by an extremely diversified mix, which is difficult to replicate by traditional banks.

The revenue mix of Revolut

The breakdown is clear and tells of a very different bank from what we are accustomed to:

• Wealth & Trading: 16% of revenue, with a growth of +298% YoY

• Subscriptions: 14% of revenue, growing by +74% YoY

• Cards, FX, and core services: 70% of revenue

Numbers that show a balanced model, where non-core activities are growing faster than traditional banking services.

The real signal: subscriptions

The most interesting component is that of subscriptions. The plans, which range from €9.99 to €45.99 per month, include services that clearly go beyond the financial perimeter: access to airport lounges, Gazzetta dello Sport, Freeletics, online chess, even Tinder.

Of course, the benefits more directly linked to finance remain — reduced fees on investments and crypto — but the point is another: about 15% of a bank's revenue comes from a scalable Netflix-style offering.

It is a model built around a digital person, global, mobile-first, who travels, consumes content and integrates finance into their daily lifestyle.

The comparison with traditional banks

If we shift our gaze to a large Italian bank, the picture changes radically:

• Net interest: 58%

• Fees: 35%

• Other income: less than 10%

This is a consolidated model, based on interest, fees, a physical network of branches, high fixed costs, and rigid processes. Components like subscriptions, digital wealth, global services, and a strong focus on product user experience are missing — or are marginal.

Two worlds, two logics

The comparison highlights two opposing approaches:

• Traditional bank: solid, aimed at the mass market, corporate and retail, but with structurally limited scalability.

• Native fintech: light, mobile-first, global, designed to grow rapidly with reduced marginal costs.

Differences that also reflect deeply different users.

Digital people and "in-between" customers

On one side, there is the digital person, who seeks a fluid, fast experience integrated with their lifestyle rather than human reassurances.

On the other hand, the many personas of the traditional bank: heterogeneous, still focused on relationship and trust. However, data on stagnant liquidity in current accounts show how the relationship alone is no longer sufficient.

In between — between 25 and 45 years old — there exists a huge segment of users who do not fully identify with either model. Conscious customers, often dissatisfied with traditional advice, who view the bank as distant but are not yet ready for a completely digital experience.

It is an in-between generation, without a truly tailored offer. And it is here that, most likely, the battle of the next ten years will be played out.

The role of vertical fintechs

Bridging this gap will be vertical fintechs: financial education, digital advice, execution only, simple and digital-first products. Solutions capable of reducing the gap between what users demand today and what the traditional banking model can offer.

Not an immediate replacement of banks, but a progressive redefinition of boundaries. And it is precisely in this gray area that the most interesting opportunities are being created.