Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/revolut">Revolut</a> is a rapidly growing global financial super-app with a diversified revenue model, demonstrating a strong trajectory towards sustained profitability. Its large and expanding customer base, coupled with a wide product suite, positions it as a significant disruptor to traditional banking.</li>
 <li>The company's aggressive international expansion strategy, including entering high-growth markets like Mexico, Brazil, and India, presents a substantial long-term growth opportunity. However, this is accompanied by significant regulatory hurdles and execution risks.</li>
 <li>While the company's valuation has seen a significant increase in the private markets, its path to a public listing and the justification of its high valuation will depend on successfully navigating the complex global regulatory landscape and continuing its strong financial performance.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Revolut is a rapidly growing global financial super-app with a diversified revenue model, demonstrating a strong trajectory towards sustained profitability. Its large and expanding customer base, coupled with a wide product suite, positions it as a significant disruptor to traditional banking.
  The company's aggressive international expansion strategy, including entering high-growth markets like Mexico, Brazil, and India, presents a substantial long-term growth opportunity. However, this is accompanied by significant regulatory hurdles and execution risks.
  While the company's valuation has seen a significant increase in the private markets, its path to a public listing and the justification of its high valuation will depend on successfully navigating the complex global regulatory landscape and continuing its strong financial performance.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Revolut generated £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).</li><li>Management has set a long-term target of reaching 100M retail customers by mid-2027 across 100+ countries, supported by a $13B five-year investment commitment.</li><li>Revolut confirmed it had begun a company-sponsored secondary share sale at $2,017 per share, implying a $115 billion valuation and targeting at least $750 million of existing shares.</li></ul>

Revolut generated £4.5B ($6.0B) in revenue in 2025, up ~50% year-over-year from £3.1B ($4.0B) in FY2024, with profit before tax of £1.7B ($2.3B, 38% PBT margin, +57% YoY) and net profit of £1.3B ($1.7B).Management has set a long-term target of reaching 100M retail customers by mid-2027 across 100+ countries, supported by a $13B five-year investment commitment.Revolut confirmed it had begun a company-sponsored secondary share sale at $2,017 per share, implying a $115 billion valuation and targeting at least $750 million of existing shares.

<ul><li>Revolut generated $6B in 2025 revenue, up 50% YoY from $4B, with pre-tax profit up 57% to $2.3B (38% margin), 70M+ retail customers (+30% YoY) and customer balances of $67.5B (+66% YoY), valued at $75B as of its $3B raise in November 2025 for a 12.5x revenue multiple.</li><li>After Wealth (crypto + stocks) was Revolut's breakout business in 2024 at 298% YoY growth, it slowed to 31% YoY in 2025 with the crypto decline, Revolut is increasingly building a diversified fee-based platform where 1) it is less dependent on interest rates, and 2) no single product line dominates, with subscriptions growing the fastest in 2025 to $936M (+67%, ~16% of revenue), followed by card payments at $1.3B (+45%, ~22%) and FX at $800M (+43%, ~13%), with the company now having 11 separate product lines each generating $135M+ per year.</li><li>B2B is becoming a real second act, with Revolut Business reaching 767K customers in FY2025, hitting $1B in annualized revenue by late 2025, processing $365B in volume across payments, FX, cards and software, and expanding in April 2026 into employer of record with GlobalHire to go after Deel.</li></ul>

Revolut generated $6B in 2025 revenue, up 50% YoY from $4B, with pre-tax profit up 57% to $2.3B (38% margin), 70M+ retail customers (+30% YoY) and customer balances of $67.5B (+66% YoY), valued at $75B as of its $3B raise in November 2025 for a 12.5x revenue multiple.After Wealth (crypto + stocks) was Revolut's breakout business in 2024 at 298% YoY growth, it slowed to 31% YoY in 2025 with the crypto decline, Revolut is increasingly building a diversified fee-based platform where 1) it is less dependent on interest rates, and 2) no single product line dominates, with subscriptions growing the fastest in 2025 to $936M (+67%, ~16% of revenue), followed by card payments at $1.3B (+45%, ~22%) and FX at $800M (+43%, ~13%), with the company now having 11 separate product lines each generating $135M+ per year.B2B is becoming a real second act, with Revolut Business reaching 767K customers in FY2025, hitting $1B in annualized revenue by late 2025, processing $365B in volume across payments, FX, cards and software, and expanding in April 2026 into employer of record with GlobalHire to go after Deel.

<ul><li>Sacra estimates that Stripe hit $6.8B in revenue in 2025, up 33% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.</li><li>Stripe reported total payment volume of $1.9T in 2025, up 34% year-over-year from $1.4T in 2024.</li><li>In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.</li></ul>

Sacra estimates that Stripe hit $6.8B in revenue in 2025, up 33% year-over-year from $5.1B in 2024, with $1.2B in EBITDA.Stripe reported total payment volume of $1.9T in 2025, up 34% year-over-year from $1.4T in 2024.In February 2026, Stripe launched a new employee liquidity tender offer at a $159B valuation, backed primarily by Thrive Capital, Coatue, and Andreessen Horowitz.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Commonwealth Bank of Australia / Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 20th July, published on the 24th July.
</li>
<li>The largest industry net increase in the past week was A$0.2bn into "Oils/Gas"; the largest industry net decrease was A$0.3bn out of "Diversified Metals". Net shorts declined A$0.2bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a>, <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>, <a href="https://www.smartkarma.com/entities/woodside-energy-group-ltd-d0081203-96cd-4335-92ed-3b4cb7733dc6" target="_blank" data-smartkarma-citation="entities:38564:1" rel="noopener">Woodside Energy (WDS US)</a>, <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers (WES AU)</a>, and <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group (REA AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 20th July, published on the 24th July.

The largest industry net increase in the past week was A$0.2bn into "Oils/Gas"; the largest industry net decrease was A$0.3bn out of "Diversified Metals". Net shorts declined A$0.2bn week-on-week.
Companies mentioned in this regular weekly report include: Commonwealth Bank of Australia (CBA AU), Westpac Banking (WBC AU), Woodside Energy (WDS US), Wesfarmers (WES AU), and REA Group (REA AU).


Aussie Shorts [20 July 2026]:  Commonwealth Bank, Westpac, Woodside Energy, Wesfarmers, REA Group

United Kingdom

Mobile banking app offering checking, savings, investing, and lending for global consumers

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Revolut (REVOLUT GB)

Primer: Revolut (REVOLUT GB) - Aug 2026

Revolut is a rapidly growing global financial super-app with a diversified revenue model, demonstrating a strong trajectory towards sustained...

αSK Primers

Primer: Revolut - 24 Jul 2026

Mobile banking app offering checking, savings, investing, and lending for global consumers

Sacra

Revolut At $6B/year Growing 50% YoY

TL;DR: After crypto carried Revolut's 2024 growth, the Revolut of 2026 looks much more like a diversified fee-based platform where no single...

Sacra

Primer: Stripe - 18 Aug 2026

API and software suite for accepting payments and managing online financial transactions

Sacra

Aussie Shorts [20 July 2026]: Commonwealth Bank, Westpac, Woodside Energy, Wesfarmers, REA Group

The largest industry net increase in the past week was A$0.2bn into "Oils/Gas"; the largest industry net decrease was A$0.3bn out of "Diversified...

David Blennerhassett

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