Revolut price tag ‘just a stepping stone’ to a trillion, says Fuse boss

Revolut will become a trillion dollar company, one of its most high profile alumni has claimed, with any valuation on the road to that a mere “stepping stone”.

The London-born fintech giant – which currently boasts a valuation of $75bn – is tipped to launch another secondary share sale in the second half of this year that will take its valuation to somewhere around $115bn. 

But Alan Chang, the founder of Fuse Energy and former chief revenue officer of Revolut, expects the firm’s worth to grow well beyond that figure and up to tenfold. 

“I think Revolut will be a one trillion dollar company,” Chang told Morning Wire. 

“Any number between now and a trillion dollars is just a stepping stone.”

The remarks follow business secretary Peter Kyle pledging to “find the UK’s first trillion-dollar firm”. 

Reports suggest that Revolut founder Nik Storonsky is eyeing up a valuation of up to $200bn (£150bn) for its long-awaited public debut. Such a level would catapult it above a number of Europe’s top banks including Barclays (£64bn), UBS (£114bn) and Santander (£138bn).

Chang said the UK was “increasingly seeing more ambition” from its founders.

“Whether there will be a UK-born global champion remains to be seen. The only one that is actually doing it is Revolut for now… and I hope Fuse will be second.”

A key player in the Revolut Mafia

The fintech ecosystem has coined the term ‘Revolut Mafia’ for the powerful network of former employees and executives at the firm who have since established their own firms.

Examples include former group operating officer of Revolut Richard Davies and his small business lender Allica Bank, which was named the fastest-growing fintech ever by Deloitte, and Belvo headed up by the ex-General Manager of Revolut’s Spanish division Pablo Viguera.

Chang founded Fuse – which operates across the energy chain including its own wind and solar farm to provide electricity and gas to households and businesses – in 2022 and struck a $5bn valuation just last December after a $70m investment round. 

Insiders of Revolut have told Morning Wire the energy chief “played a very outsized role [at Revolut]” where he “essentially was Nik [Storonsky]’s number two”.

Chang said the key part of Revolut he brought to Fuse was the “anything but number one is not acceptable.”

“Anything but top quality is not acceptable.”