N26 vs Revolut
Business model, scale, and a side-by-side Litmus framework score — which model wins, and for whom.
Revolut wins on global scale and product breadth; N26 wins on subscription-led economics and a full ECB bank licence.
At a glance
| Metric | N26 | Revolut |
|---|---|---|
| Revenue | ~€501.6M (2025) | $6.0B (2025, +46%) |
| Profit | First full year of net profitability (2025): net income €1.6M, vs €42.0M net loss in 2024 | $2.3B pre-tax (£1.7B, +57%) |
| Active users | ~5.6M revenue-relevant customers (end-2025, +16% YoY) | 68.3M retail + 767K business |
| Employees | ~1,600-1,800 (2026) | 12,200 at 31 Dec 2025 (per Revolut's own Annual Report); reported mid-2026 headcount running materially higher (~17,000-18,000+) amid rapid hiring |
| Founded | 2013 | 2015 |
| HQ | Berlin, Germany | London, UK |
LLitmus Framework Score
Overall: N26 89 · Revolut 89
Customer Segment
90
94
Value Proposition
92
92
Marketing Channel
85
88
Engagement
88
90
Income Source
95
91
Asset Validation
90
93
Core Operations
85
85
Strategic Alliance
80
82
Expense Validation
88
87
N26 leads 2 modules, Revolut leads 5. Overall edge: Tie.
Head to head
| Dimension | N26 | Revolut |
|---|---|---|
| Customers | ~5.6M (Eurozone) | ~70M+ globally (2026) |
| Revenue mix | Subscription-led (~40%) | Interchange + subscriptions + trading |
| Licence | Full ECB bank licence since 2016 | Full EU bank licence since 2021 (Bank of Lithuania) - the licence gap has closed |
| Footprint | Eurozone-only after US/UK exits | Global, many markets |
| Profitability | First full year of net profit (2025) | Profitable at larger scale |
FAQ
Is N26 or Revolut a better business?
Revolut wins on global scale and product breadth; N26 wins on subscription-led economics and a full ECB bank licence. It depends on what you optimise for — see the module-by-module breakdown above.
What is the difference between N26 and Revolut's business model?
N26 operates in Fintech (The Mobile Bank), while Revolut is Fintech (One app, all things money). Their revenue, scale and Litmus scores are compared in detail above.
Which is more profitable, N26 or Revolut?
N26: First full year of net profitability (2025): net income €1.6M, vs €42.0M net loss in 2024. Revolut: $2.3B pre-tax (£1.7B, +57%).