Revolut aims to grow its Nordic customer base from two million to three million by the end of 2026, with Sweden accounting for half of its users in the region. The expansion also seeks to challenge traditional Nordic banks that currently dominate household deposits, according to Revolut’s chief growth officer Antoine Le Nel.
Operating under its European banking licence from Lithuania, the Stockholm branch will enable Revolut to issue Swedish IBANs, allowing users to receive salaries, make local transfers, and set up direct debits through their Revolut accounts.
The company also plans to introduce new offerings such as daily-interest savings accounts in Nordic currencies, commission-free ETF investing, and Apple’s tap-to-pay service for small businesses. Recruitment is already underway across Sweden, Finland, Norway, and Denmark to strengthen compliance, operations, and risk management teams.
“Our true competitors are the local, traditional banks,” Le Nel said. “Then there are some very strong buy-now-pay-later players, but that’s a bit more niche compared to the full range of services we provide.”
Klarna currently serves 80% of Sweden’s population and boasts 110 million users worldwide with a market valuation of around $14 billion. Revolut, with 65 million users globally, is targeting 100 million within two years and pursuing a $75 billion valuation as it wraps up its latest funding round.
While Revolut expands internationally — operating in 40 markets with plans to reach 70 by 2030 — it continues to face regulatory delays in obtaining a UK banking licence due to risk management concerns.
