Good morning & happy Tuesday! Today, all eyes are on Revolut, which just dropped its 2025 annual report, and the numbers are genuinely absurd. We're going to unpack the fee-income fortress that makes Revolut structurally different from every competitor, the lending optionality coiled inside that balance sheet, the regulatory dominoes now falling in sequence, and whether $75 billion is expensive or whether the market is about to find out it was way too cheap (plus more bonus reads on Revolut, how it's leveraging AI & bonus deep dives into the latest financials of Nubank, SoFi, Robinhood, and Coinbase inside). So let's jump straight into the fascinating stuff '' Following the money ' Europe's most valuable private company just published its 2025 financial results and annual report. And one number buried in Revolut's 2025 annual report tells you more about the company's future than any headline figure. Revolut, by contrast, has built one of the most profitable financial technology...
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