The chief executive of Barclays has stated that established high-street banks must take lessons from the rapid ascent of their digital challengers, following news that Revolut's valuation has soared to a staggering $75 billion (£57 billion).
Venkat's Call to Learn from Fintech Disruptors
Speaking at the Financial Times' Global Banking Summit on Tuesday 2 December 2025, Barclays boss CS Venkatakrishnan – commonly known as Venkat – acknowledged that fintech firms like Revolut have effectively "laid the gauntlet down" for traditional lenders. The valuation milestone, achieved through a private fundraising round that included investment from Nvidia's investment arm, propelled the fintech ahead of many publicly listed banks.
"I think we should learn from them in terms of their user interface, we should learn from them and the kinds of products they offer," Venkat said. Revolut's drive to become a financial 'super app' has seen it diversify far beyond basic banking, launching a travel bookings platform called 'Stays' in 2021, introducing cryptocurrency trading in 2024, and most recently expanding into mobile phone plans.
Regulatory Divergence and Risk Questions
However, the Barclays chief also pointed to a significant disparity in the regulatory landscape faced by challengers versus traditional banks. He emphasised the importance of the "contract" implied by a full banking licence, which brings stringent consumer protection and financial control obligations. "They don't have a banking licence in the UK," Venkat noted, adding pointedly, "I take that very seriously."
His comments come as Revolut's long-running application for a UK banking licence remains pending, reportedly delayed by regulatory concerns over whether the fintech's risk controls can keep pace with its global growth. A Revolut spokesperson previously told City AM that obtaining the licence was a "complex" process due to the firm's scale but that they looked forward to launching a fully regulated UK bank.
Fraud Data and the Competitive Landscape
The debate over standards coincides with consumer data highlighting challenges for both new and old banks. A September report from Which? revealed Revolut received the most fraud complaints for the year at 1,875, with an uphold rate of 30 per cent. Barclays followed in second place with 1,161 complaints and a marginally higher uphold rate of 31 per cent.
When Revolut's new valuation was announced, it briefly surpassed Barclays' market capitalisation of £55 billion. However, a subsequent five per cent rise in Barclays' share price has since lifted its value back above Revolut to around £60 billion. This seesawing dynamic underscores the intense competition and shifting perceptions of value within the modern financial sector.
Venkat's remarks signal a pivotal moment of reflection for traditional institutions, acknowledging the innovative threat posed by fintechs while also scrutinising the foundational responsibilities of licensed banking.
