Economic Audit - Revolut

Domain: Economic - Economic Entity scope: Revolut Group Holdings Ltd (London) - standalone fintech/neobank; founders Nik Storonsky and Vlad Yatsenko. Revolut-corporate’s OWN economic footprint is in scope; the investor base is flagged investor-level (no Israeli-domiciled investor confirmed; the DST Global / Yuri Milner relationship is flagged carefully at investor-level). Compiled: 2026-06-24 Method: Live web search only

Supply Chain & Sourcing Relationships

No public evidence identified of Revolut-corporate procuring goods or services from Israeli-domiciled economic suppliers in any material sourcing relationship; live searches surfaced only Revolut’s own Israeli market-entry activity rather than upstream supplier relationships. Revolut does recruit locally in Israel for its Israeli operations (e.g. “Strategy & Operations Manager - Israel Expansion,” “Head of Operations - Israel”), but local staffing for a nascent regulated operation is distinct from a supply-chain relationship with an Israeli corporate counterparty.¹ No Israeli-domiciled technology, logistics, or operational supplier engaged by Revolut at the corporate level (in a non-tech-stack economic capacity) was identified.

Product Origin, Labeling & Regulatory Compliance

Revolut is a financial-services business; it does not manufacture or physically label products, so no product-origin/labelling question arises in the conventional sense. Revolut’s ILS (Israeli Shekel) currency-support and FX pages are standard global currency-coverage features for customers transacting with Israel - currency routing, not a bespoke Israel-market product requiring distinct labelling beyond standard FCA/EU obligations.² No Israeli-specific product or compliance matter distinct from Revolut’s standard global regulated offering was identified.

Investment, Capital & Financial Exposure

Confirmed major investors (Revolut-corporate level). Revolut has raised ~$2.0 billion across multiple rounds.³ Confirmed institutional investors include Balderton Capital (UK) and Index Ventures (UK/Switzerland) (Seed 2015); Ribbit Capital (US) (Series A 2016); DST Global (Cayman Islands) (Series B 2017 - see flag); Lakestar (Switzerland) and TCV (US) (Series C/D); SoftBank Vision Fund 2 (Japan-sponsored) and Tiger Global (US) (Series E 2021, $33bn valuation); Coatue, D1 Capital (US) and Tiger Global (secondary 2024, $45bn); and Coatue, Greenoaks, Dragoneer, Fidelity, Andreessen Horowitz, Franklin Templeton, T. Rowe Price, and NVentures/NVIDIA (secondary 2025, $75bn).^45678910

DST Global / Yuri Milner - investor-level flag. DST Global is a Cayman Islands-registered VC firm - not an Israeli-domiciled fund. Its founder Yuri Milner has held Israeli citizenship since 1999 and renounced his Russian citizenship in August 2022; DST Global separately maintains a portfolio of Israeli startup investments per Startup Nation Central’s database, but that is fund-portfolio activity unconnected to its Revolut stake.¹¹¹²¹³ The relevant nexus is at the investor level (DST as a Revolut shareholder), not a Revolut-corporate tie to Israel.

Summary: no confirmed Israeli-domiciled institutional investor in Revolut was identified; all confirmed major investors are US-, UK-, Swiss-, or Cayman-domiciled, and Gulf/Asian backers (SoftBank, Tiger Global, Coatue) are not Israeli. Revolut’s treasury (“Flexible Cash Funds”) invests in US Treasuries and EU/UK government/money-market instruments, with no public evidence of Israeli government bonds, Israeli corporate debt, or Israel-linked treasury/lending exposure, and no public evidence of Revolut acquiring any Israeli-domiciled company.¹⁴

Operational Presence & Market Activity

Revolut’s entry into the Israeli market is the most significant economic nexus in this audit. 2023: Revolut entered Israel under the “international outline” framework, the Bank of Israel issuing it an identification code (code 78) to participate in Israel’s controlled payment system and allocate payment-account numbers to Israeli customers.¹⁵¹⁶ August 2024: the Bank of Israel formally announced the code allocation to Revolut Ltd as a non-bank payment-services provider.¹⁶ September 2024: Revolut incorporated a local subsidiary, Revolut Payments Israel Ltd (registry 517041448, registered in Tel Aviv).¹⁷ July 2025: Israel’s Capital Markets Authority granted Revolut (alongside Rapyd, Airwallex, and Mesh Payments) a payment-institution licence, authorising payment accounts, digital wallets, FX, fund transfer/conversion, and holding customer funds (lending and securities excluded).¹⁸ Revolut appointed Uri Nathan - former CEO of Pepper (Bank Leumi’s digital arm) - as head of its Israeli operations, and has entered discussions with the Bank of Israel for a “lean bank” licence (deposit-taking and credit), not yet granted as of audit date.¹⁹²⁰ Revolut also offers ILS currency support to its global customer base (predating formal market entry) and is actively hiring in Israel.¹²

Corporate Structure & Foundational Ties

Revolut Group Holdings Ltd is incorporated in the UK (England and Wales), holding banking/payment authorisations in the UK (PRA/FCA), EU (Lithuania, via Revolut Bank UAB), Australia, Singapore, and the US (state money-transmission licences), among others; its Israeli subsidiary Revolut Payments Israel Ltd holds the Israeli payment-institution licence.¹⁷ Founders Nik Storonsky (CEO; ~29% largest individual shareholder) and Vlad Yatsenko (CTO) have no public evidence of personal Israeli ties, citizenship, or Israeli-domiciled assets relevant to this audit.³ No foundational or structural tie between Revolut Group Holdings Ltd and any Israeli-domiciled entity beyond the licensed Israeli subsidiary was identified.

Profit Repatriation & Economic Contribution

Revolut reported 2024 group revenues of $4.0 billion (up 72% YoY) and net profit of $1.0 billion across a ~52.5 million customer base.²¹ Its Israeli operations commenced commercially in 2023 and received a full payment-institution licence only in July 2025; no disaggregated Israeli revenue, profit contribution, or fund repatriation from Israeli operations to the UK parent is publicly available, and given the nascent scope (payment accounts/wallets/FX, not yet deposit-taking or credit) any group economic contribution from Israel is likely immaterial at this stage. No public evidence identified of Revolut repatriating profits from Israel or of any tax arrangement with Israeli authorities beyond standard licensing compliance.

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