This article first appeared on GuruFocus.
Revolut is gearing up for its boldest move yet stepping directly into Klarna’s (NYSE:KLAR) backyard. The London-based fintech giant, led by billionaire Nik Storonsky, plans to open a local branch in Stockholm next year, intensifying the battle for dominance in one of Europe’s most digitally advanced financial markets. Revolut already serves around 2 million users across the Nordics, half of them in Sweden, and aims to hit 3 million by the end of 2026. Chief Growth Officer Antoine Le Nel said the expansion isn’t just about competing with Klarna Group Plc but also taking on traditional Nordic banks that still control most household deposits.
The new Stockholm branch will operate under Revolut’s European banking license from Lithuania, giving it the power to issue Swedish IBANs and function as a local bank. That means Swedish customers could soon handle salary payments, direct debits, and local transfers entirely through Revolut. The company is also lining up a regional product push from daily-interest savings accounts in Nordic currencies to commission-free ETF investing and Apple’s tap-to-pay feature for small businesses. Hiring is underway across Sweden, Finland, Norway, and Denmark as Revolut builds out compliance, operations, and risk management teams to anchor its Nordic expansion.
For Revolut, the Nordics could be a proving ground for its global ambitions. The company currently counts about 65 million users and is targeting 100 million within two years, as it seeks a $75 billion valuation through an ongoing fundraising round. Klarna, meanwhile, remains a formidable local force serving roughly 80% of Sweden’s population and valued near $14 billion following its New York listing in September. Le Nel compared Revolut’s strategy to Amazon’s (NASDAQ:AMZN) a unified financial ecosystem where users manage all their money in one place. Back in the UK, however, Revolut is still waiting for a full domestic banking license, with CEO Storonsky calling that rollout his top priority.