Revolut is preparing for a significant expansion into Sweden as it sets its sights on increasing competition with Klarna in the Nordic market. The London-based fintech company, led by billionaire Nik Storonsky, plans to establish a local branch in Stockholm next year. This strategic move positions Revolut to tap into one of Europe’s most digitally advanced financial markets, where it already has approximately 2 million users in the Nordics, with half of them residing in Sweden. The company is ambitiously targeting 3 million users by the end of 2026.
Antoine Le Nel, Revolut’s Chief Growth Officer, emphasized that the company’s expansion is not solely focused on competing with the Klarna Group Plc but also on challenging the traditional banks that dominate household deposits in the region. The new Stockholm branch will function under Revolut’s European banking license from Lithuania. This will enable the company to provide Swedish customers with a range of local services, including salary payments, direct debits, and transfers.
In addition to the banking capabilities, Revolut plans to introduce various regional products, such as daily-interest savings accounts in Nordic currencies and commission-free ETF investing options. The company is also preparing to implement features like Apple’s tap-to-pay for small businesses. Hiring is already in progress across Sweden, Finland, Norway, and Denmark as Revolut builds teams focused on compliance, operations, and risk management to facilitate its Nordic expansion.
The Nordics present a significant opportunity for Revolut, which currently boasts about 65 million users worldwide and aims to reach 100 million within the next two years. The company is seeking a $75 billion valuation through its ongoing fundraising efforts. Meanwhile, Klarna remains a dominant player in Sweden, providing services to approximately 80% of the population and is valued at nearly $14 billion following its recent public listing in New York.
Le Nel likened Revolut’s approach to that of Amazon, striving to create a comprehensive financial ecosystem where users can manage all their financial activities within a single platform. However, in the UK market, where Revolut is still awaiting a full domestic banking license, CEO Storonsky has emphasized that obtaining that license remains a top priority for the company. This strategic expansion into Sweden not only illustrates Revolut’s growth ambitions but also signifies its determination to reshape the financial landscape in Northern Europe.