Revolut, the UK-based financial super app with over 50 million customers worldwide, is entering the rewards-based credit card sector — a market long dominated by American Express in Europe. Recent reports indicate that Revolut is developing a points-based credit card using its proprietary RevPoints system, which could challenge American Express’s dominance in the premium card category.
As of March 2025, Revolut’s valuation has reached $48 billion, following an 85% increase in Schroders Capital Global Innovation Trust’s stake. This marks a significant rise from its $45 billion valuation in 2024 and signals growing confidence in Revolut’s performance and strategy. Investors are now pushing for another secondary share sale that could boost its valuation to $60 billion, driven by strong demand for stakes in the fintech giant.
This development raises a key question: Is Revolut deliberately positioning itself as the “European American Express,” or is it creating something unique that happens to compete in the same space?
How Revolut’s RevPoints disrupts European credit card rewards
While North America’s credit card market thrives with innovation and competition, Europe’s rewards card sector has remained relatively stagnant. European consumers have limited options for earning meaningful rewards through credit card spending.
American Express has long dominated Europe’s rewards credit card market as the primary provider of points-based purchases. Their card lineup spans from the basic Blue Card to the premium Platinum Card, with monthly fees ranging from €0 to €65. Cardholders earn Membership Rewards points they can redeem for hotel stays, flights, or upgrades.
Revolut has emerged as a formidable fintech challenger with its robust, digital-first platform. With over 50 million customers globally, it has built its reputation on multi-currency accounts, competitive exchange rates, and comprehensive mobile banking services.
Revolut’s core features include accounts supporting 30+ currencies with favorable exchange rates, sophisticated budgeting tools, travel benefits with fee-free currency exchanges (within limits), and investment options in cryptocurrency and stocks. In July 2024, the company launched RevPoints, allowing users to earn points on debit card transactions. These points can be redeemed for gift cards from major brands like Apple and Amazon and exchanged at a 1:1 ratio with major airline miles programs.
Revolut taps into the credit card market
As of April 2025, Revolut is developing a rewards-based credit card using its RevPoints system, which would put it in direct competition with American Express.
The company plans to create points-based credit cards tailored to each Revolut subscription tier. This system will build on the existing RevPoints program, which offers gift cards and airline mile exchanges while creating a comprehensive rewards ecosystem that rivals Amex’s Membership Rewards.
Revolut’s expansion plans include launching AI-powered ATMs in Spain with facial recognition, introducing business credit products, developing an AI financial assistant, and rolling out digital mortgages, starting in Lithuania before expanding to Ireland and France.
The European financial landscape presents unique opportunities and challenges for Revolut’s credit card launch. While varying regulations across countries create complexity for pan-European providers and many European nations traditionally prefer debit cards and bank transfers, the region’s rapid adoption of digital banking services creates favorable conditions for Revolut’s digital-first approach.
Is Revolut really becoming the “European Amex”?
Rather than becoming Europe’s version of Amex, Revolut is creating a hybrid model that blends traditional credit card rewards with modern digital banking. This approach builds on Revolut’s strengths while filling the European rewards card market gaps.
Revolut’s entry into rewards-based credit cards marks a major strategic expansion that will challenge established players like American Express. While their approaches are similar, calling Revolut the “European Amex” oversimplifies its more sophisticated strategy.
Revolut uses its digital-first platform, large customer base, and multi-currency expertise to create a rewards program tailored to European market needs. The company is expanding its RevPoints system into a comprehensive rewards ecosystem that can compete with, yet remain distinct from, American Express’s offerings.
The financial industry should watch closely as Revolut balances traditional reward expectations with its signature digital innovation. This venture could transform the European credit card landscape, bringing much-needed competition and innovation to a market that has evolved more slowly than its North American counterpart.
