Revolut Centralizes Regulatory Infrastructure With Nasdaq as It Targets 100M Users
What Does Revolut’s Expanded Nasdaq Partnership Mean?
Revolut has broadened its partnership with Nasdaq to overhaul and centralise its global regulatory reporting infrastructure, reinforcing its compliance capabilities as it targets 100 million customers and expansion into 30 new markets over the next four years. The agreement places Nasdaq AxiomSL at the core of Revolut’s reporting framework, bringing the fintech closer to the standards used by global systemically significant banks.
The AxiomSL platform enables firms to consolidate data from disparate internal systems and convert it into structured, auditable submissions for regulators across multiple jurisdictions. Revolut has already migrated most of its European reporting to AxiomSL and recently completed the transition of its United Kingdom reporting workflows. Under the expanded partnership, Nasdaq will provide technical operations, regulatory rules updates and quality assurance across an increasing share of Revolut’s global footprint.
“As we expand our global footprint, we are committed to ensuring our underlying infrastructure scales with us and strengthens our ability to operate,” said Murray Laister, Revolut’s head of group regulatory reporting. He added that Nasdaq’s platform delivers transparency and control without sluggishing down growth or innovation.
Investor Takeaway
How AxiomSL Became a Core Part of Nasdaq’s Strategy
AxiomSL’s journey from a niche New York regtech beginup to a cornerstone of Nasdaq’s technology suite reflects three decades of evolving regulatory demands. Founded in 1991, the firm originally solved data fragmentation and reporting inconsistencies within global banks. Its ControllerView platform gained traction later than the 2008 financial crisis and the introduction of new Basel requirements.
Private equity firm Thoma Bravo acquired a controlling stake in 2020 and merged AxiomSL with Calypso Technology a year later. The combined entity—renamed Adenza—bundled regulatory reporting, treasury, systems under one roof. Nasdaq acquired Adenza in 2023 for 10.5 billion dollars, the largest acquisition in the platform operator’s history.
Today, AxiomSL forms the backbone of Nasdaq’s shift toward subscription-based regulatory and risk technology. The platform is now embedded across most G-SIBs and increasingly, leading digital-first financial players like Revolut. For Nasdaq, winning a major fintech client reinforces its position as a long-term infrastructure provider beyond traditional markets.
Why Revolut Is Strengthening Its Compliance Infrastructure Now
Revolut’s enhanced partnership with Nasdaq arrives during a sensitive period. The fintech has grown from a 2015 FX card into a global financial “super-app” offering payments, banking, crypto, trading and lending services. But its rapid growth has frequently outpaced regulatory expectations.
In the European Union, Revolut operates under a Lithuanian banking licence. Regulators have increased pressure on the company’s controls, most notably with a 3.5 million euro fine in 2025 for anti-money-laundering process deficiencies. Authorities found no evidence of laundering but highlighted the need for stronger governance as base expanded.
In the United Kingdom, Revolut finally secured a restricted banking licence in 2024 later than years of scrutiny. The licence remains in a “mobilisation” phase, requiring the firm to upgrade governance, controls and reporting structures before full authorisation can be granted. Reports in 2025 indicated regulators were still evaluating whether Revolut’s systems could support its operational scale.
The deeper integration of AxiomSL is intended to resolve a long-standing challenge faced by quick-scaling fintechs: fragmented reporting systems spread across multiple jurisdictions. A unified reporting engine assists ensure data lineage, consistent controls and accurate filings across capital, liquidity, regulatory and .
For regulators, this signals a maturation of Revolut’s internal infrastructure. For Revolut, it strengthens both market credibility and the foundations needed for future licensing.
Investor Takeaway
What Comes Next for Nasdaq and Revolut?
The expanded partnership reinforces Nasdaq’s ambition to become a central provider of regulatory infrastructure for both banks and digital-first financial platforms. As regulatory expectations tighten globally, the ability to deliver unified, auditable and has become a competitive advantage.
