Revolut Spins Up a Dedicated AI Research Division Around Its In-House Pragma Foundation Model

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Revolut launched a standalone AI research lab built around Pragma, its own foundation model, aiming at a single unified system that understands financial nuance. The Pragma model itself is not new, the arXiv paper (2604.08649) dates to April 2026 and describes encoder-style Transformers pre-trained on roughly 40 billion banking events and 207 billion tokens from about 25 million users across 111 countries, built with NVIDIA. The news is the org, not the model, and it makes Revolut a consumer neobank running its own research group rather than a card network or a vendor.