Revolut Publishes PRAGMA Foundation Model on arXiv — 1B-Parameter Transformer Trained on 40B Banking Events

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Revolut published PRAGMA (arXiv 2604.08649), a Transformer foundation model pre-trained via self-supervised masked modeling on 40 billion banking events from 25 million users. Three model sizes (10M, 100M, 1B params) power credit scoring, fraud detection, and lifetime value prediction through simple linear classifiers on extracted embeddings. Simultaneously, Revolut launched AIR (AI by Revolut) to 13 million UK customers on April 9, replacing traditional app navigation with a dialogue-based financial assistant under a zero data retention policy.