Inside PRAGMA: Revolut's Foundation Model for Banking

315 · Philipp D. Dubach · April 26, 2026, 5:17 p.m.
Summary
The blog post analyzes PRAGMA, a large-scale encoder-only transformer model developed by Revolut for banking applications, comparing it to Nubank's nuFormer. It discusses the architectural decisions, performance metrics, and implications for the future of representation learning in banking, emphasizing the importance of input representation and practical outcomes in real-world applications.