Revolut
opened its new global headquarters in London’s Canary Wharf financial district this
week, anchoring what the UK government called a £110 billion week of investment
commitments from major financial services firms.
The fintech
company pledged to invest £3 billion in the UK over the next five years
and create 1,000 high-skilled jobs as part of an ambitious $13 billion
global expansion plan through 2030. Chancellor Rachel Reeves attended the
headquarters opening, declaring Britain “open for business” as
her Leeds Reforms attract international finance companies.
Nikolay Storonsky, CEO of Revolut, seems to be aiming for wide-ranging European expansion (Revolut).
“We
are committed to the UK as our home country,” Nik Storonsky,
Revolut’s CEO and co-founder, told the audience. The company serves
65 million customers worldwide, including 12 million in the UK, and
aims to reach 100
million customers globally by mid-2027.
In July,
Revolut also opened a new headquarters for continental Europe in
Paris as it applied for a French banking license.
Competition Intensifies
for US Banking Market
Revolut
executives revealed the company is “actively looking” at
acquiring a US bank or applying for its own banking license there as
it pushes for international growth. The London-based firm remains
small in America compared to its European operations, where it has
established itself as the most valuable fintech startup.
“Being
a bank in every market we operate in is critical,” Sid Jajodia,
Revolut’s US CEO, told reporters. The company currently holds banking
licenses in the European Union and Mexico but lacks full banking status in both the
UK and US markets.
Revolut
received a restricted UK banking license in July 2024 after a
three-year regulatory process but remains in the “mobilization”
phase, preventing it from holding more than £50,000 in total customer
deposits. Storonsky said obtaining the final UK license remains his top
priority to transfer the company’s 12 million British customers
into the new bank and offer credit products.
Investment
Surge Follows Regulatory Overhaul
The week’s
financial commitments totaled more than £110 billion, with Blackstone
leading at £100 billion over the next decade, BlackRock contributing £7
billion, and PayPal adding £150 million for UK product development. Bank of
America announced plans for up to 1,000 new jobs in Belfast, while Citi
confirmed £1.1 billion across UK operations.
The
investment wave comes months after Reeves launched
the Leeds Reforms, described as the most comprehensive changes to financial
regulation in over a decade. The reforms aim to make Britain the top
destination for financial services businesses by 2035 through reduced red tape
and streamlined approval processes.
Rachel Reeves, Source: LinkedIn
“Through
our Leeds Reforms we’re making Britain the best place for financial services
companies to do business, pushing us ahead in the global race for
investment,” Reeves said at the Revolut headquarters opening.
Revenue Growth Drives
Expansion Plans
Despite
rapid customer growth, analysts note Revolut’s average customer deposits
remain lower than traditional banks, with too few customers using it as
their primary account. The company
posted pre-tax profits of £1.1 billion last year, partly driven by
cryptocurrency earnings, on global revenues of £3.1 billion.
Revolut’s
$13 billion investment target over five years dwarfs its current revenue
base but reflects the company’s aggressive expansion strategy. The fintech
plans to enter 30 new markets by 2030, including across Latin
America, Asia and the Middle East.
The company
is also pursuing a secondary share sale that could
value it at $75 billion, cementing its position as Europe’s most valuable
fintech firm. Revolut’s success exemplifies the strength of Britain’s
fintech sector, which includes around 3,000 firms supporting tens of
thousands of skilled jobs nationwide.
Related stories:
Revolut
opened its new global headquarters in London’s Canary Wharf financial district this
week, anchoring what the UK government called a £110 billion week of investment
commitments from major financial services firms.
The fintech
company pledged to invest £3 billion in the UK over the next five years
and create 1,000 high-skilled jobs as part of an ambitious $13 billion
global expansion plan through 2030. Chancellor Rachel Reeves attended the
headquarters opening, declaring Britain “open for business” as
her Leeds Reforms attract international finance companies.
Nikolay Storonsky, CEO of Revolut, seems to be aiming for wide-ranging European expansion (Revolut).
“We
are committed to the UK as our home country,” Nik Storonsky,
Revolut’s CEO and co-founder, told the audience. The company serves
65 million customers worldwide, including 12 million in the UK, and
aims to reach 100
million customers globally by mid-2027.
In July,
Revolut also opened a new headquarters for continental Europe in
Paris as it applied for a French banking license.
Competition Intensifies
for US Banking Market
Revolut
executives revealed the company is “actively looking” at
acquiring a US bank or applying for its own banking license there as
it pushes for international growth. The London-based firm remains
small in America compared to its European operations, where it has
established itself as the most valuable fintech startup.
“Being
a bank in every market we operate in is critical,” Sid Jajodia,
Revolut’s US CEO, told reporters. The company currently holds banking
licenses in the European Union and Mexico but lacks full banking status in both the
UK and US markets.
Revolut
received a restricted UK banking license in July 2024 after a
three-year regulatory process but remains in the “mobilization”
phase, preventing it from holding more than £50,000 in total customer
deposits. Storonsky said obtaining the final UK license remains his top
priority to transfer the company’s 12 million British customers
into the new bank and offer credit products.
Investment
Surge Follows Regulatory Overhaul
The week’s
financial commitments totaled more than £110 billion, with Blackstone
leading at £100 billion over the next decade, BlackRock contributing £7
billion, and PayPal adding £150 million for UK product development. Bank of
America announced plans for up to 1,000 new jobs in Belfast, while Citi
confirmed £1.1 billion across UK operations.
The
investment wave comes months after Reeves launched
the Leeds Reforms, described as the most comprehensive changes to financial
regulation in over a decade. The reforms aim to make Britain the top
destination for financial services businesses by 2035 through reduced red tape
and streamlined approval processes.
Rachel Reeves, Source: LinkedIn
“Through
our Leeds Reforms we’re making Britain the best place for financial services
companies to do business, pushing us ahead in the global race for
investment,” Reeves said at the Revolut headquarters opening.
Revenue Growth Drives
Expansion Plans
Despite
rapid customer growth, analysts note Revolut’s average customer deposits
remain lower than traditional banks, with too few customers using it as
their primary account. The company
posted pre-tax profits of £1.1 billion last year, partly driven by
cryptocurrency earnings, on global revenues of £3.1 billion.
Revolut’s
$13 billion investment target over five years dwarfs its current revenue
base but reflects the company’s aggressive expansion strategy. The fintech
plans to enter 30 new markets by 2030, including across Latin
America, Asia and the Middle East.
The company
is also pursuing a secondary share sale that could
value it at $75 billion, cementing its position as Europe’s most valuable
fintech firm. Revolut’s success exemplifies the strength of Britain’s
fintech sector, which includes around 3,000 firms supporting tens of
thousands of skilled jobs nationwide.
Related stories:
