FinTech targets UK licence
Revolut has promised to pour £3bn into the UK as it steps up efforts to secure a full banking licence, with its chief executive declaring that becoming a fully fledged lender is the group’s top priority.
The pledge, made at the opening of its new Canary Wharf headquarters, is part of a $13bn global expansion strategy aimed at reaching 100m users by 2030.
The London-based fintech, Europe’s most valuable, already has more than 65m customers worldwide, including 11m in the UK.
Licence wrangle continues
Despite rapid growth, Revolut is still operating under restricted approval from the Bank of England. After a three-year process, it entered the regulator’s “mobilisation” phase, limiting deposits to £50,000. That stage was expected to last a year but has now stretched beyond 12 months.
Founder Nik Storonsky insisted securing full authorisation was central: “The number one priority is actually rolling out our UK bank here.”
Jobs and global push
As part of the investment, Revolut plans to hire 1,000 staff in Britain. It has also committed $500m to expansion in the US and is exploring applying for, or even buying, banking licences in new markets such as South Africa.
Storonsky admitted earlier overseas growth was hampered by relying on “lighter” regulatory approvals, calling it a mistake. The company has since shifted strategy: “We either get the bank licence or we just buy a bank,” he said.
Political backdrop
Chancellor Rachel Reeves, who attended the launch, hailed the investment as a “vote of confidence” in the UK. She used the event to pitch Britain as open to skilled migrants, contrasting the government’s stance with new restrictions announced by President Donald Trump.
