Revolut set to shake up private banking sector

Revolut logo on phone.
Credit: Vitalii Vodolazskyi, Shutterstock

Revolut has confirmed to Payment Expert that it is exploring private banking following the publication of related job listings.

The UK-based fintech appears to be preparing a move into private banking, offering investment services and tailored solutions aimed at wealthy clients.

While some experts had predicted this shift months ago, rumours gained traction after Revolut posted openings on its website for roles such as Private Banking Compliance Manager, Legal Counsel and Head of Relationship Management.

The listing for the Head of Relationship Management states: “Our Private Banking team is the cornerstone of our exclusive new offering, driving long-term relationships with high-net-worth individuals across the globe. 

“We operate with precision and expertise: from onboarding to ongoing financial guidance, we apply a solution-oriented approach and use our know-how to grow and nurture our high-value customer relationships.

“We’re looking for a Head of Relationship Management to lead our team of Relationship Managers, driving the strategy and growth of our private banking division.”

Industry voices suggest this move could significantly pressure traditional financial institutions. Digital banks, like Revolut, are often praised for innovation and seamless integration of technology with payments, in contrast to the outdated approaches of traditional banks.

This initiative could position Revolut not only to compete with established banks but also to differentiate itself from other challenger banks like Monzo and Starling, which have yet to venture into private banking.

Commenting to Payment Expert, Revolut said: “Private banking is an area we’re exploring as part of our ongoing efforts to expand and enhance our product offerings. As with any new initiative, we’re continually assessing how best to resource our teams, but it’s still early days, and we have no further details to share at this stage.”

This move into the traditional banking sector aligns with the fintech’s 2025 plan, which it announced last November. The plan includes launching digital mortgages in Lithuania, Ireland, and France, rolling out branded ATMs in Spain, and expanding credit services like overdrafts

In December, Revolut announced its goal to become the first global digital bank to obtain a banking license in New Zealand as part of its ongoing efforts to disrupt the payments industry.

Georgia Grange, Head of New Zealand at Revolut, said: “Underserved for decades, Kiwis have had to put up with a lack of innovation, core functionality and high fees. Revolut is here to change that.

“We don’t limit our thinking to traditional banking products and are committed to enhancing the hauora (well-being) of Kiwis and providing them with innovative solutions to manage their money.