Revolut is pumping $13bn into global growth, from a Paris hub to a Mexico launch, but questions linger over when its restricted UK banking licence will become fully fledged.
Revolut is committing $13bn (£10bn) in investments over the next five years, including $4bn (£3bn) for the UK, following the opening of its new headquarters in London’s Canary Wharf.
In a statement published on September 23,the neobank said the funding will support the creation of more than 1,000 jobs domestically and 10,000 globally.
The investments will accelerate operations in new regions, with $1.2bn (£880m) for its Western Europe hub in France, $500m (£375m) allocated to the US, and additional funding to support launches across Latin America, APAC, Africa and the Middle East.
These initiatives will all support Revolut’s aim of reaching 100 million customers globally by mid-2027. The challenger bank currently serves 65 million customers worldwide, including 12 million in the UK.
Driving this expansion are four strategic pillars: international growth, product innovation, the continued development of Revolut Business and “category-disrupting” strategic partnerships.
Revolut CEO and Co-Founder Nik Storonsky highlighted the importance of the UK headquarters to the company’s ambitions.
“Our mission has always been to simplify money for our customers and our vision to become the world’s first truly global bank is the ultimate expression of that,” he said.
“From our roots here in the UK, we’ve grown to serve over 65 million customers globally and today’s opening of our new Global HQ in London is the launchpad for our future. This HQ will be central to driving our growth towards our next milestone of 100 million customers.”
Revolut progress so far
In Latin America, the neobank plans to launch as a bank in Mexico early next year, while advancing applications for banking licences in Colombia and Argentina.
In the Asia-Pacific region, Revolut has secured a payments licence in India and established a global technology hub in the Philippines to support operations across multiple time zones.
The company is also pursuing licences in Australia and New Zealand.
The Middle East and Africa, two regions which are seeing increased attention from payments firms in recent months, are also on Revolut’s radar.
The company is making its first push into Africa with a focus on South Africa and Morroco and has been awarded an in-principle payments licence in the UAE.
Despite its global push, Europe remains an essential cog in Revolut’s growth ambitions. The challenger opened its Western Europe hub in Paris earlier this year, with plans to submit an application for aFrench banking licence application. The bank is also preparing branch launches in Portugal and Belgium in 2025.
Will the UK match its commitment?
Against the backdrop of its international achievements, a significant cloud hangs over Revolut’s UK ambitions – specifically its quest to operate as a bank.
. The company received a UK banking licence in July 2024, but with restrictions and is still in the “mobilisation” phase. This entails setting up its full banking operations while UK customers continue to use their e-money accounts.
However, Revolut appears to be hedging its bets, doubling down on European expansion while it awaits the regulatory green light from the Financial Conduct Authority.
The launch of its new London HQ, combined with $4bn of UK investment and more than 1,000 new jobs, reinforces the company’s roots in the UK and strengthens the case that granting a full licence would benefit the broader economy.
This point was highlighted by Chancellor Rachel Reeves earlier this year when she emphasised the need to keep home-grown fintechs onshore to support growth and employment.
The timing of Reeves’ announcement, coupled with Revolut’s strong financial results earlier this month, is likely to amplify the company’s leverage.
Its valuation is expected to rise by $75bn following a secondary share sale, building on a 2024 performance which drew significant investor interest and a prior sale which valued the company at $45bn, making it Europe’s most valuable fintech.
