Revolut is considering purchasing a U.S. bank to accelerate its global expansion plans. The digital finance firm is also preparing to launch consumer credit products in the UK market, further encroaching on the territory of traditional lenders. Revolut has become a prominent European financial technology company and is pursuing a $75 billion valuation through a secondary share sale. Revolut is a financial technology company that offers a range of services including banking, money transfers, and cryptocurrency exchange. Founded in 2015, it aims to provide an alternative to traditional banking services through its digital platform.
Executives announced Revolut’s commitment to significantly expanding its international presence while investing $4 billion in Britain out of a total $13 billion earmarked for global investments by 2030. CEO Nik Storonsky emphasised the UK as the company’s home country at the unveiling of Revolut’s new headquarters in London’s Canary Wharf. Revolut’s U.S. CEO, Sid Jajodia, confirmed that the company is actively exploring acquiring a U.S. bank or applying for its own banking licence there, noting that being a bank in every market is critical, especially in the U.S., where Revolut’s business remains relatively small.
Storonsky highlighted that securing a UK banking licence remains a top priority. The goal is to transfer Revolut’s 12 million UK customers into the new bank and offer them credit products, with hopes of obtaining the final licence this year. The planned investments in Britain include adding 1,000 new staff and capitalising the new UK bank. Revolut’s broader ambitions include entering 30 new markets by 2030, spanning Latin America, Asia, and the Middle East, and reaching 100 million customers by mid-2027.
Despite rapid growth, analysts note that average customer deposits at Revolut are lower than at traditional banks, and the company acknowledges that too few customers use Revolut as their primary account. In the previous year, Revolut reported a pre-tax profit of 1.1 billion pounds, partly boosted by cryptocurrency earnings.
