Global fintech Revolut pledged a £3billion investment in the UK over the next five years, which includes the creation of 1,000 new jobs. The pledge coincided with the opening of the company’s new global headquarters in Canary Wharf’s YY London building.
The move reinforces the company’s UK roots, from where it will continue to drive innovation and product development. The UK investment is the cornerstone of a wider five-year global plan to invest £10billion and create 10,000 jobs worldwide. Revolut, which currently serves over 65 million customers globally, including 12 million in the UK, also set a growth target of reaching 100 million customers by mid-2027.
Nik Storonsky, chief executive officer and co-founder of Revolut, commented: “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. 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. To power that journey from our home market, we are investing £3 billion in the UK over the next five years.”
A launchpad for global expansion
At the headquarters opening, Revolut outlined its global growth strategy, which is built on four key pillars: international expansion, product innovation, the growth of Revolut Business, and strategic partnerships.
The company provided a significant update on its international expansion plans across several key regions. In Latin America, Revolut’s launch as a bank in Mexico is expected early next year, with plans also advancing for entry into Colombia and Argentina. In the Asia-Pacific region, having secured a payments license in April, the company is preparing to launch in India and has established a new global tech hub in the Philippines.
Revolut is also making its first push into Africa, starting with South Africa, and was recently awarded an in-principle payments licence in the UAE as part of its expansion into the Middle East. In Europe, the company is opening a new Western Europe HQ in Paris and plans to launch branches in Portugal and Belgium in 2025.
Product innovation and business growth
On product innovation, the company highlighted broader pushes into advanced areas including artificial intelligence and private banking, as part of its goal to build a comprehensive, global financial ecosystem.
The company’s B2B arm, Revolut Business, also reached a key milestone, with the platform recently hitting $1billion in annualised revenue. The platform’s acquiring arm is now processing over four million monthly payments for merchants, solidifying its position in the B2B fintech space. The final pillar, strategic partnerships, was highlighted with the recently announced global partnership with the future Audi F1 Team.
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