Revolut is preparing for a new start in London, with more than 100 specialists moving into the fintech’s HQ, from analysts and risk controllers to transfers from other cities and branches, as the company looks to become a fully-fledged bank and prepares for the end of restrictions imposed by the Bank of England.
Since July last year, when Revolut received its long-awaited, albeit limited, British banking license, the company has managed not only to move to a new skyscraper in the financial center of London, but also to increase its headcount from 35 to over 100. Now, the fintech plans to double that number and have at least 200 employees at its headquarters by the end of 2025. All this as part of mobilization and preparations for obtaining a full banking license, which the British – at least in theory – will grant a year after issuing a limited version.
Once the Bank of England gives the green light, Revolut will be able to transfer millions of UK customers from its e-money institution to its own UK bank – Revolut NewCo UK Ltd.
Size doesn't make things any easier. In the past it would have been easier
Valued at around $45 billion and with around 50 million customers, the fintech is now one of the largest and fastest-growing companies in its industry. In just a few weeks, Revolut is set to present its 2024 results, which, according to leaks, could exceed $1 billion in pre-tax profit. This would be a record and an increase compared to $545 million a year earlier.
The scale is large, so the requirements are higher. Hence, fintech is forced to reach for specialists and is bringing in, among others, former Standard Chartered director Richard Holmes, who became chairman of the board in the UK, former Lloyds Banking Group auditor Ben Ellis, who became chief compliance officer, and Carlos Selonke from Santander, who became chief information officer.
Why need a license if it works so well without it?
If you don't know what this is about, then it's about… Thanks to the license, Revolut will be able to expand its operations to include products such as loans, and most importantly, customer accounts will be covered by the British equivalent of the Bank Guarantee Fund, which protects deposits up to £85,000 (PLN 425,000) in the event of a bank's bankruptcy.
In Europe, thanks to a Lithuanian license, Revolut already has its own bank. Last year, the fintech also obtained a license in Mexico and is preparing to expand to other markets, including Canada. In recent days, it has also published job offers in South Africa, which may suggest that this African country will be next on the list of the company founded by Russian entrepreneur and billionaire Nik Storonsky.
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