Revolut is making a push into private banking for wealthy clients, putting it in direct competition with big incumbents like UBS and Morgan Stanley.
In a bid to become the go-to financial superapp, Revolut is gradually expanding its offering, which now includes business banking, travel insurance and stock trading, while increasing investments in AI.
Now the UK’s leading fintech is developing a private banking service for high net worth individuals (HNWIs), typically defined as people who hold liquid assets of over $1m, according to three job listings on its website.
A Revolut spokesperson told Sifted: “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.”
Banking the wealthiest
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut is now Europe’s biggest neobank and currently has over 50m customers globally.
At the tail end of last year, Revolut outlined its 2025 product map which includes an AI-powered financial assistant, mortgages and branded ATMs. That followed a banner 2024 for the company which posted record profits in its 2023 accounts and received its long-awaited UK banking licence.
The new product offering for the wealthy will feature both investment services and other “private banking style services” that its neobank rivals such as Monzo and Starling are yet to offer.
It will compete with lesser known fintechs providing private banking services at more accessible price points such as Swiss neobank Alpian and London wealthtech Sidekick — both of which raised funding last year.
Revolut’s bid to bank the affluent will also put the fintech in competition with incumbent banks such as UBS and Morgan Stanley which offer specialising services to HNWIs including estate planning, exposure to alternative investment assets such as private equity and hedge funds, access to alternative investments and lending services tailored to complex needs such as aircraft financing.
Clients are usually assigned a dedicated relationship manager who will work closely with the HNWI to help them achieve their financial goals.
The new roles
Revolut is hiring for a head of relationship management who will be responsible for leading and mentoring a team of managers as well as implementing the department’s overall strategy and ensuring it collaborates with other departments.
Other positions include a legal counsel to focus on “a future specialised offering for HNWIs” along with “launching investment products and services” and a regulatory compliance manager tasked with launching and scaling a “specialised wealth management offering for HNWIs” and advising on compliance controls across private banking products in private markets and investment management.
Read the orginal article: https://sifted.eu/articles/revolut-private-banking-news/
