Revolut, the London-based fintech giant, is said to be hiring hundreds of new bank staff, capping its years long pursuit of a full UK licence.
The company received the long-awaited stamp of approval from UK financial regulators last summer, after a gruelling three-month process.
Since then, Revolut has built its banking unit in London from 35 employees to more than 100, the company’s UK CEO Francesca Carlesi said in an interview with Bloomberg,
“We have been in constant and open dialogue with our regulators, to ensure our mobilisation meets the highest standards,” Carlesi said.
“We’re in no rush, as getting this right matters more, so once everyone is ready, we’ll launch the UK bank and begin to operate as one of the UK’s newest banks.”
Revolut has been trialling critical banking systems with around 30 customers with combined deposits in the region of £50k, Carlesi added.
The company’s so-called mobilisation phase is expected to last until around July, when — if regulators give the go-ahead — Revolut will move its millions of customers over to its new UK banking entity.
Sifted recently reported Revolut investors had been pushing the company to offer a secondary share sale at a $60bn valuation, a significant jump on the $45bn price tag it earned in a secondary share sale just six months earlier.
The company is expected to pursue a lucrative IPO in 2026, with the company’s leadership reportedly leaning towards a US listing, rather than London.
Read the orginal article: https://sifted.eu/articles/revolut-bank-banking-licence-uk/
