Having finally secured its UK banking license, Revolut is actively hiring staff and testing its systems as it prepares to transition millions of customers to its new bank entity this summer.
Last July, after an unusually long three-year process, Revolut successfully obtained its UK banking license, allowing the fintech giant to begin offering new products like loans, overdrafts, and mortgages. Since then, the company has been in the ‘mobilisation’ stage, often referred to as ‘Authorisation with Restrictions,’ which is a common phase for new banks in the UK and typically lasts about 12 months.
Revolut UK CEO Francesca Carlesi revealed in an interview with Bloomberg that the bank is expanding its workforce, filling positions for roles such as regulatory reporting analysts and financial risk controllers. The banking unit’s headcount has increased from 35 to over 100 since last summer, with plans to double this number by the end of the year.
In a separate interview with the Wall Street Journal, Carlesi stated, “My main strategic focus is making Revolut the primary bank for everybody in the UK.” However, the company is also eyeing opportunities in the U.S., where it currently has around one million customers through a partnership with Missouri-based Lead Bank. There are indications that Revolut may consider a more significant expansion in the U.S., noting that the market has not yet seen the same level of digital challenger growth as observed in the UK and Europe.
Ultimately, the fintech aims to become a global app akin to Amazon, but focused on financial services, according to Carlesi. Additionally, with a 2026 IPO widely speculated, she mentioned that Revolut is well-capitalised and can strategically prepare for this event, ensuring they choose the right moment to proceed with their plans.