Revolut is reportedly hiring 100 new staffers as it prepares to expand its U.K. banking business.
The FinTech received its long-awaited British banking license last summer — albeit with some restrictions — and has already begun building that side of its business, Francesca Carlesi, Revolut’s U.K. CEO, told Bloomberg News on Thursday (March 13).
She added that Revolut should have a staff of around 200 by the end of the year. The company received a banking license from the U.K.’s Prudential Regulation Authority (PRA) after a three-year wait. It was a process that took longer than normal, as Revolut underwent scrutiny related to its size and its financial reporting.
“We have been in constant and open dialogue with our regulators, to ensure our mobilization 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 U.K. bank and begin to operate as one of the U.K.’s newest banks.”
The CEO added that Revolut has been able to test critical banking systems with roughly 30 customers who have 50,000 pounds (about $64,700) in total deposits. Regulators expect its stage to wrap up in 12 months, which means Revolut would become a full bank by July.
Once the PRA gives its go-head, Revolut can begin moving its millions of U.K. customers from its electronic money institution to its U.K. bank entity. Bloomberg noted that Revolut — valued at $45 billion — is one of the largest and fastest-growing companies to go this route.
Revolut’s group CEO Nik Storonsky has said trying to expand its business without bank licenses was a mistake, and that a smaller company would have had an easier time getting a license than one the size Revolut is now.
Sources told Bloomberg that Revolut is expected to publish its 2024 account next month. Bloomberg has reported that the company will report $1 billion in profit before tax, a record for Revolut and up from $545 million a year earlier.
Meanwhile, PYMNTS wrote in January about efforts by Revolut to enter the private banking space amid a changing regulatory environment.
As that report said, “there’s been a growing drumbeat for an easier path toward de novo, or new, bank creation. “At a recent Capitol Hill hearing, GOP Rep. French Hill of Arkansas, who chairs the House Committee on Financial Services, said there have been only 82 new bank charters granted in the past decade and a half.”
