Revolut sees this move as part of its strategy to leverage artificial intelligence (AI) to better support customers. As competition in the financial sector intensifies, Revolut aims to unify digital startups and traditional banking by adopting advanced technological solutions.
This strategic shift comes at a time when Revolut is also planning for global expansion, particularly into Israel, where the company hopes to secure a lean bank licence, enabling it to serve local markets with deposit and credit services.
Revolut’s Global Expansion Strategy
In line with its growth strategy, Revolut aims to significantly scale up its banking operations in the UK by the end of 2025. The company has set a target of employing 200 bank staff members within this timeframe, reflecting its ambition to become a fully licensed bank in the UK.
Furthermore, Revolut highlights regulatory challenges that arise from Brexit, especially concerning stablecoins and crypto regulation. The firm advocates for more unified regulations between the UK and Europe to address these issues effectively.
Regarding its European expansion plans, Revolut has invested EUR 1 billion in France with a view to obtaining a local banking licence. Paris serves as the Western Europe headquarters, and the company is preparing to hire over 200 staff members in the next three years. Revolut also seeks worldwide growth through ten pending banking license applications while maintaining its global HQ in London.
Since its launch, Revolut has seen impressive growth, with 2.5 million customers and a 72% increase in annual revenue to GBP 3.1 billion. The company is now focused on expanding its presence globally while continuing to innovate through AI-driven solutions.