The fintech company is making significant progress toward becoming a fully licensed bank in the UK. In response to its ambitious goal, it is embarking on a substantial recruitment campaign aimed at enhancing its banking operations. This move is indicative of its intent to transition from being a disruptor in the financial services landscape to a primary banking partner for consumers.
With aspirations of achieving full banking status, the company is on track to substantially scale its workforce. Reports indicate that over 100 new roles are being created, including positions such as regulatory reporting analysts and financial risk controllers. This hiring spree follows the acquisition of a restricted banking license last summer, which allowed the fintech to grow its UK division from a mere 35 employees to over 100.
Currently, the organization has 57 open positions listed in London, ranging from Product Owners to Legal Counsel for its private banking division. While it cannot be definitively stated that all these roles are directly tied to the banking transition, it is clear that significant developments are taking place.
The journey has not been without scrutiny. Dealing with regulations and compliance has presented challenges, especially in navigating the rigorous oversight required in the UK financial market. Historically, the company faced questions about its internal governance and financial practices, which have included compliance with the stringent standards set by the Bank of England.
Despite these obstacles, the fintech is steadfast in its collaboration with regulators to ensure compliance is upheld, a critical step as it prepares for a full banking license. In recent statements, the company emphasizes the importance of getting everything right prior to launch rather than rushing the process.
Revolut’s ambition extends beyond merely enhancing its offerings; it aspires to evolve into the go-to institution for everyday financial needs—whether it be salary deposits, savings accounts, or mortgages. This ambition was articulated at an industry summit, where the goal of transforming from a disruptor to a primary banking partner was highlighted.
Currently, the fintech is in what it describes as “mobilization mode.” This phase involves the careful construction of its banking infrastructure while conducting limited live tests with customers. If all goes according to plan, this testing phase is expected to culminate by July, at which point the fintech hopes to transition its extensive customer base to its new banking entity.
The anticipated upgrades will provide customers with a variety of enhanced benefits, including access to deposit protection and an expanded range of financial services. However, all plans hinge upon securing the necessary regulatory approvals. As the hiring campaign progresses and operational enhancements take shape, the fintech appears increasingly well-positioned to contend with traditional banks in the UK.
With a global customer base exceeding 50 million, including over 10 million in the UK, the fintech is poised for significant growth. Its aggressive expansion approach, combined with a strong focus on innovation, positions the organization as a formidable competitor in the banking arena. Whether it successfully navigates the regulatory landscape to obtain its full banking license remains a question, but its trajectory suggests it is prepared to make a lasting impact on the UK banking system.