Revolut pledges £3bn UK investment as it presses for banking licence

Revolut has pledged to invest £3 billion in the United Kingdom and create 1,000 jobs as it presses ahead with its bid for a full UK banking licence. The commitment was announced at the opening of the company’s global headquarters in Canary Wharf, London, where co-founder Nik Storonsky said the move would form the cornerstone of a broader £10 billion global investment drive. He noted that the investment would help lift customer numbers from about 65 million today, including roughly 12 million in the UK, to 100 million worldwide by the middle of 2027.

Storonsky described the London headquarters opening as the launchpad for a wider program that he said would deliver about 10,000 jobs worldwide and accelerate growth toward a 100-million-customer milestone by mid-2027. Revolut, which already employs more than 10,000 people globally and has a significant UK footprint with around 1,300 staff in London, said the plan could include exploring the purchase of a US bank as part of its expansion strategy.

The group has been pursuing a full UK banking licence since 2021, with officials previously signaling that approval was imminent about two-and-a-half years ago. Storonsky reiterated that obtaining a banking licence remains a top priority and stressed that the UK would continue to be Revolut’s home base as it grows internationally. In parallel, the company reaffirmed its ambition to be known as the world’s first truly global bank, a phrase Storonsky has used to describe the firm’s outlook even as regulators review its application.

Chancellor of the Exchequer Rachel Reeves welcomed the investment, saying it underscored that the UK is open for business and a destination for major technology and financial services capital. The government has repeatedly argued that a dynamic fintech sector strengthens the economy and supports jobs across the country.

Revolut, founded in 2015, has grown into a leading digital financial services group valued at about £55 billion, with operations spanning Europe and beyond. The company’s leadership has argued that cross-border growth and product diversification—ranging from payments and cards to lending and other financial services—will be crucial to reaching its targets for customer growth and global scale, including potential acquisitions that could accelerate its regulatory and competitive positioning. Storonsky has cautioned that regulatory approval timelines remain separate from the company’s business plan, and that the licence decision will ultimately determine how far the company can push its expansion in the UK and overseas.

As Revolut moves forward, observers will watch not only for potential regulatory milestones but also for concrete steps in its UK investment program and hiring plan. The company has emphasized its commitment to the UK market, even as it pursues a licence that could determine the pace and scope of its long-term ambitions in retail banking and international expansion.