Revolut plans to spend $13 billion to drive its global expansion in pursuit of 100 million customers, the U.K. challenger bank said Tuesday.
Its sights are set on mid-2027 to reach that goal – a seemingly tall order for a business that started only in 2015. But since its founding as a cross-border payments fintech, Revolut has grown into a chartered bank with 65 million customers in 160 countries.
“Our mission has always been to simplify money for our customers, and our vision to become the world’s first truly global bank is the ultimate expression of that,” Revolut CEO Nik Storonsky said in a prepared statement.
The fintech also opened a new global headquarters Tuesday in London’s Canary Wharf, a district that’s also home to the top offices of Barclays and (for now) HSBC. JPMorgan Chase and Citi also maintain European headquarters nearby.
Storonsky called the new headquarters location, for which a lease was signed in June 2024, “the launchpad for our future.”
“This HQ will be central to driving our growth towards our next milestone of 100 million customers,” he said.
Revolut’s $13 billion commitment will create 10,000 jobs globally as it pursues business in more than 30 new markets by 2030, the bank said. Some of that money will fund established and high-growth regions, like $4 billion in the U.K.; $1.2 billion in Western Europe, where it recently opened a hub in Paris; and $500 million in the U.S., where the fintech is eyeing growth (and a bank charter) through either acquisition or licensing, Sid Jajodia, Revolut’s top stateside executive, told Reuters.
“Being a bank in every market we operate in is critical,” Jajodia said.
Until then, Revolut is backed by Kansas City, Missouri-based Lead Bank, according to its website.
In August and September, Revolut made a play to snag some of the New York City market by running a promotion that gave new customers 100% cash back on five subway rides. The bank had allotted 10,000 rides between Aug. 22 and Sept. 20. A spokesperson did not respond to an inquiry on how that promotion went.
Revolut’s investment will fund new markets in Latin America, including a launch in Mexico, expected early next year, followed by rollouts in Colombia and Argentina.
The fintech is also preparing to launch in India, after it acquired a payments license this year. Revolut is also pushing into Africa, with South Africa as its entrance point. The company also obtained a payments license in the United Arab Emirates this month.
