Revolut has unveiled its international growth plans following the opening of its new global headquarters in London’s Canary Wharf this week. The digital challenger aims to increase its number of retail customers from 65 million to 100 million globally by mid-2027, while entering more than 30 new markets by 2030.
To achieve these ambitious targets, Revolut has committed to invest £10 billion ($13 billion) globally over the next five years, which is expected to create 10,000 new jobs. The UK market will receive £3 billion ($4 billion) of this investment, generating over 1,000 domestic positions. Additionally, £375 million ($500 million) has been allocated for the company’s US expansion, while £880 million ($1.2 billion) will support its operations in Western Europe.
Paris has been designated as Revolut’s Western European headquarters under the leadership of former BNP Paribas executive Béatrice Cossa-Dumurgier. The company has plans underway to apply for a French banking licence and launch branches in Belgium and Portugal this year.
Further afield, Revolut’s global strategy includes imminent launches in India and Mexico, with advanced plans for Middle Eastern expansion and entry into the Colombian and Argentine markets following its June acquisition of Banco Cetelem. Additionally, South Africa has been earmarked as Revolut’s first venture into Africa, while a new global technology hub in the Philippines has also been established.
Revolut says it has made “significant progress on licensing across Latin America, APAC, Africa, and the Middle East”. The firm recently secured preliminary approval for a UAE payments licence and it is also pursuing licenses in Australia and New Zealand.
The fintech company, recently valued at $75 billion, also intends to develop new capabilities in artificial intelligence and private banking services as part of its strategic growth plans.
Source: https://www.fintechfutures.com/
