Neobank Revolut has announced a $13bn (£10bn) investment plan over the next five years to drive its global expansion.
This investment is anticipated to generate 10,000 jobs worldwide, with a portion, $4bn (£3bn), allocated to the UK market, which is expected to create over 1,000 new jobs.
Investments will also be channelled into established and emerging markets, including $1.2bn (£880m) for its Western Europe operations centred in France and $500m (£375m) to enhance its US presence.
Revolut has officially opened its new global headquarters in London’s Canary Wharf and revealed that it now serves over 65 million customers globally, with 12 million based in the UK.
The company has set a target to increase its customer base to 100 million by mid-2027 and plans to launch in over 30 new markets by 2030.
The company’s strategy for expansion is built on four pillars: international expansion, product innovation, the growth of Revolut Business, and strategic partnerships.
Notable advancements have been made in several regions, with plans to establish banking operations in Mexico next year and further expansion into Colombia, Argentina, and the Middle East.
Revolut CEO and co-founder Nik Storonsky said: “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.
“From our roots here in the UK, we’ve grown to serve over 65 million customers globally and today’s opening of our new Global HQ in London is the launchpad for our future. This HQ will be central to driving our growth towards our next milestone of 100 million customers.”
In the APAC region, Revolut has set up a new global tech hub in the Philippines and is preparing to launch in India, with additional plans to secure licences in Australia and New Zealand.
In Europe, a new Western Europe headquarters is being established in Paris, with branch openings in Portugal and Belgium slated for 2025.
Revolut’s chief growth and marketing officer Antoine Le Nel, alongside team principal Jonathan Wheatley of the future Audi F1 Team, discussed a global partnership that includes the release of special edition co-branded cards.
In July, Revolut made headlines for exploring the purchase of a US banking institution, as reported by Financial Times, to facilitate the acquisition of an American banking licence and to introduce lending services in the US, while it also awaits banking licence approval in the UK.
