New banks

‘Country by country, we’ll secure banking and trading licenses’: Revolut formally launches global strategy

  • Revolut has been expanding throughout the world.
  • It's now formalizing that process and strategy.
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‘Country by country, we’ll secure banking and trading licenses’: Revolut formally launches global strategy
Challenger bank Revolut has always talked about going global. Now, it has gone public with a formal plan for its international expansion. Revolut unveiled its strategy to expand internationally by hiring a global licensing team tasked with securing banking, trading, and credit licenses in new markets. Revolut will begin with a focus on the UK and US markets. The challenger bank's team with be responsible for the end-to-end licensing process -- from building relationships on the ground and establishing partnerships to working with the regulators on requirements. With licenses in hand, Revolut will continue its expansion into a global bank. “Building this team will be no easy task. We’re ideally looking for people who have previous experience in securing either a banking or trading licence, and they should be quite technical and be comfortable working in a very fast-paced environment,” said Nik Storonsky, founder and CEO of Revolut. The  core team tasked with licensing will include a multifunctional team, including a Capital, Liquidity and Financial Modelling Manager, a Licence Business Planning Manager, a Licence Project Manager for Banking, a Licence Project Manager for Trading and a Global Head of Licence Operations. Revolut has been operating on a land and expand model up until now, by targeting geographies for expansion and working on licenses. It expected to be up and running in the US during 2018. The UK-based bank hasn't yet received a US banking license and it's possible this delay impacted the creation this new global licensing team. Revolut has said previously that its business model was flirting with profitability, combining a free offering with a premium version of its highly-ranked app.

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