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.
close

Email a Friend

‘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.

0 comments on “‘Country by country, we’ll secure banking and trading licenses’: Revolut formally launches global strategy”

New banks

Challenger bank Current rolls out brick and mortar cash deposits

  • Current serves people who live paycheck to paycheck.
  • Based on user feedback, it's making it easier for its clients to deposit money.
Zoe Murphy | September 03, 2020
New banks

Revolut hits 500,000 business customers

  • Revolut hits key milestone in its growth servicing small businesses.
  • The challenger bank has also rolled out a number of enhancements and features.
Michael Deleon | September 03, 2020
New banks

Wealthfront launches Autopilot, automating savings and money management

  • After launching checking accounts, Wealthfront continues to push ahead with its vision of self-driving money.
  • Autopilot helps clients manage their bank accounts through automation.
Zoe Murphy | September 02, 2020
New banks

Varo’s No Fee Overdraft saved Americans more than $100 million over the past year

  • Banks charge billions of dollars of overdraft fees each year.
  • Overdraft fees cover the costs of "free checking" as those who pay them subsidize banking for everyone else.
Zoe Murphy | September 02, 2020
New banks, Podcasts

BMO Harris’ Niamh Kristufek on empowering women in fintech

  • Fintech firms with women at the helm don't receive the same attention and investment dollars.
  • BMO Harris partnered with 1871 on a cohort of women-led fintech firms with the bank's mentorship and programming.
Zachary Miller | September 01, 2020
More Articles