Revolut Expands Team to Transition into Full UK Banking Operations

Revolut is on a hiring spree as it prepares to transition from a restricted banking license to becoming a fully operational bank in the UK. The company aims to hire an additional 100 staff, increasing its workforce to around 200 by the end of the year. This expansion follows the awarding of a restricted banking license by the Prudential Regulation Authority in July 2024.

Currently, Revolut has grown its banking team from 35 to over 100 through new hires and internal transfers. CEO Francesca Carlesi emphasized that the company is in constant dialogue with regulators to meet all operational standards before launching its full banking services.

Once operational, Revolut plans to introduce new products, including loans, and will benefit from protections under the UK’s Financial Services Compensation Scheme.

Revolut is projected to report a record profit of approximately $1 billion before tax for 2024, up significantly from $545 million the previous year.