Revolut is preparing to launch a bank for the rich in Britain and Europe - Bloomberg

Fintech company Revolut is considering launching a private bank in the UK and a number of European countries in a bid to boost revenues from wealthy customers, Bloomberg reported, citing a source familiar with the situation.

Revolut may launch a private banking division as early as this summer, a Bloomberg source said. To provide access to such services, the bank may set for clients a threshold of £500 thousand ($675 thousand) in assets.

The agency source said plans are still being discussed and details and timelines could change.

"Private banking is one of the areas we are exploring as part of our ongoing efforts to expand and improve our product offering. We have nothing further to report at this stage," the company told the agency.

Earlier on Ma 14, it became known that Revolut received approval from the British Financial Conduct Authority (FCA) to expand its asset management services in the country. These include, for example, investment portfolio management and private banking.

Revolut aims to increase its valuation by 2-2.5 times - up to $200bn - before going public, the Financial Times (FT) wrote in April, citing investors familiar with the company's plans. Revolut's valuation has risen to $75 billion from $45 billion in 2024 as a result of its latest share sale last November. According to the FT, the company could also hold another share sale in the second half of 2026 at a valuation of more than $100bn.

Revolut founder Nikolay Storonsky said in April that the fintech does plan to go public, but not before 2028. Revolut now operates as a digital bank, offering customers current and savings accounts, international transfers, cryptocurrency and stock transactions, as well as tools for bill payment and budget management. The company was founded in 2015.

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