Revolut Plans to Poach Business Clients from Barclays and HSBC — FT

British fintech Revolut intends to step up its efforts to attract large corporate clients and plans to offer its services to companies in the FTSE 250 index, Revolut’s head of business, James Gibson, told the Financial Times. In the race to win over these clients, the fintech will have to compete with the four largest British banks—NatWest, Lloyds, HSBC, and Barclays, the publication notes.

According to Gibson, Revolut plans to increase its number of business customers worldwide from 800,000 to 1 million by 2027. In 2025, revenue from corporate banking jumped 53%, accounting for 16% of the company’s total revenue, which amounted to £4.5 billion. Gibson noted that for many banks, this segment accounts for about half of their revenue, whereas Revolut has so far “only slightly tapped into” this market.

Revolut Business offers business checking accounts, payment services, and corporate debit cards. Its clients include Booking.com and the fitness company Barry’s Bootcamp. However, a significant portion of the fintech user base consists of companies with five to 50 employees, while its presence among larger businesses is noticeably smaller.

In March, Revolut received a full banking license following a nearly five-year approval process with the Bank of England’s regulators. This has enabled it to offer the credit products required by most of its large clients, the FT notes.

In early September, Revolut received conditional—essentially preliminary—approval for a banking license in the U.S., and in August, it received a full license in France. The company also secured a full license in Mexico, which it has identified as one of its key global markets, as well as authorization from the regulator in Colombia to establish a bank. In Argentina, Revolut acquired the local bank Cetelem from BNP Paribas.

This article was AI-translated and verified by a human editor