Revolut Recruiting Leaders for New Private Banking Department

Revolut is reportedly looking to expand its offerings into private banking, focusing on individuals with over $1 million in liquid assets.

The U.K.-based FinTech’s job listings suggest that it intends to offer private bank-like investment products and banking services, Pan Finance reported Thursday (Jan. 9).

The company is recruiting a head of relationship management, a legal counsel and a compliance manager, each of which would be focused on areas like investment products, private banking and wealth management, according to the report.

Revolut did not immediately reply to PYMNTS’ request for comment.

The company’s reported initiative would boost the appeal of its financial app to affluent clients and would make it a competitor of established private banking players like UBS and Morgan Stanley as well as newer FinTechs like Alpian and Sidekick, the Pan Finance report said.

Revolut’s careers page listing for a head of relationship management (private banking) based in the U.K. said: “Our Private Banking team is the cornerstone of our exclusive new offering, driving long-term relationships with high-net-worth individuals across the globe. We operate with precision and expertise: from onboarding to ongoing financial guidance, we apply a solution-oriented approach and use our know-how to grow and nurture our high-value customer relationships.”

Its careers page listing for a regulatory compliance manager (private banking) based in Poland, Portugal, Spain or the U.K. said: “We’re looking for a Compliance Manager to join our new Private Banking department. You’ll focus on launching and scaling our specialized wealth management offering for HMWIs [high-net-worth individuals].”

Revolut said in August that it was valued at $45 billion in a secondary share sale and said in November that it had 50 million customers globally, with 20% of them being in its home country.

The British FinTech has also been adding new products and services. The company said in December that will offer new anti-fraud security measures to its cryptocurrency customers starting in 2025, said in November that it plans to offer its customers in the U.K. new trading products and features after receiving a U.K. trading license, and said in November that it was bringing its cryptocurrency exchange to Europe after launching it in the U.K.