Revolut plans to launch a private banking unit in the United Kingdom and parts of Europe as soon as this summer, targeting clients with at least £500,000. The move fills the mass-affluent gap created by Coutts raising its minimum to £3 million. On the same day, UK regulators approved Revolut to offer portfolio management, leveraged products, and investment services for high-net-worth and professional-tier clients. Revolut’s strategy depends on its UK banking licence granted by the Prudential Regulation Authority after a three-year application process. The licence enables deposit protection up to £120,000 through the Financial Services Compensation Scheme and authorises consumer credit, mortgages, and lending, forming the basis for subsequent product expansion.
"Revolut is planning to launch a private banking uni t in the United Kingdom and parts of Europe as soon as this summer, according to a person with knowledge of the matter. The eligibility threshold is 500,000 pounds, roughly 675,000 dollars. Coutts, the private bank owned by NatWest that has served the British establishment since 1692, recently raised its minimum to three million pounds. The gap between Coutts and Revolut is not a market segment. It is the mass-affluent population of an entire continent, and Revolut just claimed it."
"The private banking announcement did not arrive alone. On the same day, Revolut received approval from UK regulators to offer portfolio management, leveraged products, and investment services for high-net-worth and professional-tier clients. Two regulatory milestones in a single day. The timing is not coincidental. It is the final stage of a strategy that has been building for three years."
"Revolut won its UK banking licence in March 2026 after a three-year application process, the longest mobilisation phase in recent memory, delayed by regulatory concerns over the company's global compliance infrastructure. The licence, granted by the Prudential Regulation Authority, transformed Revolut from a payments platform into a fully regulated bank. Customer deposits are now protected up to 120,000 pounds by the Financial Services Compensation Scheme. Consumer credit, mortgages, and lending are authorised. The licence is the legal foundation on which every subsequent product expansion rests."
Read at TNW | Finance
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