As it opens its new global headquarters in Canary Wharf, fintech giant Revolut has pledged to invest £3 billion in the UK, creating 1000 new high-skilled jobs over the next five years.
Revolut's pledge comes on the heels of last week’s £100 billion investment from asset manager Blackstone, £7 billion from BlackRock and £1.25 billion in inward investment from US financial firms including PayPal and Bank of America - generating 1,800 jobs in major cities including London, Edinburgh, Belfast, and Manchester.
Chancellor of the Exchequer, Rachel Reeves, says: "Through our Leeds Reforms we’re making Britain the best place for financial services companies to do business, pushing us ahead in the global race for investment and putting more money in people’s pockets through the Plan for Change."
Earlier this year, the Financial Times reported that Reeves had clashed with Bank of England governor Andrew Bailey over efforts to accelerate Revolut's authorisation as a fully-licenced bank, with Reeves eager to see the fintech get the greenlight as soon as possible.
Revolut's UK commitment is part of a wider five-year global plan to invest £10 billion and create 10,000 jobs as it targets 100 million customers by mid 2027 and entry into 30 new markets by 2030.
The firm is expecting to launch as a bank in Mexico next year, with entry into Colombia and Argentina also planned. Having secured a payments license in April, it is preparing to launch in India, while a push into Africa is underway, beginning with South Africa.
Nik Storonsky, CEO, Revolut, says: “Our mission has always been to simplify money for our customers, and our vision to become the world’s first truly global bank is the ultimate expression of that.
"From our roots here in the UK, we’ve grown to serve over 65 million customers globally, and today’s opening of our new Global HQ in London is the launchpad for our future. This HQ will be central to driving our growth towards our next milestone of 100 million customers."