Revolut Launches Private Banking Unit with £500,000 Threshold
Revolut is launching a private banking unit in the UK and Europe this summer with a £500,000 threshold, filling the gap left by Coutts' £3 million minimum. As a £4.5 billion revenue fintech, Revolut is preparing for a potential $200 billion Nasdaq IPO.
Key Takeaways:
- Competitive Move: Revolut's private banking threshold is significantly lower than Coutts', targeting the "mass-affluent" population across Europe.
- Regulatory Milestones: This launch follows Revolut receiving approval for portfolio management, leveraged products, and investment services for high-net-worth clients from UK regulators on the same day.
- Strategic Buildout: The private banking move is a culmination of a three-year strategy that began with securing a UK banking license in March 2026.
Background:
Revolut, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, started as a prepaid card service. Today, it serves over 70 million customers globally across 100+ countries. With its UK banking license, Revolut now offers protected customer deposits up to £120,000 via the Financial Services Compensation Scheme.
The company's rapid growth and regulatory infrastructure buildout position them to compete directly with established institutions that have traditionally served this high-net-worth segment.