Revolut is considering setting up a private banking business in the UK and selected European markets as the financial technology company looks to increase income from affluent clients, reported Bloomberg.
The London-headquartered group could introduce the unit as early as this summer, the person said, adding that discussions have included a possible eligibility threshold of £500,000 ($675,000).
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The proposal is still being reviewed, and both the details and schedule could be revised, the person said.
“Private banking is an area we’re exploring as part of our ongoing efforts to expand and enhance our product offerings,” Revolut said in a statement. “We have no further details to share at this stage.”
Revolut recently secured approval from UK regulators to provide customers with more sophisticated investment products. The company is seeking to broaden its wealth operations, as other lenders have done, and is recruiting a number of private bankers, according to listings on its website.
According to a statement issued, Revolut’s trading arm is revising its model in an effort to provide sharper pricing. It is also set to start offering portfolio management and private wealth services.
The digital bank is already authorised to hold and control client funds, according to the Financial Conduct Authority website. Last year, Revolut made UK and European equities and exchange-traded funds available to users.
At the end of last year, Revolut’s trading unit had around 1.2 million customers and £733.3m ($992m) in assets under administration, according to a financial report.
The company is also examining how to incorporate artificial intelligence into its investment offering.
