A mock-up of what Revolut's new global headquarters will look like in Canary Wharf. The company said it plans to display its logo on two signs on either side of the new building, to mimic older banks such as Barclays and Citigroup.
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British financial technology company Revolut announced Thursday that it plans to move its official headquarters in London to Canary Wharf, the city's main financial district.
Revolut will move its global headquarters to the YY London building in central Canary Wharf. The company has agreed to lease the building for a period of 10 years.
As a result, Revolut will increase its office space by 40% to 113,000 square feet and occupy four floors.
It plans to display its logo on two signs on either side of the new building – to mimic the branding trend of older banks, e.g HSBC, BarclaysAnd Citigroup. Revolut said the signs remained subject to planning permission.
HSBC recently announced that it will move its global headquarters from the 45-storey Canary Wharf tower by 2027 when its current lease expires.
This came after the company said it would reduce office space by approximately 40% globally to cut costs and respond to the hybrid working trend.
Canary Wharf is London's main financial district, home to many of the world's largest banks, insurance companies and other financial institutions.
Revolut's announcement comes as the digital banking startup is still waiting to hear about the success of its bid for a banking license in the UK, which would enable it to launch lending products such as credit cards and personal loans.
The company has been waiting for the green light from City regulators including the Bank of England and the Financial Conduct Authority since 2021.
Revolut said its decision to open a new global headquarters in the heart of the city demonstrates that the company remains committed to the UK market.
“This new head office reinforces our commitment to the UK, our homeland, while also laying the foundation to support future growth,” Francesca Carlisi, CEO of Revolut’s UK business, said in a press release.
Revolut co-founders Nikolai Storonsky and Vlad Yatsenko – the company's global CEO and CTO, respectively – have previously criticized the UK for having a regulatory environment they described as too bureaucratic.
The company had previously committed to increasing its global workforce by 40% in 2024. Revolut said it now has more than 9 million customers in the UK.
New ways to utilize office space
This news comes as employers discuss ways to convince their employees to return to the office, following the widespread shift to remote work due to the Covid-19 pandemic.
Revolut said it will stick to its remote-first approach, meaning its employees can work from home, but are encouraged to come into the office for valuable in-person interactions.
