(Commonwealth) _ Revolut, the British financial technology firm, has announced its decision to relocate its global headquarters to Canary Wharf, London’s prime financial district. This move signifies a major shift for the company, which will be moving into the YY London building. The firm has secured a 10-year lease for this location, expanding its office space by 40% to encompass 113,000 square feet across four floors.
This strategic relocation allows Revolut to display its logo prominently on two sides of the building, echoing the branding presence of established banks like HSBC, Barclays, and Citigroup in the area. However, these signage plans are still pending planning permission. The choice of Canary Wharf as the new headquarters underscores Revolut’s commitment to being at the heart of the financial services industry, despite ongoing challenges in securing a UK banking license.
Revolut’s move to Canary Wharf comes as the company continues to await approval for its UK banking license, which would enable it to offer lending products such as credit cards and personal loans. This license application, under review by the Bank of England and the Financial Conduct Authority since 2021, is crucial for Revolut’s expansion into traditional banking services.
The firm’s decision to establish its global headquarters in London, despite previous criticisms from its co-founders Nikolay Storonsky and Vlad Yatsenko about the UK’s regulatory environment, highlights a renewed commitment to its home market. Storonsky and Yatsenko had previously described the UK’s regulatory framework as overly bureaucratic, suggesting frustrations with the pace and complexity of the regulatory process.
Francesca Carlesi, CEO of Revolut’s UK business, emphasized that the new headquarters reinforces the company’s dedication to the UK while laying the groundwork for future growth. In a press statement, Carlesi expressed confidence that this move would support Revolut’s ambitions and signal its sustained presence in the UK.
The relocation also aligns with Revolut’s broader strategy to grow its global workforce by 40% in 2024. With over 9 million customers in the UK alone, the company’s expansion into a larger office space is a tangible step towards accommodating its increasing operational needs and workforce.
Revolut’s decision to move to Canary Wharf coincides with a broader trend among financial institutions to reevaluate their office space needs in response to changing work patterns. Notably, HSBC recently announced plans to vacate its 45-story tower in Canary Wharf by 2027 as part of a global reduction in office space by nearly 40%. This decision reflects a growing trend towards hybrid working arrangements, where employees split their time between remote work and office-based activities.
Despite the push towards hybrid and remote work models, Revolut maintains a “remote-first” approach, allowing employees to work from home while encouraging in-person interactions for valuable collaboration. This approach acknowledges the benefits of flexibility while also recognizing the importance of physical office spaces in fostering team cohesion and corporate culture.
The company’s move to Canary Wharf, a district known for housing some of the world’s largest banks, insurers, and financial institutions, places Revolut at the center of the financial industry. This location is not only symbolic but also practical, providing proximity to key business partners and stakeholders.
Revolut’s relocation to Canary Wharf marks a significant milestone in its journey as it continues to grow and navigate the complexities of the financial services sector. This move demonstrates the company’s commitment to the UK market and its ambitions for future growth, even as it grapples with regulatory hurdles and the evolving landscape of workplace dynamics.
