Revolut targets wealthy clients with move into private banking

Revolut is making a push into private banking for wealthy clients, putting it in direct competition with big incumbents like UBS and Morgan Stanley.

In a bid to become the go-to financial superapp, Revolut is gradually expanding its offering, which now includes business banking, travel insurance and stock trading, while increasing investments in AI.

Now the UK’s leading FinTech is developing a private banking service for high net worth individuals (HNWIs), typically defined as people who hold liquid assets of over $1m, according to three job listings on its website.

A Revolut spokesperson told Sifted:

"Private banking is an area we're exploring as part of our ongoing efforts to expand and enhance our product offerings. As with any new initiative, we're continually assessing how best to resource our teams, but it’s still early days, and we have no further details to share at this stage."

(Text from: https://www.linkedin.com/posts/marcelvanoost_%F0%9D%99%85%F0%9D%99%90%F0%9D%99%8E%F0%9D%99%8F-%F0%9D%99%84%F0%9D%99%89-revolut-is-making-a-push-activity-7283059258609324032-VMQz?utm_source=share&utm_medium=member_ios)