LONDON, Sept 23 (Reuters) - Britain's Revolut said on
Tuesday it was exploring buying a U.S. bank to accelerate its
global expansion and was eyeing launching credit cards in its
home market, as the digital finance firm seeks to encroach
further onto the turf of traditional lenders.
The London-based company has emerged as the most valuable of
a crop of European financial technology firms and is seeking a
$75 billion valuation in a secondary share sale. It has 65
million customers, topping HSBC ( HSBC ), although it has a tiny
fraction of HSBC's ( HSBC ) revenue due to a focus on consumers.
Unveiling the group's new headquarters in London's Canary
Wharf financial district on Tuesday, executives said the company
planned to significantly expand its international footprint but
was committed to Britain.
"We are committed to the UK as our home country," said Nik
Storonsky, Revolut's CEO and co-founder.
Revolut is looking at whether to acquire a U.S. bank or to
apply for its own banking licence in the country, Revolut's U.S.
CEO Sid Jajodia told Reuters, confirming earlier media reports
on its U.S. ambitions.
Other Revolut executives said they hoped to obtain a UK
banking licence by the end of this year - a process that has
been running for several years - that would enable it to launch
credit cards and unsecured credit in the country.
Revolut said it would ultimately invest $13 billion over the
next five years in its global expansion, including $4 billion in
Britain. The ambition compares to Revolut's total global
revenues in 2024 of 3.1 billion pounds ($4.2 billion).
($1 = 0.7393 pounds)