A mockup of Revolut’s new global headquarters in Canary Wharf. The company said it plans to display its logo on two signs on either side of the new building – modeled after traditional banks such as Barclays and Citigroup.
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British fintech company Revolut announced on Thursday 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 the heart of Canary Wharf. The company has agreed to lease the building for 10 years.
As a result, Revolut’s office space will increase by 40% to 113,000 square feet, occupying four floors.
It plans to display its logo on two signs on either side of the new building – mimicking the trend of traditional bank brands, such as HSBC, barclays bankand Citigroup. Revolut said the signs are still subject to planning permission.
HSBC recently announced that it will move its global headquarters from the 45-storey Canary Wharf tower when its current lease expires in 2027.
Previously, the company said it would reduce office space by nearly 40% globally to cut costs and respond to the trend of hybrid offices.
Canary Wharf is London’s main financial district and home to many of the world’s largest banks, insurance companies and other financial institutions.
Revolut’s announcement comes as the digital banking startup still awaits news of the success of its application for a banking license in the UK, which would allow it to launch lending products such as credit cards and personal loans.
Since 2021, the company has been awaiting approval from city regulators including the Bank of England and the Financial Conduct Authority.
Revolut said the decision to open its new global headquarters in the city center shows the company remains committed to the UK market.
Francesca Carlesi, chief executive of Revolut’s UK operations, said in a press statement: “This new headquarters strengthens our commitment to our home country of the UK, while also laying the foundation to support future growth.”
Revolut co-founders Nikolay Storonsky and Vlad Yatsenko, who serve as the company’s global CEO and chief technology officer respectively, have previously criticized the UK’s regulatory environment as being too bureaucratic.
The company previously committed to increasing its global headcount by 40% in 2024.
New ways to use office space
The news comes as employers debate how to persuade employees to return to the office after the Covid-19 pandemic triggered a widespread shift to remote working.
Revolut said it will stick to a remote-first approach, meaning employees can work from home but are encouraged to come into the office for valuable face-to-face interactions.
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