Revolut Makes A Big Move To London’s Revamped YY Building

What’s going on here?

Revolut will be the first tenant in the newly refurbished ‘YY London’ building in Canary Wharf. Starting in May 2025, the fintech company will move into 113,000 square feet on a 10-year lease.

What does this mean?

Revolut’s move marks a significant milestone in the company’s rapid growth. With its workforce expected to reach 11,500 by the end of 2024, the increased office space reflects Revolut’s soaring ambitions. Moving to a prime location in Canary Wharf, with potential giant ‘Revolut’ logos (pending planning permission) facing financial heavyweights like JP Morgan and Morgan Stanley, enhances its visibility and signals its growing influence in the financial sector. This relocation also gives a boost to Canary Wharf, which is facing the departures of tenants like HSBC and Clifford Chance. However, commitments from Barclays and Morgan Stanley ensure the area remains robust.

Why should I care?

For markets: Revitalizing Canary Wharf.

Revolut’s move into ‘YY London’ endorses Canary Wharf during challenging times. As office demand wanes and property valuations decline post-pandemic, high-profile commitments like this are crucial. Canary Wharf Group, co-owned by Brookfield and the Qatar Investment Authority, is rejuvenating the area, with plans to possibly transform the HSBC building into apartments or hotel space after HSBC leaves in 2026.

The bigger picture: Fintech’s rise in traditional finance hubs.

Revolut, founded in 2015 and now boasting 40 million global customers – including 9 million in the UK – symbolizes fintech’s disruptive power in traditional financial centers. Its journey from ‘Level39’ start-up incubator to major tenant in Canary Wharf highlights a broader trend of digital finance firms establishing themselves in prime locations, blending fintech and traditional banking. However, despite its growth, Revolut is still awaiting the approval of its UK banking license, applied for over two years ago, showing the regulatory hurdles fintech firms face.