Revolut signs a 10-year deal to remain in London’s Canary Wharf as expansion spree continues
Revolut Ltd. is moving its global headquarters into one of Canary Wharf’s iconic buildings, signaling its continued commitment to London as it looks ahead to a potential listing.
The fintech will make the move in May and ultimately take up four floors in the neighborhood’s 14-story YY London building, according to a statement. The new lease, which is set to last for 10 years, will expand Revolut’s office footprint across London by 40%.
“We are delighted to be committing to a new global headquarters in the centre of London’s financial district,” Nik Storonsky, co-founder and chief executive officer of Revolut, said in the statement.
The move is a much-needed win for the Docklands district, which has lost some of its biggest tenants and is considered a poster child for the problems facing office landlords. Firms including HSBC Holdings Plc and law firm Clifford Chance have said in recent years they’re leaving Canary Wharf in order to take up new space in the City of London.
Revolut’s headquarters are already based in Canary Wharf but its next address will give the upstart a more central spot in the east London financial hub.
The neighborhood has been central to Revolut’s development: The fintech started out with just two desks at Level39, a co-working space for tech companies located in the area. It has since grown to become one of Europe’s most valuable startups with more than 40 million customers around the world.
The firm plans to display its white and black logo on the side of the new building, a move that’s not typically permitted in the City of London and allows the fintech to follow in the footsteps of banking giants like Citigroup Inc. and Barclays Plc, whose logos already dot the Canary Wharf skyline.
Hiring Spree
The move comes as Revolut is in the midst of a worldwide hiring spree. Earlier this year, the company said it expects its global workforce to reach 11,500 by the end of 2024, which would be a 40% increase from 2023.
While the fintech is based in London, it calls itself a “remote-first” company and more than a third of the firm’s workforce lives outside the city. Still, the new office is important for attracting new talent across engineering and banking, according to Francesca Carlesi, who leads Revolut’s business across the UK.
Carlesi has been vocal about her efforts to shore up support for London as the global center for fintechs and has warned that Paris and New York were competing to host promising finance startups.
While Storonsky has said he believes that some British regulations are holding back business, Carlesi has previously said London remains on Revolut’s radar for an eventual initial public offering. Revolut snagged a $33 billion valuation in its last funding round in 2021, though concerns about the impact of higher interest rates on profitability have dragged on many fast-growing finance firms in the years since then.
“This new head office strengthens our commitment to the UK, our home country, whilst also establishing the foundation to support future growth,” Carlesi said.
