British fintech firm Revolut is set to become the first tenant in the newly refurbished YY London building in Canary Wharf, which significantly expands its presence in London's financial district. The move comes as the company accelerates its hiring efforts and aims to increase its global workforce to 11,500 by the end of 2024.

Revolut Expands Presence in London's Canary Wharf with New Global Headquarters

Revolut has agreed to a 10-year lease for four floors of the YY London building, formerly occupied by Thomson Reuters, starting May 2025. This will increase the company's office footprint by 40% to 113,000 square feet, compared to its current headquarters located on the outskirts of the Canary Wharf estate.

Subject to planning permission, the new global headquarters will feature prominent "Revolut" logos on top of the building. Mock-up photos show one four-meter-high sign facing the nearby London headquarters of American banks JP Morgan and Morgan Stanley.

Revolut's decision to establish its new headquarters in the heart of Canary Wharf is seen as a vote of confidence in its home market, where it boasts 9 million customers out of its 40 million global user base. The move also strengthens the company's commitment to the UK as it expands globally.

The expansion comes as a boost for Canary Wharf, which has been grappling with reduced demand for office space and falling property valuations since the pandemic. The area has also been hit by the planned departures of high-profile tenants such as HSBC and law firm Clifford Chance.

Canary Wharf Group, jointly owned by Brookfield and the Qatar Investment Authority, has been working to revitalize the area and reduce its reliance on offices. The group's chief executive, Shobi Khan, commented that the fintech firm's success is "a powerful testament to the extraordinary environment we have created."

First the UK License and More Regular Reports

However, Revolut's growth and profitability in the UK partially hinge on securing a full banking license, which would allow it to offer a wider range of products and services and increase its lending capabilities. The company's application for a UK banking license has been stalled for more than three years due to various issues, including a warning from auditors regarding the verification of revenue figures in its 2021 accounts.

Revolut hired Francesca Carlesi as the UK CEO in November of last year to expedite this process and prepare for obtaining a license. Carlesi joined from Molo Finance, a digital mortgage lender she co-founded and led as CEO for about seven years. Although Revolut has not yet secured the license, the company decided to launch Revolut X, a cryptocurrency exchange currently available to UK customers, in an effort to attract more clients.

When it comes to financial reports, Revolut excels at forecasting but is less proficient at publishing actual documents. The company is known for releasing reports with significant delays; financial data for 2022 was only published at the end of last year. These reports revealed revenues of $1.1 billion and projected 2023 revenues of $2 billion. By 2026, the company aims to generate an additional $370 million in revenue from advertising alone.