Revolut is ramping up its UK banking staff as it prepares for a summer launch and gears up to sell mortgages in Ireland.  

The digital bank was awarded a UK banking license with restrictions last July by the Prudential Regulation Authority, and has made preparations to roll out products such as loans in the 12 months it usually takes to offer full banking services. 

Revolut UK chief executive Francesca Carlesi has lifted staff at its banking unit from 35 to over 100 and plans to double that by the end of the year, she told Bloomberg. 

“We have been in constant and open dialogue with our regulators, to ensure our mobilization meets the highest standards,” Carlesi said.  

“We’re in no rush, as getting this right matters more, so once everyone is ready, we’ll launch the UK bank and begin to operate as one of the UK’s newest banks.” 

“My main strategic focus is making Revolut the primary bank for everybody in the UK,” she added in a separate interview with The Wall Street Journal. 

However, a criticism of digital banks such as Revolut, Starling and Monzo is that customers keep small amounts in these accounts to get access to perks such as foreign currency at cheaper rates, while holding their salaries with traditional lenders.

Revolut has amassed 50 million customers across 38 countries since its launch in 2015 by founders Nik Storonsky and Vlad Yatsenko. 

The digital bank said in November that it plans to launch mortgage services in Lithuania followed by Ireland and France this year, the first of these is expected in July. 

Earlier this week, Chancellor Rachel Reeves hosted UK fintech leaders at No 11 Downing Street, including Revolut, Stripe and Wise, to discuss new legislation to streamline regulation and boost capital markets.   

Reeves said: “We are taking action to make our rulebook more competitive to support growth, the number one mission for our plan for change, and have asked the Financial Conduct Authority to reform the regulatory structure around capital markets to make it work better for UK firms.”   

Revolut was valued at £35bn as part of an oversubscribed secondary share sale last November, with some industry watchers estimating an initial public offering could follow in 2026.