Revolut Develops Private Bank as More Euro Firms Pursue Wealth Management

Mallika Mitra

Mon, May 18, 2026 at 12:01 AM EDT 2 min read

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Revolut is trading its startup hoodie for a suit worthy of Logan Roy.

The London-based firm is preparing to launch a private bank later this year after securing approval from UK regulators to expand its investment offerings, according to the Financial Times. The UK’s most valuable fintech, which got the green light from regulators to expand its services, plans to offer a “broader product suite, spanning leveraged products, managed portfolio solutions and private wealth services,” according to a statement shared with The Daily Upside.

“Private banking is an area we’re exploring as part of our ongoing efforts to expand and enhance our product offerings,” a Revolut spokesperson said.

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The US-Europe Gap 

European banks are navigating a tricky landscape due in part to strict capital rules that they say make it tough to compete with Wall Street. Earlier this year, the president of industry group European Banking Federation warned European Commission officials that “the regulatory and supervisory landscape has grown increasingly complex and fragmented,” Reuters reported. The Trump administration, on the other hand, has been focused on deregulation in the banking space.

European firms BNP Paribas and SocGen saw softer investment banking revenues in their first quarters. Across the pond, US firms including JPMorgan, Wells Fargo and Citigroup are raking in the dough, thanks in part to higher income from trading and assets under management.

Revolut isn’t the only European firm hoping to capitalize on the high returns and stable fee income that wealth management promises:

• Last year, Lloyds Banking Group took control of a wealth management venture it had launched with Schroders to target affluent clients, and Deutsche Bank said it planned to hire 250 bankers to grow its wealth management offerings.

• Swiss bank UBS has also been expanding its wealth management practice and is increasingly tapping artificial intelligence to help. In February, UK lender NatWest struck a deal to acquire wealth manager Evelyn Partners.

ECB Not Buying It: The European Central Bank (ECB) doesn’t appreciate EU banks huffing that the US goes easier on banks. In fact, the US places stricter limits on large lenders, and even proposed lighter rules would only narrow that gap, not reverse it, the ECB staff said in a recent paper.

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