In a significant move, Revolut, the popular global fintech company, confirmed plans to relocate its global headquarters to the YY London building in Canary Wharf. This announcement coincides with the news that Revolut's customer base in the UK has surpassed nine million. The company will secure a ten-year lease for its new space, which is set to enhance its operational capacity.
The decision to move to the center of Canary Wharf signifies a strategic shift for Revolut, which had previously occupied an office at Westferry Circus. The YY London building was selected after a comprehensive search throughout the city, chosen for its exemplary workspace, proximity to essential amenities, and strong environmental, social, and governance (ESG) credentials. “We are delighted to be committing to a new global headquarters in the centre of London’s financial district,” said Nik Storonsky, Co-founder and CEO of Revolut.
Revolut’s new office will expand its footprint in London by over 40%, reaching a total of 113,000 square feet across four floors. This substantial increase in office space marks a shift in how the company operates, particularly as it embraces a remote-first business model. “For our teams at Revolut, this will be much more than an office,” noted Francesca Carlesi, CEO of Revolut UK. “It will be a space to co-create, innovate, and work productively in, but also a new creative environment to attract talent.”
The investment in a larger space is not merely about increasing physical capacity; it aims to foster collaboration through product launches, workshops, and team-building activities. Carlesi emphasized the pivotal role this headquarters will play in supporting future growth, stating, “This new head office strengthens our commitment to the UK, our home country.”
This announcement comes at an opportune time as Revolut prepares to expand its workforce by 40% in 2024, reflecting its robust growth trajectory since its inception in 2015. The fintech has garnered a global user base of 40 million, a testament to its rapid rise in the financial technology sector.
Shobi Khan, CEO of Canary Wharf Group, expressed enthusiasm about Revolut's continued presence in the area, declaring, “We are delighted Revolut has recommitted to Canary Wharf – the very place their remarkable journey began.” He recalled the company’s humble beginnings in 2015 and remarked on its phenomenal growth as an emblem of the dynamic environment that Canary Wharf fosters for innovative companies.
Tristram Gethin, Founding Partner at Quadrant, echoed this sentiment, welcoming Revolut to its new home in YY London. He referred to the fintech's exceptional story of transforming from a start-up housed in Level39, Canary Wharf’s tech incubator, into a leading global player in the industry.
As Revolut sets its sights on the future, its new headquarters is not just a strategic real estate move; it symbolizes the company's ongoing commitment to innovation and excellence in the UK's financial landscape. With plans in place to use the new space creatively, the fintech is poised for the next chapter of rapid expansion.