Revolut is set to venture into the private banking sector, broadening its range of services to address the needs of affluent clients.
The financial super-app has recently posted vacancies for key positions including a private banking compliance manager, legal counsel, and a head of relationship management. According to the job listing for the relationship manager role, “Our Private Banking team serves as the foundation of our exclusive new offering, fostering long-term relationships with high-net-worth individuals worldwide. We pride ourselves on our precision and expertise, providing comprehensive support from onboarding to ongoing financial advice, all aimed at cultivating and enhancing our valued client relationships.”
“We are in search of a Head of Relationship Management to spearhead our team, guiding the strategy and expansion of our private banking division.”
In addition to its straightforward retail financial services, Revolut’s versatile banking app appeals to a demographic of young global professionals and entrepreneurs who may use Revolut for most transactions, yet prefer other platforms for asset management.
By entering the private banking arena, Revolut will find itself competing with various WealthTech startups, such as the London-based Sidekick and the Swiss neobank Alpian, as well as established global financial institutions.