Four years after leaving Canada, Europe’s most valuable private technology company is making another run at entering the country.
Driving the news: According to Global Fintech Insider, U.K.-based challenger bank Revolut is looking for a Canadian CEO to scale its business “from 0 to 1, and beyond.” The company started as an international payment platform but has expanded its services in recent years.
- Revolut says it currently services 50 million customers globally, who use it to send money to more than 160 countries and hold up to 36 currencies.
Catch-up: Revolut’s first launch in Canada was back in 2019, but it ended up pulling the plug in March 2021 because it couldn’t offer the “range of services” it had hoped. It vowed to return to the Canadian market.
Why it matters: Canada’s largest challenger banks aren’t regulated financial institutions themselves; instead they often rely on other financial institutions to provide their services. The role description at Revolut indicates that securing a bank licence in Canada is a priority.
- In its home country, Revolut recently secured a banking licence with some restrictions, expanding its ability to take on legacy lenders like HSBC and Barclays.
Bottom line: With an international business that was recently valued at US$45 billion, Revolut could manage to carve out a piece of the Canadian market if it’s able to navigate the tricky regulatory environment.—LA