Revolut Targets FTSE 250 Companies in Bid for Broader Business Banking Reach

Revolut is expanding its business banking division to target larger corporate clients in the UK. The fintech aims to reach 1 million business customers globally by 2027, up from 800,000 at present.

The company secured a full banking licence in March after a near five-year process with Bank of England regulators. This opens the door for Revolut to provide credit products to larger businesses.

James Gibson, head of Revolut Business, says the division still sits in the shadow of the company's more established retail offering but sees significant room for expansion.

Revolut is hiring staff from major banks with large corporate banking operations to build credit expertise sustainably. The company is also using internal incentives to support its efforts, paying staff a £1,000 bonus for each business customer referral.