Revolut targeting summer launch of private banking services - reports

(Sharecast News) - Revolut is reportedly looking to open up a private bank in the UK and some European countries.

According to Bloomberg, which cited a person with knowledge of the matter, the financial technology company could launch a private banking unit as soon as this summer. The bank was understood to be looking at a threshold of £500,000 for customers to be eligible.

The Bloomberg source said plans are still under discussion and details and the timeline may change.

Separately, Sky News said Revolut was plotting the summer launch of private banking services and has been conducting research in recent weeks. It also pointed to plans for a minimum deposit of £500,000.

Industry sources told Sky that the company, which is targeting a valuation of over $100bn in a forthcoming secondary share sale, had indicated it wanted to launch the service in the UK in the late summer. It would then be rolled out in France, and potentially other markets next year, they added.

Revolut said in a statement to Sharecast: "Private banking is an area we're exploring as part of our ongoing efforts to expand and enhance our product offerings. We have no further details to share at this stage."