Revolut’s decision to establish its new global headquarters in Canary Wharf, London, has sparked mixed reactions. While the fintech firm asserts that the move “strengthens the company’s commitment” to the UK – its largest market with around 9 million customers – some are questioning the decision in light of Canary Wharf’s recent struggle to retain major financial firms.
In June, Revolut committed to a 10-year lease at the refurbished YY London building, located in the heart of Canary Wharf. Starting in May 2025, the fintech company will occupy the top four floors of the 14-story building, relocating from its current offices in Westferry Circus. This strategic move will expand Revolut’s office footprint in London by over 40%
Commenting on the move, Nik Storonsky, Co-founder and CEO of Revolut, said: “We are delighted to be committing to a new global headquarters in the centre of London’s financial district. Revolut started in 2015 with just a handful of employees but has grown to over 10,000 employees globally. Our new headquarters ensures we continue to build on this success and will serve as Revolut’s home as we expand across the globe.”
Shobi Khan, CEO of Canary Wharf Group, highlighted that Revolut’s journey began in the district nearly a decade ago before it moved. He sees the fintech’s return as a testament to the area’s potential to support both traditional finance and innovative startups.
“From their humble beginnings in 2015, when they started out with just two desks at Level39, our tech incubator … Revolut’s phenomenal rise is a powerful testament to the extraordinary environment we have created,” Khan said.
Is Canary Wharf Losing Its Allure?
Revolut says that it opted for the YY London due to its “best in class workspace, nearby amenities, and leading ESG credentials”, but critics point to the exodus of major firms from Canary Wharf as a sign that the financial district is losing its allure.
Last year, HSBC announced plans to vacate its longtime headquarters in Canary Wharf by late 2026, relocating 8,000 employees to a smaller space in London’s central banking district, about three miles west. This move follows similar announcements from other firms, including law firm Clifford Chance, which plans to leave in 2028. These developments have fueled speculation about the future of Canary Wharf.
The district’s troubles started brewing after the COVID-19 pandemic, which accelerated changes in work habits. More employees are now working flexibly and are less willing to commute to what some describe as a “soulless” district. The pandemic has also increased the appeal of neighborhoods that integrate work, living, and leisure—an area where Canary Wharf has faced significant criticism for falling short.
The tough economic environment for commercial property globally, exacerbated by high debt costs, has added to the current challenges facing Canary Wharf. The large, American-style buildings that initially attracted banks are increasingly falling out of favor. Meanwhile, the City of London now offers competitive modern properties, further intensifying the competition for tenants.
Revolut’s Move Could Boost Revival Efforts
Canary Wharf, a 128-acre estate in London’s eastern Docklands, is home to approximately 3,500 residents and 120,000 office workers. Jointly owned by Canadian asset manager Brookfield and the Qatar Investment Authority, the district emerged during London’s 1980s financial boom to accommodate the expanding trading floors of big banks.
Today, Canary Wharf confronts the challenge of reinventing itself as companies reduce their office space to adapt to hybrid working models. Last year, the owners of Canary Wharf Group – Brookfield and QIA– committed £400m to help reposition and expand the UK commercial and residential property business. The companies said the capital will be used to complete the ”strategic repositioning of Canary Wharf and build out additional residential and life sciences projects on the estate”.
“This investment underscores confidence in our business plan and the ongoing strategic repositioning of Canary Wharf,” said Khan. ”We have transformed the estate into a thriving, sustainable mixed-use neighbourhood with award-winning homes, an abundance of amenities and parks, a strong and unique retail offer, and a diverse office portfolio with an expanding life sciences offer. We are confident of the opportunities ahead.”
Analysts suggest that Revolut’s decision to move to Canary Wharf could indicate market confidence in the financial district’s potential to adapt and thrive. Revolut has been achieving significant milestones. In 2023, the company emerged from losses to report a net profit of £344 million, marking its first profit since its founding in 2015. This turnaround came as revenues doubled from £920 million the previous year to £1.80 billion. Customer balances also saw a substantial increase, rising to £18.2 billion—a 38% jump from £13.2 billion a year earlier.
The fintech firm’s growth has also led to an increase in its workforce. Employee numbers grew from 5,915 in 2022 to 8,152 in 2023. Recently, Revolut received a UK banking license from the Prudential Regulation Authority (PRA) and aims to expand its global workforce by 40% by the end of the year. Revolut is confident that, at Canary Wharf, it will be well positioned to attract talent across both engineering and banking.
Standing Tall Alongside Systemically Important Banks
“For our teams at Revolut, this will be much more than an office,” said Francesca Carlesi, CEO of Revolut’s U.K. operations, adding: “Over the course of the next decade, it will be a space to co-create, innovate and work productively in, but also a new creative environment to attract talent across engineering and banking fields. Working at Revolut will be for those wishing to be at the center of the U.K.’s most innovative financial sector.”
Revolut’s relocation to Canary Wharf coincides with significant transformation efforts by the owners aimed at enhancing the district’s appeal. These efforts include developing residential spaces and increasing cultural amenities. According to sources cited by Reuters in May, the building currently occupied by HSBC could be converted into hotel or apartment space once the bank vacates.
While HSBC and other major firms are planning to leave Canary Wharf, stalwarts like Barclays and Morgan Stanley have opted to stay, albeit with a reduced footprint. The sight of Revolut’s name on a high-rise alongside such global systemically important banks is seen as a notable achievement for the fintech company. It could possibly help boost confidence in the brand, which has in recent years faced challenges due to Revolut’s frequent run-ins with regulators over issues ranging from compliance to an overly aggressive work culture.
Author: Acutel
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