Revolut launches personal loans in UK, taking on major banks
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By Lawrence White and Tommy Reggiori Wilkes LONDON, Oct 26 (Reuters) - Digital bank Revolut has begun offering unsecured personal loans in Britain, its UK chief executive Francesca Carlesi told Reuters, taking Europe's most valuable startup into a lucrative consumer lending market dominated by the country's biggest banks. The move pushes Revolut beyond its core payments and subscription products and into a riskier business as it seeks to compete more directly with lenders including NatWest, Lloyds, Barclays, Santander's UK business and HSBC. "We want to transition from being a very successful everyday spending app and disrupting the market, to become effectively the primary bank of choice for everybody in the UK," Carlesi said. Revolut will also launch a credit card product in the near future, Carlesi said, part of a broader effort to increase the income it generates from each customer, a metric by which it lags traditional banks. Since its creation in 2015 by CEO Nik Storonsky and Vlad Yatsenko, London-based Revolut has grown worldwide to serve more than 80 million customers and commands a private valuation of $115 billion, bigger than listed rivals like Barclays and NatWest. Yet the bank still faces questions over whether it can sustain its breakneck growth with per-customer revenue well below rivals along with the proportion of its customers using Revolut for their...
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