Revolut to launch UK private bank with £500k minimum

Revolut plans to open a UK private banking unit this summer with a £500,000 deposit minimum aimed at customers who hold substantial cryptocurrency positions. The service is designed to sit between retail banking and traditional private banks and combine private wealth advisory with managed investing.

The firm has received Financial Conduct Authority permissions allowing Revolut Trading to offer leveraged products, discretionary portfolio management and sophisticated investment services. Revolut’s UK banking licence, granted in March 2026, brings deposits into the Financial Services Compensation Scheme, which covers up to £120,000 per client.

The unit would pair managed investing and private advisory with Revolut’s existing crypto infrastructure, enabling portfolios that combine cryptocurrencies, staking exposure and conventional assets with on-platform custody and trading.

Revolut operates a large retail crypto business. More than 10 million customers hold or trade crypto through its app. The company’s pro exchange, Revolut X, lists more than 250 tokens and provides API access and advanced charting for active traders.

Wealth revenue rose 31% to $876 million in 2025. The wealth segment grew nearly 300% in 2024 before later normalizing. The proposed private bank would target customers who already hold six- and seven-figure crypto positions.

The £500,000 threshold sits below recent minimums at established private banks: Coutts has set a £3 million minimum and UBS typically requires about £1 million in investable assets.

Earlier in 2026 Revolut obtained a Markets in Crypto Assets licence in Cyprus, giving passportable access to crypto services across the European Economic Area. The company has signaled plans to position the launch ahead of a potential Nasdaq listing in 2028 with a reported valuation target of $150 billion to $200 billion.

Regulatory guidance and rules on leverage, custody and client protections will determine product design and where the offering can be rolled out. The new permissions and licences provide the technical ability to package crypto with traditional wealth services within a regulated framework, while supervisors set specific limits and requirements.

Over the next 12 months Revolut will assess whether to scale the UK private bank model into other European markets and how quickly it can convert existing crypto-focused app users into higher-margin wealth clients.