Revolut is weighing whether a physical store could eventually come to the UK, as the fintech monitors the success of its first face-to-face presence in Barcelona.
The fintech is “actively” exploring whether a shopfront in its home market could help build brand awareness and trust, according to the bank’s UK chief executive, Francesca Carlesi. The face-to-face Barcelona offering — which Revolut insists is a “store”, not a branch — aims to create a high-visibility space that makes the brand tangible and the product easier to discover. “We’re going to see how it goes, and definitely this will be a pilot that I will also be looking at very carefully, and then decide [whether it’s] something we can do in the UK or not,” Carlesi said. “Don’t be surprised [if at some point] we have a very cool store somewhere,” she added.
The potential move comes after Revolut secured a full UK banking licence in March, allowing for stickier lending products and larger deposits.
Any plans for a UK opening would not be in the “short or medium term”, the fintech said, given its immediate focus on the Barcelona pilot.
Revolut has not yet disclosed the services it plans to offer from its Barcelona store, which it opted for as its pilot location because of the city’s local density, global relevance, tourism and innovation.
The opening date for the outlet in Spain is expected to be later this year or next, depending on how quickly construction advances.
But having a physical presence is not “a silver bullet” for growing brand awareness, Carlesi said. “One thing we’re never going to do is roll out branches,” she said.
A spokesperson for Revolut added: “As with any new initiative, we continuously evaluate global market dynamics and consumer trends to inform our broader strategy.”
Other lenders are also experimenting with their high street presence as the number of bank branches in the UK continues to fall.
In one move away from typical branches, Santander saw a near 200 per cent rise in monthly account openings across five of its UK bank branches after they transitioned to work cafés.
Santander runs work cafés in Barcelona and London, among more than 200 such establishments it has opened globally.
