Revolut is stepping up its challenge to the UK’s established corporate banks by targeting companies in the FTSE 250.

The fintech is seeking to move beyond its traditional customer base of smaller businesses and compete directly with Barclays, HSBC, Lloyds and NatWest for larger corporate clients, its head of business, James Gibson, told the Financial Times.

Gibson said Revolut had so far “only slightly tapped into” the corporate banking market, where the segment can account for around half of some traditional banks’ revenue.

Revolut Business served around 800,000 customers globally and is targeting one million by 2027.

Business revenue rose 53% to £708m in 2025, accounting for about 16% of the group’s £4.5bn total revenue.

The company’s full UK banking licence, granted in March after a nearly five-year approval process, has also strengthened its ability to offer lending and other credit products needed by larger businesses.

Revolut has been recruiting experienced corporate bankers as it seeks to expand its relationships with bigger companies, although established lenders retain advantages through their balance sheets, lending expertise and long-standing corporate relationships.

International expansion is in progress at the same time. Revolut received conditional approval for a US banking licence in September, while it has secured full banking licences in France and Mexico, received authorisation to establish a bank in Colombia and acquired Cetelem in Argentina from BNP Paribas.

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