Revolut Launches AI Financial Assistant, Expands Banking
Revolut, the rapidly growing fintech company, has announced that it will soon launch its AI-driven financial assistant to further enhance its customer service and streamline financial management for users, as reported by Bloomberg. This move comes as part of Revolut's broader strategy to integrate more artificial intelligence (AI) tools into its platform, a key focus for the company in 2025.
Francesca Carlesi, Revolut’s UK CEO, revealed in an interview at a Bloomberg New Voices event in Milan that while the company is still experimenting with AI technology, it plans to go live with the financial assistant shortly.
The AI assistant aims to help users make better financial decisions and manage their finances more effectively, providing personalized insights and advice.
Revolut's Competitive Edge in the Fintech Industry
Carlesi also noted the increasingly fierce competition in the fintech space, with new and established players now operating on similar levels. She highlighted the shift from small startups attempting to disrupt the industry to larger fintech companies and scale-ups competing directly with traditional banks.
According to Carlesi, “Fintech is not any more about new small startups starting to attempt to do something. Right now, we have big fintech, we have scale-ups. They are operating peer-to-peer and the same level with big incumbents.”
Revolut has grown rapidly, with over 52.5 million customers last year, surpassing HSBC Holdings Plc in the process. This growth contributed to a 72% increase in revenue, reaching £3.1 billion ($4 billion), while the company also saw an increase in profits.
Expansion into Banking and Regulatory Challenges
Looking ahead, Revolut is preparing to expand its operations further, with plans to become a fully-fledged bank in the UK. By the end of this year, the company expects to have 200 staff members working on its UK banking operations, as it transitions into a more comprehensive financial services provider.
According to Bloomberg, however, Revolut is also navigating regulatory challenges, especially as the UK and Europe begin to diverge on financial services regulations post-Brexit. Carlesi expressed concerns over this regulatory split, particularly in areas like stablecoins, cryptocurrency, and fraud regulations.
Also read: Rapid Finance Launches SPADE AI Module to Revolutionize Small Business Loan Processing
Global Expansion Efforts and Strategic Investments
In addition to its UK plans, Revolut is making significant strides in Europe. The company recently announced a €1 billion investment in France, where it is applying for a local banking license and setting up its western European headquarters in Paris. Revolut also plans to hire at least 200 workers over the next three years in France to support its growth.
Revolut is actively pursuing new banking permits across the globe, with 10 applications underway, while maintaining its global headquarters in London.
