Revolut is set to roll out its own AI-powered financial assistant in the near future, according to one of the fintech firm’s top executives.
The company is still testing the technology, but it “will go live shortly,” said Francesca Carlesi, Revolut’s UK Chief Executive Officer, during an interview with Francine Lacqua at a Bloomberg New Voices event in Milan.
The company has identified increased AI adoption to assist users with their finances as a key strategic goal for 2025.
Carlesi added that intense competition is reshaping the fintech landscape and pushing convergence between digital upstarts and traditional banking giants.
“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,”
she said.
Revolut has grown rapidly, reaching 52.5 million customers in 2023, surpassing HSBC Holdings Plc, and boosting its annual revenue by 72% to £3.1 billion (US$4 billion), while also growing its profits.
As part of its ongoing growth, the company plans to scale its banking operations in the UK and aims to have 200 bank staff in place by year-end.
Carlesi noted in an earlier interview with Bloomberg News that Revolut is moving closer to becoming a fully licensed bank in its home market.
Carlesi also commented on the regulatory divergence between the UK and Europe in the wake of Brexit.
“Which I don’t think is healthy and it would be good to maintain some kind of convergence,”
she said.
She explained that it is no longer possible to “copy and paste” UK strategies into European markets, particularly when it comes to stablecoins, crypto, and fraud regulation.
Last month, Revolut revealed plans to invest €1 billion in France as it seeks a local banking licence, establishing its Western European headquarters in Paris and committing to hire at least 200 staff over the next three years.
Meanwhile, the firm continues to push for global expansion with ten banking licence applications currently in progress, while retaining its global headquarters in London.
