Revolut teases crypto card while expanding business banking
Revolut teased a physical crypto debit card on Twitter as it secured new FCA permissions and expanded business banking and private-wealth services across its platform.
On May 18 Revolut’s official Twitter account posted a casual message that it “might have dropped our first ever physical crypto card, idk,” as the company expands business banking and private-wealth services after fresh UK regulatory clearances.
The card links to a user’s crypto balance, converts crypto holdings to fiat at real-time rates when used, and keeps assets in custody. Revolut notes those crypto balances are not covered by UK deposit-insurance schemes.
On May 14 the Financial Conduct Authority granted Revolut Trading a Variation of Permissions that allows the company to offer leveraged investment products, discretionary portfolio management and advisory services in the UK. Victoria Laffey, head of operations at Revolut Trading, described the clearance as bringing investment, advisory and portfolio management together within the Revolut app.
Revolut plans to launch a UK private bank this summer with an initial deposit requirement of £500,000 aimed at mass-affluent clients. An alleged internal Slack memo attributed to CEO Nik Storonsky named business banking the firm’s top internal priority and offered employees £1,000 for each corporate client referral.
Revolut Business serves about 767,000 customers, an increase of roughly 33% year on year, and contributes about 16% of group revenue. The company plans to introduce business-banking features alongside the retail app in every new market from 2027.
The product pipeline includes recent integrations and partnerships. Trust Wallet added Revolut Pay for faster token purchases, a partnership with Mastercard supports card rollouts in the United States, and authorization from Cypriot regulators extends Revolut’s license across the European Union.
CEO Nik Storonsky has guided an initial public offering no earlier than 2028, targeting a valuation between $150 billion and $200 billion. Revolut operates a platform with roughly 70 million users and is rolling out retail banking, trading, crypto and business services through a single app.
The FCA permissions allow leveraged products and discretionary management, but legal protections differ by product type. Revolut’s crypto custody model means crypto balances do not fall under UK deposit-insurance protections, and leveraged products carry additional regulatory and market risks.
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