Revolut is looking for private banking professionals in Spain to build its high net worth division from scratch. The project is in the initial phase, but talks have already begun, according to Expansion. It is the first serious move by the British neobank in a segment traditionally reserved for traditional banking.
Why is it important. The bank intends to compete with the leaders of this sector, Santander and CaixaBankwho control more than 35% of the large fortune market in Spain. It is not a minor battle:
- Santander manages 195,000 million in assets of patrimonial clients.
- CaixaBank exceeds 181,000 million.
Revolut wants to convince these customers to abandon decades of banking relationships for a mobile app.
The context. Interest rates have normalized in Europe and banks need to compensate with fees for what they lose in margins. Private banking is the perfect business:
- High profitability.
- Less price sensitive customers.
- Lasting relationships.
That is why everyone wants to enter or grow in this segment. Revolut is late to the banquet, but if anyone can offer a different menu, it’s them.
Between the lines. Until now, Revolut has been the bank of millennials and generation Z. Young people who exchange currencies to travel, invest in cryptocurrencies, value the absence of commissions and digital agility. Now he wants to manage his parents’ assets.
It is a logical but complex leap: going from being the youth alternative to becoming the custodian of consolidated family fortunes.
Yes, but. There is another less obvious reading. Millennials who have been with Revolut for a decade are getting older and accumulating wealth.
- Entrepreneurs who have sold companies.
- Professionals with consolidated careers.
- Investors who have multiplied capital.
Revolut is not only looking for new customers, it also aims to retain those it already has before they leave for traditional banking when they need more sophisticated services.
The strategic turn. Revolut founder Nik Storonsky He’s been anticipating this move for a year.. He presented it as a natural evolution: many bank clients already have high balances and need more than just a well-stocked checking account. But the reality is more pressing: Revolut needs to diversify revenue beyond transactional products (currency exchange, cards, accounts). Their model has worked for the average customer. Now look for the high value one because that’s where the real margin is.
The threat. Revolut’s bet is not only technological, it is generational. The bank believes that new fortunes value agility and innovation more than dealing with a manager in a VIP office.
It also relies on its young client base to mature with them, creating a natural transition into private banking.
And now what. Dates, minimum equity requirements, a list of specific services to be offered by Revolut in private banking… Everything is yet to be defined. It also remains to be known whether the bank will replicate its model from other markets or adapt the offer to Spanish particularities.
And, above all, it remains to be seen if it manages to sign top-level professionals willing to work in a technologically powerful brand, but without a history of large assets.
In Xataka | Neobanks break 25% market share in Spain. Traditional banking is losing young customers
Featured image | Revolut
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