Britain’s financial sector has had a record-breaking week, with more than £110bn of investment announced by major firms. The surge of commitments — capped by Revolut’s decision to open a new global headquarters in London — is being hailed by ministers as proof the UK is “open for business”.
Revolut’s £3bn Pledge
Fintech giant Revolut confirmed on Monday that it will invest £3bn in the UK over the next five years, creating 1,000 high-skilled jobs. The new global HQ in Canary Wharf will serve as the company’s main hub as it pushes towards its next target of 100 million customers worldwide.
“From our roots here in the UK, we’ve grown to serve more than 65 million customers globally,” said Nik Storonsky, Revolut’s co-founder and chief executive. “This headquarters will be central to driving our next stage of growth.”
A Wave of Big-Money Commitments
Revolut’s announcement came at the end of a week of major deals across the financial services sector:
- Blackstone pledged to channel more than £100bn into UK assets over the next decade, including £10bn for a new data centre in Blyth.
- BlackRock committed £7bn to the UK market next year and £500m for data centres.
- PayPal confirmed a £150m investment in UK product development.
- Bank of America will create 1,000 jobs in Belfast in its first operation in Northern Ireland.
- Citi Group plans to invest £1.1bn in UK operations, expanding its presence in Belfast.
- S&P Global is putting £4m into its Manchester offices, supporting 200 jobs.
Together, these moves are expected to support thousands of jobs across London, Manchester, Edinburgh and Belfast.
Ministers Push UK as Global Hub
Chancellor Rachel Reeves welcomed the news, saying the government’s “Leeds Reforms” — designed to streamline financial regulation — were helping the UK win the global race for investment.
“The UK is well and truly open for business,” Reeves said. “These reforms are making Britain the best place for financial services firms to operate, while putting more money in people’s pockets through our Plan for Change.”
Fintech at the Heart of Growth
Revolut’s rapid expansion has been seen as a symbol of the UK’s strength in fintech. Founded in London less than a decade ago, the company now employs over 10,000 staff worldwide and generates more than £3bn in annual revenues.
Britain’s fintech sector, home to around 3,000 firms, is widely regarded as one of the strongest in the world. Revolut’s decision to scale up in London rather than overseas is being viewed by analysts as a vote of confidence in the UK’s regulatory framework and skilled workforce.
Balancing Growth and Challenges
The investment boom comes at a time when the government is under pressure to boost growth while keeping borrowing under control. Critics point out that promises of new jobs and innovation do not always translate into benefits for ordinary households.
But industry leaders argue that the wave of commitments shows global firms still see the UK as a safe and profitable base.
Storonsky said the new HQ was not just about expansion but about anchoring the company in its home market: “This is the launchpad for our future.”
