Coutts raised its minimum to £3 million. Revolut just set its at £500,000. The mass-affluent gap is the point.

TL;DR

Revolut is launching a private banking unit in the UK and Europe this summer with a £500,000 threshold, filling the mass-affluent gap left by Coutts’ £3 million minimum, as the £4.5 billion-revenue fintech assembles the product architecture of a universal bank ahead of a potential $200 billion Nasdaq IPO.

Revolut is planning to launch a private banking unit in the United Kingdom and parts of Europe as soon as this summer, according to a person with knowledge of the matter. The eligibility threshold is 500,000 pounds, roughly 675,000 dollars. Coutts, the private bank owned by NatWest that has served the British establishment since 1692, recently raised its minimum to three million pounds. The gap between Coutts and Revolut is not a market segment. It is the mass-affluent population of an entire continent, and Revolut just claimed it.

The private banking announcement did not arrive alone. On the same...

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