Revolut Real Estate Lending Head Duncan Batty Departs Amid Global Expansion Push

Duncan Batty, the executive hired to spearhead Revolut’s entry into commercial real estate lending, has left the firm shortly after it secured a full UK banking licence. The departure comes at a critical juncture as the fintech giant balances aggressive global product expansion with intensifying regulatory oversight across the European Economic Area.

What was announced

Duncan Batty joined Revolut in January 2025 from M&G Investments, where he previously served as co-head of the real estate finance platform. His exit as the head of commercial real estate lending was recently identified through Companies House filings and subsequently confirmed by a Revolut spokesperson. As of now, the company has not named a successor for the role or provided a specific reason for his departure.

The leadership change follows a significant milestone in Revolut’s transition toward becoming a full-service bank. The company was granted a UK banking licence with restrictions in July 2024 and spent twenty months in the mobilisation stage, during which deposits were capped. This process was completed in March 2026. Francesca Carlesi, who leads the UK bank, noted at the time that achieving full licensing provided the necessary foundation for the firm to introduce a broader range of credit products, including commercial lending.

Despite the exit of a key lending executive, Revolut’s financial performance has shown rapid growth. The company reached a valuation of $115 billion in July, up from $75 billion in November, supported by 2025 revenues of approximately £4.5 billion. For the current year, management has projected $9 billion in revenue and $3.5 billion in net profit. This growth is being driven by a flurry of new initiatives, including the launch of a private bank in Britain and Europe with a £500,000 entry threshold, an Australian banking licence, a euro stablecoin, and an active bank charter application in the United States.

The companies involved

Revolut has transformed from a digital multi-currency card provider into a global financial "super-app" with a presence across banking, wealth management, and payments. The company is led by CEO Nik Storonsky, while its UK banking operations are managed by Francesca Carlesi, who also holds a role as a Non Executive Director at UK Finance. Revolut’s European business is supervised from Frankfurt and Vilnius, reflecting its significant footprint across the continent.

The firm’s rapid pace of expansion has drawn scrutiny from European regulators. In July 2025, the European Central Bank (ECB) paused new product launches in the European Economic Area and mandated an independent review of Revolut’s risk, compliance, and legal functions. Future launches in the region now require internal sign-off and a formal assessment by the board. Amidst these regulatory developments, the company is preparing for a public market debut. CEO Nik Storonsky has indicated that Revolut is planning a dual listing in London and on the Nasdaq within the next two years, marking a shift in strategy after previously describing a London listing as irrational.

What FF News has reported before

FF News has closely followed Revolut’s diversification beyond core banking services. This includes the firm’s recent move into the telecommunications sector, where Revolut Disrupts German Telecom Market with Launch of Revolut Mobile. The publication has also covered the company’s involvement in regulatory and infrastructure debates, such as when Revolut Backs CMA Move to Open Apple NFC Access for UK Fintechs.

In addition to product launches, FF News has reported on Revolut’s social and security initiatives. The firm recently Partners with International Rescue Committee to Enable Global Humanitarian Donations. These efforts occur as the wider industry faces significant security challenges, with prior reports warning that Social Media and Telecom Scam Losses Projected to Top $5 Billion by 2031.

What this means

The departure of a senior hire dedicated to commercial real estate suggests a potential friction point in Revolut’s transition from a high-growth fintech to a diversified commercial lender. While the company’s valuation and revenue projections remain exceptionally strong, the pause on European launches by the ECB indicates that regulatory maturity is struggling to keep pace with product ambition. For the wider industry, this highlights the difficulty of scaling complex lending books—which require deep institutional expertise and rigorous risk frameworks—within a culture built on rapid iteration. The focus now shifts to whether the firm can satisfy regulators' compliance demands while maintaining the momentum required for its upcoming dual listing.