Revolut will become $1 trillion company by 2035, says early VC backer Fintech Revolut will secure a price tag of $1 trillion within a decade, an early backer of the fintech has claimed. The digital banking juggernaut is in the midst of a secondary share sale at an expected valuation of $115bn and was last valued at $75bn in November 2025, when it landed investment from chip giant [...]
‘It’s going to impact work’: Lloyds to cut £2bn in costs with AI Banking The boss of Lloyds Banking Group is preparing to wield the axe on its cost base as the bank doubles down on AI ambitions. Charlie Nunn, the chief executive of the financial services giant, said AI is “going to impact work” and “require us to reskill people and hire new people” as he revealed a [...]
AI reduces founders’ need for capital, says Revolut Business Tech AI is reducing the amount of capital startups need to build global businesses, shifting the battle for founders away from funding and towards which countries offer the best environment to scale, according to the head of Revolut Business. Speaking to City AM, James Gibson said AI had dramatically lowered the cost of building and operating [...]
UK fintech Pockit recruits founder of Burger King Kazakhstan July 21, 2026 A top British fintech has hired the founder of Burger King’s Kazakhstan franchise in an eye-catching board appointment. The Cardiff-based business, which offers prepaid accounts to customers without a credit score, has recruited Kazakh businessman Anuar Utemuratov to become a director, according to company filings seen by City AM. Utemuratov worked as an analyst for [...]
A £3bn reckoning that will reshape buy now, pay later July 15, 2026 Buy now, pay later providers are cheering the arrival of new regulations.In this week’s column Samuel Norman considers how the industry could be reshaped. Five years ago, the government revealed plans to crack down on the buy now, pay later market after an industry review found financial risks posed by the ease with which consumers [...]
How the boss of Zilch became UK fintech’s power broker July 8, 2026 Last year, Zilch founder Philip Belamant sat down with then-boss of Monzo, TS Anil. As the two friends caught up, Belamant was fizzing with ideas to turn his $2bn British fintech into a global powerhouse, according to sources familiar with the matter. Not long ago, Zilch had set up shop across the pond, and Belamant [...]
As it happened: FTSE 100 rises to defy tech gloom; oil creeps up on fresh Iran tensions July 7, 2026 Welcome back to the City AM liveblog. Donald Trump warned the US will “finish the job” in Iran leaving investors unnerved as he renewed military threats following the funeral of Tehran’s former Supreme Leader Ayatollah Ali Khamenei. Brent crude – the international benchmark for oil – traded above $72 per barrel on the news, but [...]
Natwest boss becomes latest City figure caught in AI social media scam July 3, 2026 The boss of Natwest has become the latest City figure to be depicted in an AI scam across social media. Paul Thwaite – the chief executive of the FTSE 100 bank – was posted on X alongside journalist Emily Maitlis in a deepfake picture attempting to create a BBC radio interview. The picture was shared [...]
UK fintech Starling to axe 130 roles in AI-powered simplification drive July 3, 2026 Starling is gearing up to cut some 130 roles in a bid to streamline its operations following a fall in profit over the last year. The London-based fintech told staff this week it would restructure its banking and tech operations as it leveraged AI across operations ahead of an influx of new projects. It said [...]
As it happened: Stocks fall as US and Iran clash over Strait of Hormuz; Fed chair says inflation risk is easing July 1, 2026 Welcome back to the City AM liveblog. Oil prices are holding steady above $73 per barrel after days of heightened tensions between the US and Iran ahead of peace talks in Qatar. Brent crude – the international benchmark for oil prices – posted its biggest quarterly decline since 2020 for the second quarter of the [...]