British financial technology company Revolut announced on Thursday that it plans to maneuver its official London headquarters to Canary Wharf, town's foremost financial district.

Revolut will move its global headquarters to the YY London constructing within the centre of Canary Wharf. The company has signed a 10-year lease on the constructing.

As a result, Revolut will increase its office space by 40% to 113,000 square meters and occupy 4 floors.

The company plans to put its logo on two signs on the edges of the brand new constructing – mimicking the trend of traditional bank brands, comparable to HSBC, BarclaysAnd CitigroupRevolut said the signs were still subject to planning permission.

HSBC recently announced that it’s going to relocate its global headquarters from the 45-story Canary Wharf Tower by 2027, when its current lease expires.

The company had previously announced that it would cut back its office space worldwide by almost 40% to chop costs and reply to the trend towards hybrid working.

Canary Wharf is London's foremost financial district and residential to most of the world's largest banks, insurance firms and other financial institutions.

Revolut's announcement comes because the digital banking startup awaits news on whether its application for a banking license within the UK is successful. The license would allow it to launch lending products comparable to bank cards and private loans.

The company has been waiting for the green light from city regulators, including the Bank of England and the Financial Conduct Authority, since 2021.

Revolut said the choice to open a brand new global headquarters in the center of town shows the corporate's continued commitment to the UK market.

“This new headquarters strengthens our commitment to the UK, our home country, while laying the foundation for future growth,” said Francesca Carlesi, CEO of Revolut’s UK business, in a press release.

Revolut co-founders Nikolay Storonsky and Vlad Yatsenko – the corporate's global CEO and chief technology officer respectively – had previously criticised the UK for its regulatory environment, which they described as too bureaucratic.

The company had previously committed to growing its global workforce by 40% by 2024. Revolut said it currently has over 9 million customers within the UK.

The news comes at a time when employers are debating the way to persuade their employees to return back to the office after many individuals switched to distant working attributable to the Covid-19 pandemic.

Revolut has stated that it’s going to follow its “remote-first” approach, meaning its employees can do business from home but are encouraged to return into the office for beneficial face-to-face interactions.