Revolut is scaling back some WeWork perks for premium members just as it unveils its first airport lounge, part of a wider push to build out its own physical footprint.
As Revolut continues to increase its physical presence, its latest bet is premium airport lounges. The announcement of its first airport lounge in Copenhagen comes as reports have been circulating of Revolut premium members losing access to some WeWork locations – a significant perk offered by the fintech.
A spokesperson for Revolut told SiliconRepublic.com that its ‘Metal’ and ‘Ultra’ users continue to retain access to WeWork in Dublin, but conceded there is “a slight change to the available locations”. They added that more than 265 locations “remain active and accessible to Revolut’s premium members”.
“We always strive to ensure that our premium (Ultra and Metal) customers receive maximum value across our global partner network,” Revolut said in response to the reports. “While benefit availability can change due to various requirements, we remain committed to offering our members access to premium workspace solutions and other global lifestyle benefits.”
SiliconRepublic.com understands that around 6pc of the Revolut x WeWork network will no longer be accessible to premium members, after WeWork raised some of its pricing and Revolut was unwilling to absorb the cost or pass it on to members.
Therefore, Revolut’s current strategy of creating its own physical spaces would make a lot of sense. The company said this new strategy will launch a network of premium lounges across some of its priority markets over the coming years, with the aim of becoming one of the largest premium lounge networks globally.
It has signed an inaugural partnership agreement with Copenhagen Airport to establish “a premium design blueprint” that Revolut can then roll out across key international hubs in 2027 and beyond.
Back in April, Revolut confirmed it was piloting a physical store in Barcelona in its latest attempt to compete with traditional banks. The fintech stressed that this will not be a traditional bank branch, but rather a “new format built for how modern customers engage with brands today”.
“This is a new physical concept space where people can experience Revolut products and services in-person, receive support, discover features and engage with the brand more tangibly. At our scale, physical presence builds trust and visibility,” a company spokesperson told SiliconRepublic.com at the time.
Revolut’s strategy to become a truly global bank got a major boost this week, as it was awarded its first full French banking licence, giving the fintech giant a second European Union hub after Lithuania.
The French approval is the latest in a run of regulatory wins for Revolut this year. It finally secured its full UK banking licence in March after a five-year wait, applied for a US banking licence around the same time, and in July launched its first Asia-Pacific banking entity in Australia after receiving regulatory approval there.
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