Revolut’s commercial real estate lending chief exits ahead of IPO

Duncan Batty, the executive leading Revolut’s commercial real estate lending business, has left the company after less than two years in the role. His departure comes as Revolut expands its banking, wealth, and payments services ahead of a planned IPO, while also navigating regulatory scrutiny and a slowing UK property market.

Revolut confirms leadership exit

Revolut’s commercial real estate lending chief, Duncan Batty, has left the company less than two years after joining from M&G Investments. A Revolut spokesperson confirmed Batty’s departure to The Next Web but did not provide a reason or name a successor.

Batty was hired in January 2025 to build Revolut’s commercial property lending business. At the time, Revolut was not yet a fully licensed UK bank. It secured a restricted banking licence in July 2024 and completed its mobilisation phase in March 2026.

Expansion and regulatory hurdles

Batty’s exit coincides with Revolut’s push into banking, wealth management, and payments services. In July 2025, the European Central Bank (ECB) paused Revolut’s new product launches in the European Economic Area, citing concerns over its risk and compliance functions. The ECB also ordered an independent review of these areas.

Revolut’s European operations are supervised from Frankfurt and Vilnius. Despite regulatory challenges, the company has expanded into private banking, launched a euro stablecoin, and applied for banking licences in Australia and the US. It also opened a private bank in the UK and Europe this summer, targeting high-net-worth clients with a £500,000 deposit threshold.

Valuation and IPO plans

Revolut’s valuation surged to $115 billion in July 2026, up from $75 billion in November 2025. The company reported £4.5 billion in revenue for 2025 and projects $9 billion in revenue and $3.5 billion in net profit for 2026.

CEO Nik Storonsky has indicated plans for a dual listing in London and on Nasdaq, reversing his earlier stance that a London listing was "irrational". The shift reflects Revolut’s growing ambitions and the need to attract broader investor interest ahead of its IPO.

Market challenges for commercial real estate lending

Batty’s departure may reflect broader challenges in the UK commercial real estate sector. Deal activity has slowed due to inflation concerns and high interest rates, squeezing lenders’ margins. Revolut has not disclosed the size of its property lending business, but it is described as a small part of its overall operations.

Industry analysts suggest Revolut may be deprioritizing commercial real estate lending in favor of higher-growth areas, such as its stablecoin or wealth management services.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Duncan Batty’s departure from Revolut is a notable shift for a company in the midst of aggressive expansion. His exit, less than two years after joining to build a commercial real estate lending business, suggests either a strategic pivot or internal challenges—neither of which Revolut has clarified.

For founders and operators, this highlights the fragility of leadership in high-growth fintechs, particularly when venturing into regulated areas like banking and lending. Revolut’s rapid scaling—spanning private banking, stablecoins, and global markets—could be stretching its operational bandwidth. Batty’s role was tied to a niche but risky sector (UK commercial real estate), which is currently struggling with inflation and high interest rates. If Revolut is deprioritizing this segment, it may signal a broader focus on higher-margin or more scalable products, such as its stablecoin or wealth services.

The timing is critical. Revolut is preparing for a dual-listed IPO, and investor confidence will hinge on stable leadership and clear execution. Regulatory hurdles, like the ECB’s pause on new product launches, add pressure. Batty’s departure could either be a reflection of these challenges or a recalibration of talent to align with Revolut’s IPO ambitions. Either way, it’s a reminder that leadership stability is as crucial as product innovation in fintech’s next phase.

Key takeaways

• Duncan Batty’s exit is part of a broader pattern of leadership shifts in fintech, especially as companies scale into regulated sectors.
• Revolut’s IPO plans may be driving strategic changes, including a possible rethink of its commercial real estate lending business.
• Regulatory scrutiny, like the ECB’s product launch pause, could be shaping Revolut’s priorities and leadership decisions.
• The UK commercial real estate market’s struggles may have made Batty’s role less viable, prompting a pivot toward higher-growth areas.

FAQ

Why did Duncan Batty leave Revolut?

Revolut has not provided a reason for Batty’s departure. His exit follows less than two years in the role, during which he was tasked with building the company’s commercial real estate lending business.

What is Revolut’s current valuation?

Revolut’s valuation reached $115 billion in July 2026, up from $75 billion in November 2025.

How has Revolut expanded its banking services?

Revolut has launched a private bank in the UK and Europe, applied for banking licences in Australia and the US, and introduced a euro stablecoin. It also completed its UK banking mobilisation phase in March 2026.

What regulatory challenges has Revolut faced?

In July 2025, the European Central Bank paused Revolut’s new product launches in the European Economic Area and ordered an independent review of its risk and compliance functions.

Related on Lazyfounder

• More business news
• RBI warns next financial crisis may start with cyberattacks or AI, not banks