Revolut’s commercial real estate lending chief exits

Duncan Batty, hired from M&G Investments in January 2025 to build Revolut’s commercial real estate lending business, has left the company, with his departure appearing in Companies House filings and confirmed by a spokesperson. Neither a reason nor a successor has been given, and it comes as Revolut expands across banking, wealth and payments ahead of a listing it says is about two years away.

The executive Revolut hired to build its commercial property lending business has left, less than two years after joining. The company confirmed it. Nobody has said why.

Duncan Batty was co-head of the real estate finance platform at M&G Investments before Revolut recruited him in January 2025, and his departure surfaced in Companies House filings, as Bloomberg reported. A spokesperson confirmed the exit. No successor has been named.

Revolut was not a fully licensed British bank when he arrived.

It won the licence with restrictions in July 2024 and spent twenty months in the mobilisation stage, with capped deposits, before completing it in March 2026. Francesca Carlesi, who runs the UK bank, said then that it laid the foundation for a broader range of products, including credit.

The pace of that expansion is already a regulatory question. The European Central Bank paused new product launches in the European Economic Area in July 2025 and ordered an independent review of Revolut’s risk, compliance and legal functions, with in-house sign-off and a board assessment required before future launches.

Revolut’s European business is supervised from Frankfurt and Vilnius.

It was valued at $115B in July, up from $75B in November, on 2025 revenue of about £4.5B. Management has projected $9B of revenue and $3.5B of net profit for this year.

Property lending is a small part of that, and Revolut has never published a figure for it.

The company has been adding businesses quickly. A private bank opened in Britain and parts of Europe this summer with a £500,000 threshold, alongside an Australian banking licence, a United States bank charter application and a euro stablecoin.

All of it points at a listing.

Nik Storonsky told Les Echos in September that Revolut is planning a dual listing in London and on Nasdaq, after two years of calling a London listing irrational.

British commercial property is the one market on that list that is not growing.

Hopes of a rebound in UK dealmaking have faded as the conflict in the Middle East kept inflation concerns alive and interest rates high, and lenders competing for a shrinking number of deals are squeezing their own margins, according to Bloomberg.