Payments juggernaut Visa is set to switch its European headquarters to Canary Wharf – hot on the heels of banking behemoth JP Morgan.
The move from its current spot in Paddington comes amid a major resurgence in the London financial hub after a number of big firms snapped up offices in the district.
Visa will relocate to a 300,000 square foot for a 15-year term at One Canada Square.
Antony Cahill, Visa’s regional president and chief executive of Visa Europe, said: “Relocating our European headquarters marks a significant investment in our people and a bold next step for Visa in Europe.”
Visa will be rubbing shoulders with Barclays, BBVA, Citibank, Fitch, HSBC, Morgan Stanley and Revolut.
The boss of the Canary Wharf Group, Shobi Khan, said the district “continues to attract a diverse range of global businesses.”
Financial firms flock to Canary Wharf
In the aftermath of the Autumn Budget – after banks were spared from a highly-speculated tax raid – JP Morgan announced it would build a new 3m square feet tower in London, which will inject as much as £10bn over the next six years into the local economy.
The project is also expected to create an additional 7,800 jobs across construction and other local industries. Once finishes it will house up to 12,000 and serve as the bank’s main headquarters in UK and is biggest presence across Europe, the Middle East and Africa.
This also followed fintech unicorn Zopa Bank laying out plans earlier this year to double its office footprint with a new headquarters in Canary Wharf.
The new office, located at 20 Water Street in Canary Wharf, will span 44,000 square feet and host Zopa’s 900 current employees.
Over the past six years, approximately £7bn has been pumped into new units, infrastructure, and amenities by the Canary Wharf Group.
Earlier this week, City AM revealed Visa had partnered up with Revolut’s business-to-business arm as part of a launch set to rival the likes of Amex and Signify.