After five years of trying, Revolut has finally secured a full banking licence to form Revolut Bank UK, just days after applying for a US licence.
Revolut has made no secret of its ambition to build “the world’s first truly global bank”, applying just last week for its US banking licence, but it has taken it five years to gain that licence in the UK. It originally applied for the licence in 2021 and in 2024 was given a banking licence “with restrictions”.
Now it has announced that it has secured its full banking licence from the Prudential Regulation Authority (PRA) in the UK, which will allow it to offer its 13m customers across the UK, including Northern Ireland, deposit protection of up to £120,000 from the FSCS. In Ireland, Revolut’s customers are served by its European-licenced entity Revolut Bank UAB.
Revolut describes the success as a “milestone”, and says that Revolut Bank UK will soon be able to start offering accounts as a fully licenced bank for both retail and business customers. It says it will gradually begin the process of rolling out current accounts to new customers in a few days, “starting with a small group and expanding over the coming weeks to ensure a smooth user experience”.
“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” said Nik Storonsky, Revolut co-founder and CEO. “The UK is our home market and central to our growth. This is a vital step in our mission to build the world’s first truly global bank.”
“Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day,” said Francesca Carlesi, UK CEO at Revolut.
Revolut recently announced a global $13bn investment over five years, which it said would create 10,000 new jobs as it expands its global footprint. The company aims to launch in 30 new markets by 2030. One of the world’s biggest fintechs, Revolut currently operates across 40 markets globally, servicing around 70m customers.
The company recently expanded operations to Mexico, opened a new global headquarters in London and secured a payments licence in India. It hopes that this continued expansion can help it reach 100m customers by mid-2027.
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