Fintech giant Revolut has finally secured a full banking licence in the UK, marking a significant milestone that will allow it to operate as a fully-fledged bank and expand its offerings to millions of customers.
The company confirmed it has received the all-clear from the Bank of England’s Prudential Regulation Authority (PRA), enabling it to provide accounts for both retail and business clients. Current accounts will begin rolling out to a select number of new customers within days, with a gradual expansion planned over the coming weeks to ensure a "smooth user experience".
Revolut, which already serves 13 million customers across the UK, intends to introduce a wider array of banking services in the future, including lending and other financial products. This approval follows a lengthy application process, having first sought a full banking licence in 2021 and receiving a restricted version in July 2024.
Nik Storonsky, co-founder and chief executive of Revolut, stated: "Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey. The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe."
He added it was a "vital step in our mission to build the world’s first truly global bank".
Francesca Carlesi, UK chief executive at Revolut, commented: "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."
Since 2024, the restricted licence allowed Revolut to test its banking systems with a small customer base, but limited its ability to fully operate as a bank and hold customer deposits above £50,000.
Launched in the UK in 2015 as a money transfer and exchange service, Revolut has since grown to 70 million customers worldwide. The group aims to launch in 30 new markets by 2030 and recently announced a £10 billion global investment over the next five years, including plans unveiled last September for £3 billion of investment into its UK expansion and the creation of 1,000 jobs.