Revolut Bank UK Ltd has officially launched as a fully licensed banking institution after receiving regulatory approval from the Prudential Regulation Authority (PRA). This significant milestone is accompanied by a customer base of 13 million users in the UK and aligns with Revolut's strategy to invest £3 billion and create 1,000 skilled jobs in the country.
With the new banking license, Revolut Bank will now offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) for eligible deposits. This development allows the firm to cater to both retail and business customers, bringing them a wider array of services expected to include loans and other financial products.
In anticipation of this launch, Revolut plans to roll out current accounts to new customers over the next few weeks. They will begin with a small cohort before gradually widening access to ensure a seamless transition. For existing customers, there will be no immediate changes, and they can continue using the Revolut app and cards as they normally would. Notifications regarding the transition to the new banking system will be communicated in the following days.
"Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey," said Nik Storonsky, Co-Founder and CEO of Revolut. He emphasized the importance of the UK as the firm’s home market and a key to its 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. This is a vital step in our mission to build the world’s first truly global bank."
Franсesсa Carlesi, the UK CEO at Revolut, also provided insights on the significance of achieving this banking license. "Becoming a bank in our home market marks a defining moment in our journey — a milestone achieved through relentless focus, discipline, and belief in what we’re building," she stated. Carlesi noted that this license lays the groundwork for the introduction of a more extensive range of financial products, including credit services that will seamlessly complement the current offerings.
The launch of Revolut Bank signifies a pivotal moment in the company's growth narrative. Recently, the fintech announced plans for a £10 billion global investment over the next five years, along with the creation of 10,000 new jobs. This development coincides with their aim to launch in 30 new markets by 2030, as they continue to progress in key regions, including recent licensing announcements in the Americas.
The expansion into banking reflects Revolut's ongoing commitment to redefining the financial landscape, providing consumers with innovative solutions that combine convenience and security. As the firm embarks on this new phase, industry observers are keen to see how Revolut will leverage its banking capabilities to enhance customer experience and deliver new financial products.
In the coming months, stakeholders will be watching closely as Revolut transitions its existing customer base to this new banking platform and initiates the rollout of additional services. The success of this endeavor could further solidify Revolut’s position as a major player in the global fintech industry, influencing how traditional banking interacts with emerging technology-driven financial solutions.