Financial technology company Revolut has achieved a major regulatory milestone by securing its full banking licence in the United Kingdom, marking the end of a five-year journey that began with its initial application in 2021.
The Prudential Regulation Authority granted the licence to form Revolut Bank UK, enabling the digital bank to offer deposit protection of up to £120,000 through the Financial Services Compensation Scheme to its 13 million customers across the UK and Northern Ireland.
"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."
The company plans to begin a gradual rollout of current accounts for new customers within days, starting with a limited group before expanding over the coming weeks to ensure system stability. Both retail and business customers will eventually gain access to the full banking services.
Revolut's path to full authorization included an intermediate step in 2024 when regulators granted a restricted banking licence. The company describes the latest development as a "milestone" that will unlock expanded product offerings.
"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.
The UK licence approval comes just days after Revolut submitted an application for a US banking licence, demonstrating the company's aggressive global expansion strategy. The fintech operates across 40 markets worldwide, serving approximately 70 million customers.
Revolut recently announced ambitious growth plans backed by a $13 billion investment over five years, which the company says will create 10,000 new jobs. The expansion aims to launch operations in 30 new markets by 2030, with a target of reaching 100 million customers by mid-2027.
The company has been executing rapid international expansion, recently entering Mexico, establishing a new global headquarters in London, and securing a payments licence in India. Irish customers continue to be served through Revolut's European-licensed entity, Revolut Bank UAB.
As one of the world's largest fintech companies, Revolut's UK banking licence represents a significant step toward its goal of becoming what it calls "the world's first truly global bank." The regulatory approval provides a foundation for expanded credit products and enhanced services in its home market while supporting broader international ambitions.