Revolut has officially gained approval from the Prudential Regulation Authority, allowing it to transition to a fully licensed bank in the UK. This pivotal milestone clears the way for Revolut Bank UK to provide banking services to both retail and business customers, marking a significant advancement for the company in its home market.
"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 highlighted the importance of the UK, stating that it is central to the company’s growth, and expressed enthusiasm about introducing a full suite of banking services tailored to millions of UK customers.
The bank accounts are set to roll out gradually, beginning with a select group of new customers over the coming weeks. Current users will not experience immediate changes to their existing accounts, which will continue to function as normal. Furthermore, Revolut assures that eligible deposits held at Revolut Bank UK will have protection under the Financial Services Compensation Scheme (FSCS).
Francesca Carlesi, Chief Executive for the UK division, underscored the significance of this approval as a foundational step for future product expansions. "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," Carlesi stated. She further outlined that this licensing would allow the introduction of a broader array of products, including credit options, improving customer experience.
As part of this transition, customers will receive notifications regarding the migration process to Revolut Bank UK, which is expected to roll out over a few months. Some new customers may initially be set up under the existing electronic money account model before transitioning fully to the new bank framework. This phased approach aims to ensure a smooth integration into the new banking service while maintaining operational continuity.
The launch of the bank in the UK coincides with Revolut's ambitions for a substantial investment in the region. The fintech company has earmarked £3 billion for investment and plans to create 1,000 high-skilled jobs. Additionally, Revolut is also staking out its global expansion strategy, with an ambitious goal to invest £10 billion over five years and create 10,000 new jobs worldwide. The company is targeting expansion into 30 new markets by 2030 and has already indicated progress in securing licenses in the Americas.
In Australia, where the company has exceeded one million customers, executives regarded UK banking approval as a testament to Revolut's larger strategic vision. The approval is seen not just as a local market achievement, but rather as a precursor to enhanced international efforts as the company aims to solidify its position as a leading global fintech player.
"The launch of Revolut Bank UK is a watershed moment for the group,” shared various executives located in other markets. Their sentiment reflects a shared understanding that the success in the UK will serve as a significant catalyst for future endeavors across different territories. The roadmap for Revolut suggests a transformative period ahead, driven by ambitious innovations that extend beyond traditional banking services.
As Revolut progresses with its banking operations, customers and industry observers alike will be watching closely for subsequent moves that may redefine their expectations of digital banking. The next steps in the rollout could signal a fresh wave of competitive offerings in an increasingly crowded fintech landscape in the UK and beyond.