Digital banking giant Revolut has finally secured its full UK banking licence from regulators after a five-year application process. The milestone allows the fintech to offer deposit protection and expand services to its 13 million UK customers.
Revolut Bank UK has received approval from the Prudential Regulation Authority to operate as a fully licensed bank, serving its 13 million UK customers. The milestone enables the fintech giant to offer protected deposits and potentially expand into lending services.
Fintech giant Revolut has obtained its full UK banking license after first applying in 2021, enabling the $75 billion company to offer lending and expanded banking services. The milestone represents a crucial step in the company's mission to become a global banking powerhouse.
London-based fintech Revolut has received a full UK banking license, marking a significant milestone in its journey to become a global digital bank. The approval provides deposit protection up to £120,000 for eligible customers while keeping crypto and stock trading services separate.
British fintech giant Revolut has finally obtained a full UK banking license from regulators, allowing it to compete directly with traditional banks and offer lending services to its 13 million UK customers. The milestone comes as the company plans a $13 billion investment over five years to support international expansion.
