Revolut has received approval from the Prudential Regulation Authority to exit the mobilisation phase and launch as a fully licensed bank in the United Kingdom.
The milestone allows Revolut Bank UK Ltd to offer deposit accounts to retail and business customers. Eligible deposits will be protected by the Financial Services Compensation Scheme and the licence opens the door for future products, including lending.
Revolut will begin rolling out current accounts to new customers in the coming days, starting with a small group before expanding gradually. Existing customers will continue using the Revolut app and cards as normal while their accounts are migrated to the new bank over the coming months.
The company already serves more than 13 million customers in the UK and recently committed to invest £3 billion and create 1,000 high-skilled jobs in the country.
Launching our UK bank has been a long term strategic priority for Revolut and marks a significant moment in our journey, said Nik Storonsky, cofounder and CEO of Revolut. The UK is our home market and central to our growth.
Francesca Carlesi, UK CEO at Revolut, said the licence will enable Revolut to expand into a broader range of products including credit while continuing to scale its digital banking services.
The launch is part of Revolut’s broader expansion strategy. The company recently announced a £10 billion global investment plan and aims to enter 30 new markets by 2030.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
