Drumroll please… it’s been a long time coming, but Revolut is (finally) a fully-fledged bank after receiving the all-clear from the Bank of England’s Prudential Regulation Authority, marking the culmination of a decade-long journey from fintech startup to regulated bank.
The London-based fintech received approval for a full banking licence, allowing it to offer current accounts for retail and business customers alongside a wider array of banking services including lending and other products.
Revolut began rolling out current accounts to a small number of new customers on 11th March, with plans to gradually expand this over the coming weeks to ensure a smooth user experience. The company already has 13 million customers in the UK and 70 million worldwide.
The milestone comes after Revolut was granted a licence with restrictions in July 2024, having first applied to become a full bank in 2021. Since then, the company has been testing its banking systems with a small number of customers through the restricted licence, which prevented it from fully operating as a bank and limited customer deposits to a total of £50,000.
Nik Storonsky, co-founder and chief executive of Revolut, said:
“Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey. The UK is our home market and central to our 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.”
Storonsky added that securing the licence was a “vital step in our mission to build the world’s first truly global bank”.
Francesca Carlesi, UK chief executive at Revolut, added:
“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.”
The full banking licence opens up access to the UK mortgage market, which is valued at close to £2 trillion. With its substantial customer base, Revolut is positioned to compete directly with established high street banks across multiple lending products.
The company first launched in the UK in 2015 as a money transfer and exchange platform and has since expanded globally. Revolut has set a target of launching in 30 new markets by 2030 and recently announced a £10 billion investment across its global operations over the next five years.
Last September, Revolut unveiled plans to invest £3 billion into its UK expansion and create 1,000 jobs, underscoring the importance of its home market to its growth strategy.
The regulatory approval marks a significant moment for London’s fintech sector, with Revolut serving as one of Europe’s most valuable fintech companies and a flagship example of the UK capital’s ability to scale technology businesses globally.
