Revolut Secures Full UK Banking Licence, Marking Major Milestone After Three-Year Wait
Key Takeaways
- ▸Revolut received full UK banking licence from the PRA after a three-year application process, enabling retail and business current accounts
- ▸The company can now offer expanded services including lending and other financial products to its 13 million UK customers
- ▸Rollout will begin with select new customers and gradually expand to ensure operational stability and quality user experience
Summary
Revolut has achieved a significant regulatory milestone by securing a full banking licence from the UK's Prudential Regulation Authority (PRA), enabling the fintech company to operate as a fully-fledged bank. The approval comes after a lengthy application process that began in 2021, with the company receiving a restricted licence in July 2024. Current accounts will begin rolling out to select customers within days, with gradual expansion planned to ensure smooth operations.
With 13 million UK customers already on its platform, Revolut plans to leverage its new full banking status to expand its service offerings beyond payments and money transfer into traditional banking products including lending and other financial services. The company views the UK as its home market and a crucial pillar of its global expansion strategy, which aims to reach 30 new markets by 2030. Co-founder and CEO Nik Storonsky emphasized the milestone's importance to Revolut's mission of building "the world's first truly global bank."
- The approval supports Revolut's broader expansion strategy, including £3 billion UK investment and 1,000 job creation plans
