Revolut Receives Full Banking Licence in the UK
Revolut first launched in the UK in 2015 as a money transfer and exchange service. Since then, it has evolved into a comprehensive financial platform, amassing a customer base of 13 million in the UK alone. The company has been operating under a restricted banking licence since 2024, which limited total customer deposits to £50,000. However, a significant development has occurred: on March 11, 2026, Revolut received a full banking licence from the Prudential Regulation Authority (PRA).
This new licence allows Revolut to offer accounts for both retail and business customers in the UK, marking a pivotal moment in the company’s growth trajectory. Nik Storonsky, CEO of Revolut, stated, “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey.” He further emphasized the importance of the UK market, saying, “The UK is our home market and central to our growth.”
With the full banking licence in hand, Revolut plans to introduce current accounts to new customers within days. This move is part of a broader strategy to expand its offerings and enhance customer experience. Francesca Carlesi, Chief Financial Officer, noted, “Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit.”
Revolut’s ambitions do not stop at banking services. The company has committed £3 billion in investment for UK expansion and aims to create 1,000 jobs in the region. Additionally, Revolut has plans to launch in 30 new markets by 2030, further solidifying its position as a global financial player.
Revolut has been operating as a fully authorized bank in other regions, which has provided it with valuable experience in navigating regulatory landscapes and customer expectations. The transition to a full banking licence in the UK is expected to enhance its competitive edge in the fintech sector.
Observers note that this development will enable Revolut to continue on its mission to deliver a seamless, secure, and customer-centric banking experience for consumers across the UK. As the company prepares to roll out its new services, the financial community is keenly watching how Revolut will leverage its new capabilities to attract and retain customers.
As Revolut embarks on this new chapter, the fintech landscape in the UK is poised for transformation. With its innovative approach and substantial investment in growth, Revolut is set to redefine the banking experience for millions of customers.
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