Revolut launches UK bank after long-awaited all-clear from regulator
Revolut is set to launch as a fully-fledged bank in the UK after securing the green light from regulators following a lengthy wait.
The fintech said it received the all-clear from the Bank of Englandโs Prudential Regulation Authority (PRA) for a full banking licence, allowing it to offer accounts for retail and business customers.
It will start rolling out current accounts to a small number of new customers within days โ gradually expanding this over the coming weeks to ensure a โsmooth user experienceโ, the group said.
Revolut โ which already has 13 million customers in the UK โ also plans to offer a wider array of banking services in the future, such as lending and other products.
It comes after Revolut was granted a licence with restrictions in July 2024, having first applied to become a full bank in 2021.
Nik Storonsky, co-founder and chief executive of Revolut, said: โLaunching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey.
โThe UK is our home market and central to our growth.
โWe 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.โ
He added it was a โvital step in our mission to build the worldโs first truly global bankโ.
Francesca Carlesi, UK chief executive at Revolut, said: โSecuring 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.โ
Since 2024, Revolut has been allowed to test its banking systems with a small number of customers through the restricted banking licence, meaning it has not been able to fully operate as a bank and hold customer deposits above a total of ยฃ50,000.
It first launched in the UK in 2015 as a money transfer and exchange and it has since grown globally, with 70 million customers now worldwide.
The group has a target of launching in 30 new markets by 2030, and recently announced a ยฃ10 billion investment across its global operations over the next five years.
Last September, Revolut unveiled plans to put ยฃ3 billion of global investment into its UK expansion and create 1,000 jobs.
