Revolut Secures Approval to Launch Fully Licensed UK Bank | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
Revolut announced Wednesday that it has received approval from the Prudential Regulation Authority to exit its mobilisation phase and launch as a fully licensed UK bank, enabling it to provide deposit accounts protected by the Financial Services Compensation Scheme.
The new entity, Revolut Bank UK Ltd, will begin rolling out current accounts to new customers in the coming weeks, starting gradually to ensure a stable transition.
Existing customers will continue using their Revolut app and cards as normal for now, with the migration to the new bank expected to take several months. Revolut will give at least two months’ notice before transferring existing accounts.
The approval follows Revolut’s commitment to invest £3 billion in the UK and create 1,000 jobs. The company said becoming a UK bank enables it to expand into a broader suite of services, including lending products, and supports its ambition to build what it calls the world’s first global bank.
Co-founder and chief executive Nik Storonsky stated that the launch marks “a significant moment” in the firm’s expansion, while UK chief executive Francesca Carlesi believes the licence “lays the foundation for our next chapter”, including credit products and more advanced financial services.
The milestone comes as Revolut pursues plans to launch in 30 new markets by 2030, part of a wider £10 billion global investment and job-creation programme.
