Revolut gains full banking licence in UK

Revolut Bank UK has been fixed the greenish airy by the Prudential Regulation Authority to determination guardant from its mobilisation phase, allowing it to run arsenic a afloat licenced slope successful the UK.

This improvement means Revolut tin present supply some retail and concern customers with accounts protected nether the Financial Services Compensation Scheme for eligible deposits.

The company, which serves 13 cardinal customers successful the UK, said it would commencement introducing caller existent accounts to a constricted radical of users successful the coming days.

Broader availability is planned successful the weeks that follow.

Existing users volition spot nary contiguous changes to their accounts oregon cards but volition beryllium informed astir migration to the caller slope operation implicit the adjacent fewer months.

Revolut UK CEO Francesca Carlesi commented: “Securing this licence lays the instauration for our adjacent chapter: expanding into a broader suite of products, including credit, to beryllium alongside the innovative services our customers already trust connected each day. This volition present alteration america to proceed connected our ngo to present the astir seamless, secure, and customer-centric banking acquisition for consumers crossed the UK.”

Revolut’s caller nationalist commitments see investing £3bn ($4bn) and creating 1,000 skilled jobs successful the UK.

The steadfast besides disclosed plans for a wider expansion, involving a £10bn ($13bn) planetary concern and 10,000 further jobs arsenic it looks to grow into 30 caller markets by 2030.

The fintech applied for licensing successful respective regions, including successful the US and Peru.

The announcement comes arsenic Revolut completes a secondary stock merchantability that values the institution astatine $75bn, representing a 66% emergence compared to its 2024 valuation.

"Revolut gains afloat banking licence successful UK " was primitively created and published by Retail Banker International, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.