Fintech company Revolut announced Wednesday it has launched a bank in the United Kingdom, following approval from the Prudential Regulation Authority.
Revolut Bank UK will offer protected deposit accounts for individuals and businesses, with eligible deposits up to 120,000 British pounds covered by the Financial Services Compensation Scheme.
Existing Revolut UK customers will transition to the new account type over several months. The company plans to introduce a wider range of services, including lending, in the future.
This move aligns with a broader trend of crypto and financial technology firms seeking banking licenses to integrate digital and traditional finance.