Revolut has received approval from the Prudential Regulation Authority to operate as a fully licensed bank in the United Kingdom. This significant achievement allows Revolut Bank UK Ltd to offer deposit accounts to both retail and business customers. Eligible deposits will be protected by the Financial Services Compensation Scheme, and the new license opens the door for future product expansions, including lending services.
Revolut plans to begin rolling out current accounts to new customers shortly, starting with a limited group before a wider expansion. Existing customers will continue using their current Revolut app and cards as normal during a phased migration of their accounts to the new bank over the coming months.
The company, which already serves over 13 million customers in the UK, recently pledged a £3 billion investment and the creation of 1,000 high-skilled jobs in the country. "Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey," stated Nik Storonsky, cofounder and CEO of Revolut. "The UK is our home market and central to our growth."
Francesca Carlesi, UK CEO at Revolut, highlighted that the license will enable the company to broaden its product offerings into areas like credit, while continuing to scale its digital banking services. This launch is a key component of Revolut’s extensive global expansion strategy, which includes a recently announced £10 billion investment plan and a goal to enter 30 new markets by 2030.