Revolut lastly secures full UK banking license because it continues international push

After 4 years of making an attempt, Revolut has lastly secured a full banking license to kind Revolut Financial institution UK, simply days after making use of for US license.

Revolut has made no secret of its ambition to construct “the world’s first really international financial institution”, making use of simply final week for its US banking license, nevertheless it has taken it 4 years to achieve that license within the UK. It initially utilized for the license in 2021 and in 2024 was given a banking license “with restrictions”.

Now it has introduced that it has secured its full banking license from the Prudential Regulation Authority (PRA) within the UK, which can enable it to supply its 13m clients throughout the UK and Northern Eire deposit safety of as much as £120,000 from the FSCS. In Eire Revolut’s clients are served by its European-licensed entity Revolut Financial institution UAB.

Revolut describes the success as a “milestone”, and says that Revolut Financial institution UK will quickly have the ability to begin providing accounts as a completely licensed financial institution for each retail and enterprise clients. It says it should steadily start the method of rolling out present accounts to new clients in just a few days, “beginning with a small group and increasing over the approaching weeks to make sure a clean consumer expertise”.

“Launching our UK financial institution has been a long-term strategic precedence for Revolut, and marks a big second in our journey,” mentioned Nik Storonsky, Revolut co-founder and CEO. “The UK is our house market and central to our progress. This can be a very important step in our mission to construct the world’s first really international financial institution.”

“Securing this licence lays the inspiration for our subsequent chapter: increasing right into a broader suite of merchandise, together with credit score, to sit down alongside the revolutionary providers our clients already depend on day by day,” mentioned Francesca Carlesi, UK CEO at Revolut.

Revolut just lately introduced a worldwide $13bn funding over 5 years, which it mentioned would create 10,000 new jobs because it expands its international footprint. The corporate goals to launch in 30 new markets by 2030. One of many world’s largest fintechs, Revolut at present operates throughout 40 markets globally, servicing round 70m clients.

The corporate just lately expanded operations to Mexico, opened a brand new international headquarters in London and secured a funds licence in India. It hopes that this continued growth can assist it attain 100m clients by mid-2027.

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