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(Sharecast News) - Revolut has been granted a full UK banking licence after receiving regulatory approval from Prudential Regulation Authority to exit the so-called mobilisation phase.
Revolut Bank UK will now able to start offering accounts as a fully licensed bank for both retail and business customers, meaning deposit accounts will be protected by the Financial Services Compensation Scheme (FSCS).
The approval, which comes after a four-year wait, also paves the way for the bank to start offering a wider range of services, including lending and other products.
While the licence changes nothing immediately for its existing 13m UK customers, the bank will be able to start rolling out to new customers in coming weeks.
Before Wednesday, Revolut had been onboarding customers on a restricted banking licence as an electronic money institution, granted in July 2024, but under a limited capacity, with controls in place such as a maximum of 50,000 in total deposits.
The company, which recently announced a global 10bn investment over five years, is targeting launching in 30 new markets by 2030, with key licensing announcements made in the Americas this year and progress made in other regions in 2025.
"Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey," said co-founder and chief executive Nik Storonsky.
"The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world's first truly global bank."
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