Revolut marks milestone after launching as UK bank

A London-headquartered fintech has marked “a defining moment” after securing regulatory approval to launch as a fully licensed bank in the UK.

Revolut Bank UK Ltd has received approval from the Prudential Regulation Authority to exit its mobilisation phase and begin operating as a bank, building on an existing customer base of 13 million in the UK.

The milestone allows the company to begin offering deposit accounts protected by the Financial Services Compensation Scheme, with the potential to introduce additional products such as lending in the future.

Current accounts will be rolled out gradually to new customers in the coming weeks, starting with a limited group before expanding more widely. 

Existing customers will see no immediate changes as the firm manages a phased transition to the new banking structure.

Nik Storonsky, co-founder and chief executive of Revolut, said: “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey. 

“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.”

Francesca Carlesi, UK chief executive at Revolut, added: “Becoming a bank in our home market marks a defining moment in our journey – a milestone achieved through relentless focus, discipline, and belief in what we’re building. 

“Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day. 

“This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”

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