After years of waiting, Fintech Revolut has finally received a full UK banking license, allowing it to offer a new range of products, including loans, in the country.
The startup, one of Europe’s most valuable privately-held technology companies with a valuation of $75 billion in 2025, will be able to start offering accounts as a fully licensed bank to retail and corporate customers after a lengthy battle with UK regulators.
“Establishing a bank in the UK is a long-term strategic priority for Revolut and marks a key moment in our journey,” Revolut co-founder and CEO Nick Stronsky said in a statement.
He added: “The UK is our home market and central to our growth. This is an important step in our mission to build the world’s first truly global bank.”
Revolut was granted a restricted banking license by the UK Prudential Regulation Authority (PRA) in July 2024, after starting the application process in 2021. Customer deposits were limited to only 50,000 pounds (approximately $67,000). This is far less than the hundreds of billions of dollars that customers deposit with large financial institutions and other institutions. barclays and HSBC.
Completing the mobilization phase and receiving regulatory approval to launch as a bank in the UK was seen as an important step in Revolut’s growth.
The company announced earlier this month that it had applied for a U.S. banking license. Revolut plans to launch in 30 new markets by 2030, and the company says 70 million customers currently use its products.
