Revolut finally gets its UK banking licence after a 4-year wait – and it’s a massive deal for the fintech’s global ambitions
After more than four years of regulatory hurdles, delays, and scrutiny, Revolut has finally secured full UK banking status – a long-awaited milestone that unlocks new revenue streams and cements its position as a serious challenger to Britain’s traditional high-street banks.
On Wednesday (11 March), the London-based fintech announced that the Bank of England’s Prudential Regulation Authority (PRA) had lifted restrictions on its banking licence, allowing Revolut Bank UK Ltd to exit the “mobilisation” phase and operate as a fully licensed bank.
Revolut first applied for a UK banking license in 2021. It received a restricted version in July 2024, entering a mobilisation period, typically limited to 12 months, during which it had to prove its systems for IT, compliance, risk management, and other critical areas met regulatory standards.
The extended timeline reflected the company’s massive scale and the PRA’s cautious approach to such a large fintech player.
With the restrictions now gone, Revolut can offer FSCS-protected deposit accounts (up to the standard £85,000 limit for eligible deposits), expand into lending, credit products, mortgages, overdrafts, and a broader suite of services for both retail and business customers.
The development is particularly significant in Revolut’s home market, where it already boasts around 13 million customers, its largest single base.
Until now, UK users have relied on Revolut’s electronic money institution (EMI) setup via Revolut Ltd, without full deposit protection or the ability to offer traditional banking products like loans.
“For existing customers, nothing changes immediately,” the company said in its announcement. Current account rollouts will begin gradually for new users in the coming weeks, with existing users migrated in phased batches over the next few months. New sign-ups from 11 March onward may initially be onboarded to an EMI account before transitioning to the full bank entity.
“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” said Nik Storonsky, Revolut’s Co-Founder and CEO.
“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, Revolut’s UK CEO, echoed the sentiment, calling it “a defining moment” 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,” she added.
The full licence clears a major hurdle for Revolut’s ambitious global plans. Valued at $75 billion and Europe’s most valuable startup, the company serves tens of millions worldwide and has been pushing for expansion in key markets like the US and beyond.
