Revolut has announced that it has received regulatory approval from the Bank of England's Prudential Regulation Authority (PRA) to operate as a fully licensed bank in the UK. This approval marks the end of the "mobilisation phase", during which Revolut operated with restrictions, including a cap on deposits.

Implications of the license

With the full license, Revolut will be able to offer current accounts protected by the Financial Services Compensation Scheme (FSCS) and expand its range of services, including loans and other financial products. The company aims to compete more effectively with established banks such as HSBC, Lloyds and Barclays. In addition, a banking license in the UK is considered a mark of reliability that could facilitate obtaining other licenses internationally.

Management statements

Nik Storonsky, co-founder and CEO of Revolut, stated that the launch of the bank in the UK is a long-term strategic priority and a significant moment in the company's journey. Francesca Carlesi, CEO of Revolut UK, emphasized how this license paves the way for expansion into a broader range of products, including credit services.