British fintech Revolut has finally secured a full UK banking licence, five years after first applying. The Prudential Regulation Authority (PRA) granted the licence, allowing Revolut to offer current accounts to retail and business customers. The company will begin rolling out accounts to a small number of new customers within days.
The approval follows a restricted banking licence granted in 2024, which limited Revolut to testing its systems with a small customer base and capped total deposits at £50,000. Revolut first lodged its application in 2021 but faced delays due to regulatory concerns over accounting issues, EU regulatory breaches, and a reportedly aggressive corporate culture.
The delays caused frustration among Revolut's leadership and led to tensions with the Bank of England. Governor Andrew Bailey reportedly blocked a meeting that Chancellor Rachel Reeves attempted to arrange with regulators and Revolut last year, amid concerns of political interference in the independent licensing process.
Revolut, which has 13 million UK customers and was valued at $75 billion (£55 billion) last year, plans to expand its banking services to include loans and mortgages. Co-founder and CEO Nik Storonsky 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.'
The fintech, founded in 2015 as a money transfer and exchange service, now serves 70 million customers globally. It aims to enter 30 new markets by 2030 and recently announced a £10 billion investment in global operations over five years, including £3 billion for UK expansion and the creation of 1,000 jobs.
