British fintech Revolut has finally received a full UK banking licence from the Prudential Regulation Authority (PRA), allowing it to offer current accounts and other banking services to retail and business customers. The approval comes after a five-year wait, with the company first lodging its application in 2021.
Revolut will begin introducing current accounts to a small number of new customers within days, the group said. The move follows a restricted banking licence granted in 2024, which limited the company to testing its systems with a small customer base and holding deposits of no more than £50,000 in total.
The delay in obtaining a full licence was reportedly due to regulatory concerns over accounting issues, EU regulatory breaches, and reputational problems, including an aggressive corporate culture. Tensions had risen in the City, with Bank of England Governor Andrew Bailey blocking a meeting that Chancellor Rachel Reeves attempted to arrange with regulators and Revolut last year, amid concerns of political interference.
Revolut, which has 13 million UK customers and was valued at $75bn (£55bn) last year, plans to expand its offerings 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 company, 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 £10bn investment in global operations over five years, including £3bn for UK expansion and the creation of 1,000 jobs.
