British fintech Revolut has finally secured a full UK banking licence, five years after first lodging its application. The Prudential Regulation Authority (PRA) granted the licence, allowing Revolut to offer current accounts to retail and business customers without restrictions.
Revolut will begin introducing accounts to a small number of new customers within days. The company had been operating under a restricted licence since 2024, which limited its ability to hold customer deposits above £50,000 and prevented it from offering products such as loans and mortgages.
The approval follows a lengthy process marked by regulatory hurdles. Revolut had to address accounting issues, EU regulatory breaches, and reputational concerns, including an over-aggressive corporate culture. Delays caused frustration among Revolut executives and led to tensions with Bank of England Governor Andrew Bailey, who blocked a meeting between Chancellor Rachel Reeves and regulators over concerns of political interference.
Revolut, valued at $75bn (£55bn) last year, has 13 million UK customers and 70 million worldwide. It plans to expand its banking services, including lending, and has committed £3bn to UK expansion, creating 1,000 jobs. The company aims to enter 30 new markets by 2030 with a £10bn global investment.
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.”
