Revolut Bank UK has been given the green light by the Prudential Regulation Authority to move forward from its mobilisation phase, allowing it to operate as a fully licenced bank in the UK.
This development means Revolut can now provide both retail and business customers with accounts protected under the Financial Services Compensation Scheme for eligible deposits.
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The company, which serves 13 million customers in the UK, said it would start introducing new current accounts to a limited group of users in the coming days.
Broader availability is planned in the weeks that follow.
Existing users will see no immediate changes to their accounts or cards but will be informed about migration to the new bank structure over the next few months.
Revolut UK CEO Francesca Carlesi commented: “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. This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”
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By GlobalDataRevolut’s recent public commitments include investing £3bn ($4bn) and creating 1,000 skilled jobs in the UK.
The firm also disclosed plans for a wider expansion, involving a £10bn ($13bn) global investment and 10,000 additional jobs as it looks to expand into 30 new markets by 2030.
The fintech applied for licensing in several regions, including in the US and Peru.
The announcement comes as Revolut completes a secondary share sale that values the company at $75bn, representing a 66% rise compared to its 2024 valuation.
