Revolut Secures Full UK Banking License After Years of Wait

Highlights:

• Revolut has introduced its UK bank after obtaining a full license. 
• The new UK bank will provide deposit accounts and more. 
• The firm is expected to grow its banking offerings to 13 million customers in the UK market. 

British fintech company Revolut has officially been granted a full UK banking license after a lengthy wait since 2021. The approval follows years of navigating through a mobilization phase. The Prudential Regulation Authority (PRA) has now given Revolut the green light to launch a fully licensed bank in the UK.

Revolut Brings New Banking Services to its UK Customers

With this license, Revolut Bank UK Ltd is now in a position to provide a wide range of banking services to its 13 million customers in the UK. The customers can expect a seamless transition, as the new banking services will be rolled out gradually. The company plans to provide current accounts to the new customers in a couple of weeks. Moreover, the process of transitioning existing customers to Revolut Bank UK will be smooth without any immediate inconveniences.

The Financial Services Compensation Scheme (FSCS) will protect the qualifying deposits of the banking services. This move will also give UK customers the same degree of protection that they would have with traditional high-street banks. In the future, Revolut is expected to provide a wide variety of services, including lending services alongside other existing offerings.

We’re now officially a fully licensed bank in the UK.

As a bank, we’ll soon offer accounts protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person on eligible deposits.

It also means we’ll be able to launch more banking features in the future… pic.twitter.com/fH7K2TQLDd

— Revolut (@Revolut) March 11, 2026

The co-founder and the CEO of Revolut, Nik Storonsky, emphasized the milestone, saying,

“Launching our UK bank has been a strategic long-term goal of Revolut and is a significant moment on our journey. Our central market and the core of our growth is the UK. This is a crucial move towards our goal of creating the first real global bank in the world.”

Meanwhile, Francesca Carlesi, UK CEO at Revolut, also expressed enthusiasm, saying,

“With this license in place, our next chapter is to expand into a new range of products, including credit, to join the innovative services that our customers already depend on on a daily basis.”

Revolut’s Global Expansion Plans

Revolut’s launch marks a significant milestone. After achieving massive growth in Europe, the company is now focusing on global expansion. Revolut also announced it has a plan of investing $10 billion in five years, which it will deploy to expand into various markets. Furthermore, Revolut has a target of expanding to 30 additional markets worldwide by 2030.

Moreover, the firm has already obtained banking licenses in several regions, such as the European Union and Mexico. Revolut applied for a Peru banking license this January. It has also filed an application to obtain a US banking charter with the Office of the Comptroller of the Currency.

Today, we officially filed our application for a U.S. banking license.

This is a major milestone in our mission to build the world’s first truly global bank.

— Revolut (@Revolut) March 5, 2026

The UK’s Financial Conduct Authority (FCA) also selected Revolut among the firms that will experiment with the stablecoin program under its regulatory sandbox at the end of February. Moreover, the firm announced in October that it was exploring a dual listing in London and New York.