Revolut Secures Full UK Banking Licence After Five-Year Wait

After a five-year pursuit and overcoming regulatory hurdles, British fintech Revolut has finally received approval for a full banking licence in the United Kingdom. This milestone allows the company to operate as a fully-fledged bank, expanding its services to its substantial UK customer base.

A Long Road to Full Banking Status

Revolut initially applied for a full banking licence in 2021. It was granted a licence with restrictions in July 2024 , but faced a lengthy wait for full approval from the Bank of England’s Prudential Regulation Authority (PRA). The delays were attributed to the need to address accounting issues, EU regulatory breaches, and reputational concerns, including questions about its corporate culture .

Expanding Services for 13 Million UK Customers

With the full banking licence secured, Revolut will commence rolling out current accounts to a select group of modern customers within days, with a phased expansion planned to ensure a smooth user experience . The company already serves approximately 13 million customers in the UK and intends to introduce a wider range of banking services, including lending and other financial products .

Strategic Importance for Revolut

Nik Storonsky, co-founder and chief executive of Revolut, emphasized the strategic importance of this achievement. “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey,” he stated . He added that the UK is Revolut’s home market and central to its growth, and that securing the licence is a “vital step in our mission to build the world’s first truly global bank” .

Future Growth and Investment

Revolut’s valuation reached $75 billion in November . The company announced plans to invest $13 billion over five years to expand its global operations and compete with traditional banks . Revolut also plans to double its workforce by 2030, creating 10,000 new jobs and expanding into over 30 new markets.