In a landmark move for the European fintech sector, Revolut has officially launched as a fully licensed bank in the United Kingdom. Following the successful completion of its “mobilization” period, the Prudential Regulation Authority (PRA) has lifted all remaining restrictions, allowing Revolut Bank UK Ltd to enter the market.
This transition marks the most significant milestone in the company’s history, moving its home-market operations from an Electronic Money Institution (EMI) to a traditional banking structure with full regulatory backing.
FSCS protection and new services
The primary benefit for Revolut’s 13 million UK users is the introduction of deposit protection. Eligible deposits will now be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000, bringing Revolut in line with high-street incumbents like Barclays and HSBC.
The banking license also clears the technical and regulatory path for:
- Personal & Business Lending: Revolut can now offer credit products and loans directly from its own balance sheet.
- Full Current Accounts: New customers will begin seeing full-service bank accounts rolled out in the coming days.
- Interest-Bearing Products: Enhanced savings and deposit tools backed by banking-grade security.
The phased rollout strategy
To ensure system stability, Revolut is adopting a gradual approach to the migration. New customers will begin being onboarded to the new bank entity starting this week. For the existing 13 million users, there will be no immediate change to their apps or cards. Instead, migration will occur in phased batches over the next few months, and all existing users will receive at least two months’ notice before their accounts are officially moved.
A global growth catalyst
The UK launch is the centerpiece of a massive capital expenditure plan. Revolut recently committed to a £10 billion ($13 billion) global investment over the next five years, aimed at creating 10,000 new jobs and expanding into 30 new markets by 2030.
“Launching our UK bank has been a long-term strategic priority,” said Nik Storonsky, Co-Founder and CEO of Revolut. “The UK is our home market and central to our growth. This is a vital step in our mission to build the world’s first truly global bank.”Francesca Carlesi, UK CEO, added that the license provides the “foundation for our next chapter,” specifically pointing toward the expansion into credit products that will sit alongside Revolut’s existing suite of FX, crypto, and stock trading tools.
