Revolut launches UK bank after long-awaited all-clear from regulator

Revolut is set to launch as a fully-fledged bank in the UK after securing the green light from regulators following a lengthy wait.

The fintech said it received the all-clear from the Bank of England’s Prudential Regulation Authority (PRA) for a full banking licence, allowing it to offer accounts for retail and business customers.

It will start rolling out current accounts to a small number of new customers within days – gradually expanding this over the coming weeks to ensure a “smooth user experience”, the group said.

Revolut – which already has 13 million customers in the UK – also plans to offer a wider array of banking services in the future, such as lending and other products.

It comes after Revolut was granted a licence with restrictions in July 2024, having first applied to become a full bank in 2021.

Nik Storonsky, co-founder and chief executive of Revolut, 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.

“We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe.”

He added it was a “vital step in our mission to build the world’s first truly global bank”.

Francesca Carlesi, UK chief executive at Revolut, said: “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.”

Since 2024, Revolut has been allowed to test its banking systems with a small number of customers through the restricted banking licence, meaning it has not been able to fully operate as a bank and hold customer deposits above a total of £50,000.

It first launched in the UK in 2015 as a money transfer and exchange and it has since grown globally, with 70 million customers now worldwide.

The group has a target of launching in 30 new markets by 2030, and recently announced a £10 billion investment across its global operations over the next five years.

Last September, Revolut unveiled plans to put £3 billion of global investment into its UK expansion and create 1,000 jobs.