Revolut Finally Gets Its Banking License In The UK

The Prudential Regulation Authority (PRA) in the United Kingdom has granted the fintech startup Revolut a banking license today.

According to TechCrunch, Revolut had requested the license in 2021, the neo bank had been waiting for three years to become a licensed UK bank.

“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers,” said Nik Storonsky, CEO of Revolut, through the company’s official statement.

Revolut has 9 million customers in the UK and around 45 million across the globe. The company has shared with the app users that no significant changes have been made and that there’s nothing that customers have to do at the moment.

The fintech is expected to announce updates and new services for customers soon. “Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut,” added Francesca Carlesi, UK CEO of Revolut.

Revolut will go through a “mobilisation” phase, also known as ‘Authorisation with Restrictions’, while the company complies with PRA requirements. This process—common among neobanks that gain licenses— could take months.

According to CNBC, this new status in the UK will allow Revolut to offer new services in the region like issuing loans and credit cards, and taking customer deposits.

This is not the first license in the European Union. Revolut has a banking license in Lithuania— accomplished with the help of the Bank of Lithuania— and has been operating in the European Union—complying with each country’s regulations— with this benefit.

Revolut has achieved a significant milestone, especially during times when other fintech companies like Synapse have shut down and failed customers and government institutions.