Revolut secures UK banking license

Crypto-friendly fintech platform Revolut has secured a banking license in the UK.
The digital bank has 9 million UK customers and 45 million globally.

After a three-year wait, crypto-friendly fintech firm Revolut has finally secured a banking license from United Kingdom’s banking regulator Prudential Regulation Authority (PRA).

Revolut announced the milestone in a news release on Thursday, July 25, noting that the next step is the “mobilization” stage. Also known as ‘Authorisation with Restrictions’, this is a step in the licensing process that many new banks have to complete as part of building out operations before launching in the market.

“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” Nik Storonsky, CEO of Revolut, said in a statement.

UK customers not impacted

According to Revolut, the restricted period covering the “mobilization” stage will not impact UK customers. The bank, which has over 9 million customers in the UK and more than 45 million worldwide, has assured its UK customers that use of the Revolut e-money account will continue as normal.

Commenting on the development, Francesca Carlesi, UK CEO of Revolut, said:

“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.

Revolut first applied for the UK license from PRA in 2021.

In May this year, Revolut announced the launch of a new crypto exchange platform dubbed Revolut X.

The stand-alone crypto platform is for professional crypto traders and offers access to on and off ramps and low fees. These features, the fintech said at the time, will see Revolut X compete with leading exchanges in the market.