Revolut to launch as a full UK bank after regulator lifts restrictions

Revolut Bank UK Ltd has received approval from the Prudential Regulation Authority (PRA) to launch as a fully licensed bank in the United Kingdom after the regulator lifted restrictions following a successful mobilisation period.

According to an announcement released on Wednesday, the approval allows the company to begin offering fully licensed banking services in the UK, enabling Revolut to expand its financial products to both retail and business customers.

The new bank will serve Revolut’s existing base of 13 million UK customers, marking a significant milestone in the fintech company’s expansion in its home market.

Under the new structure, customers will be able to open deposit accounts protected by the Financial Services Compensation Scheme (FSCS) on eligible deposits.

The approval also paves the way for Revolut to introduce a wider range of financial services in the future, including lending products and other banking offerings.

Revolut said it will begin gradually rolling out current accounts to new customers in the coming days, starting with a small group before expanding access over the following weeks.

The company explained that the phased rollout is designed to ensure a smooth user experience during the transition to the new banking structure.

For existing customers, the company said there will be no immediate changes, with Revolut apps and cards continuing to operate as normal during the transition period.

Customers will receive notifications in the coming days regarding the migration of accounts to the new bank, a process expected to take several months to complete.

“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” said Nik Storonsky, co-founder and chief executive officer of Revolut.

He further stated that “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 explaned.

“This is a vital step in our mission to build the world’s first truly global bank,” he added.

The launch follows Revolut’s recent commitment to invest £3 billion in the United Kingdom, equivalent to about $4 billion.

The company also plans to create 1,000 high-skilled jobs in the UK as part of its ongoing expansion in the country.

“Becoming a bank in our home market marks a defining moment in our journey — a milestone achieved through relentless focus, discipline, and belief in what we’re building,” said Francesca Carlesi, UK chief executive officer at Revolut.

“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,” she added.

“This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK,” Carlesi stated.

The establishment of the UK bank represents the next phase in Revolut’s global growth strategy, as the company continues to expand its international footprint.

Revolut recently announced a global investment programme worth £10 billion over five years, alongside plans to create 10,000 new jobs worldwide.

The company is currently in the scaling phase of its strategy to launch in 30 new markets by 2030, as part of its long-term international expansion plans.

According to the company, key licensing announcements have already been made in the Americas during 2026, while significant expansion progress was achieved in other regions during 2025.

The process of transferring customers to the new UK bank will differ depending on whether they are existing or new users.

Existing customers will receive at least two months’ notice before their accounts are moved to Revolut Bank UK Ltd, in line with the company’s standard terms and conditions procedures.

These customers will then be transferred in several phased batches over a number of weeks, allowing the company to manage the migration gradually.

New customers signing up from March 11, 2026 may initially still be onboarded to an electronic money institution account with Revolut Ltd.

The company said this approach reflects its plan to gradually increase onboarding to Revolut Bank UK Ltd over time while ensuring all systems operate as expected.

All customers are expected to be transferred to Revolut Bank UK Ltd in the months following the launch.

At the point of onboarding, customers will be clearly informed through the terms and conditions which legal entity they are joining.

Separately, the company has recently strengthened its position in Europe’s digital asset sector by selecting Cyprus as the centre of its European digital assets operations.

In November 2025, Revolut revealed that it had secured a Markets in Crypto-Assets (MiCA) licence from the Cyprus Securities and Exchange Commission (CySEC) through its subsidiary Revolut Digital Assets Europe Ltd.

The authorisation marked the beginning of a new phase for both Revolut and Cyprus, as the MiCA framework introduced a unified European regulatory structure for crypto assets.

The regulation sets strict rules on transparency, risk management and consumer protection for companies operating in the cryptocurrency sector across the European Union.

According to the announcement at the time, Revolut’s decision to base its digital assets operations in Cyprus signalled strong confidence in the country’s regulatory and technological infrastructure.

The move also strengthened Cyprus’ position as an emerging hub for fintech and crypto businesses, creating positive momentum for attracting investment, talent and technological innovation.

Operating under Cypriot supervision also ensures greater transparency in transactions and stronger protection for European users, while offering direct access to a market that actively supports the digital economy.

From November 25, 2025, Revolut stopped acting as an intermediary for client orders placed with third parties.

Instead, the company began executing transactions directly using its own capital.

Under the new structure, users enter into contracts directly with the company, while funds and data are safeguarded under enhanced protection and transparency measures.

The company also introduced a revised fee structure affecting transactions between stablecoins and fiat currencies, which took effect on December 8, 2025.

The MiCA regulation establishes a single legal framework across the European Union for crypto asset issuers and service providers.

It defines rules for authorisation, governance, disclosures and capital requirements, with the aim of strengthening investor confidence and ensuring market integrity.

As the company noted in its statement, this development “comes at a time when Cyprus is striving to establish itself as an innovation centre and testing ground for blockchain, fintech and Web3 technologies”.

“Revolut’s MiCA licence”, it added, “is another step in that direction, demonstrating that the country can act as a bridge between innovation and regulatory stability”.