Revolut Wins Long-Awaited Full Banking License in the UK

The London-based FinTech announced Wednesday (March 11) that it had landed regulatory approval from the Prudential Regulation Authority (PRA) to launch as a bank in Great Britain.

Revolut has technically been licensed since July of 2024 — after undergoing a three-year wait — but has spent nearly the last two years in the “mobilization phase,” which had limited its deposits to 50,000 pounds.

“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,” Francesca Carlesi, Revolut’s U.K. CEO, said in a news release.

“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.”

Revolut had applied for its U.K. banking license in 2021 but saw the approval process take longer than normal, as it faced scrutiny over its size and its financial reporting.

The company says it will gradually begin rolling out current accounts for new customers in a few days, beginning with a smaller group before expanding in the weeks ahead. For existing customers, nothing will immediately change. Migration to the new bank should take a few months, Revolut added.

The announcement comes as Revolut is planning to invest $13 billion on its global expansion effort, aiming to create 10,000 new jobs and launch in 30 new markets by 2030.

Revolut last week made its most decisive move so far to enter the American market by seeking a national bank charter from the U.S. Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).

“Revolut’s application arrives during an extraordinary surge in charter activity across the FinTech sector,” PYMNTS wrote last week. “During 2025, the OCC received 14 de novo charter applications, a number nearly equaling the total from the previous four years combined.”

Among the companies now seeking bank charters or industrial loan company approval are Ford, GM, PayPal, Affirm, Circle and Ripple, while Erebor became the first bank to receive a national bank charter from the Trump administration, in February.

“Taken together, these moves point to a structural change in how nonbanks seek permanence inside the regulated financial system, with government approval becoming viewed as an asset, not an obstacle,” PYMNTS wrote in another report earlier this year.