The Prudential Regulation Authority (PRA) has removed restrictions on Revolut's UK banking license, allowing the crypto-friendly digital bank to officially launch its UK banking operations. This marks a significant regulatory milestone, transitioning Revolut from a fintech platform to a fully regulated banking institution in its home market.
The rollout will begin imminently with a small group of existing customers before expanding to Revolut's entire UK user base of over 13 million people in the coming weeks. A core benefit for customers will be the inclusion of deposit insurance through the UK's Financial Services Compensation Scheme (FSCS), protecting eligible deposits up to £120,000 per person.
Revolut's co-founder and CEO stated, "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." The move follows the firm's recent commitment to invest up to $4 billion and create at least 1,000 high-skilled jobs in the country.
This full banking license enables Revolut to expand beyond its current suite of payments, currency exchange, and digital asset trading services. The company plans to introduce a full suite of traditional banking products, including protected bank accounts, enhanced savings accounts, lending services, and other financial tools, further integrating its app-based platform with regulated banking infrastructure.
