Revolut officially becomes a bank in the UK. What it means for users

Fintech company Revolut has received approval from the Prudential Regulation Authority to exit its mobilization phase and launch Revolut Bank UK Ltd as a fully licensed bank in the United Kingdom.

The move allows Revolut to offer full banking services to its 13 million customers in the UK, according to information published by Bloomberg.

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Competing with traditional banks

The banking license allows Revolut to compete more directly with major institutions such as:

• Lloyds Banking Group
• NatWest Group
• Barclays

The license could also support Revolut’s expansion into other markets, particularly the United States, as the company aims to reach 100 million users across 100 markets.

New banking services

With its full banking license, Revolut Bank UK Ltd will be able to provide:

• personal and business current accounts
• deposit accounts protected by FSCS
• loans and additional financial products

Eligible deposits will be protected under the Financial Services Compensation Scheme.

What existing customers should know

For current UK users, nothing changes immediately. The Revolut app and cards will continue to function as usual.

Account migration to the new bank will take place gradually over the coming months, and customers will be informed about the required steps.

Initially, new current accounts will be rolled out to a limited group of users, before expanding to the wider customer base.

Expansion and investment plans

According to Nik Storonsky, securing the UK banking license marks a major strategic milestone, as the UK is the country where Revolut was founded.

The company has also announced major growth plans:

• $4 billion investment in the UK
• 1,000 new jobs in the country
• $13 billion in global investments over five years
• 10,000 new jobs worldwide
• expansion into 30 new markets by 2030

Francesca Carlesi said the license will enable the company to expand its product portfolio, including credit services and innovative banking solutions for UK customers.

Photo: Revolut