Revolut Receives Full Banking Licence from UK Regulators

Revolut first launched in the UK in 2015 as a money transfer and exchange service. Since then, it has grown significantly, amassing 13 million customers in the UK alone. The company has evolved from its initial offering to become a comprehensive financial platform, providing various services including cryptocurrency trading, stock trading, and international money transfers.

Breaking Development

In a significant development for the fintech sector, Revolut has received a full banking licence from the Prudential Regulation Authority (PRA) as of March 11, 2026. This milestone allows Revolut to offer accounts for both retail and business customers in the UK, marking a pivotal shift from its previous restricted banking licence, which it had held since 2024.

Nik Storonsky, the CEO of Revolut, expressed his enthusiasm about this achievement, stating, “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey.” He further emphasized the importance of the UK market, saying, “The UK is our home market and central to our growth.”

Future Plans

With the new banking licence, Revolut plans to introduce current accounts to new customers within days. The company is also committed to expanding its services further, with a target of launching a full suite of banking services, including credit options. Francesca Carlesi, a key executive at Revolut, noted, “Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit.”

Investment and Job Creation

Revolut has committed £3 billion in investment for its UK expansion and aims to create 1,000 jobs in the region. This investment is expected to enhance its operational capabilities and support its ambitious growth plans, which include launching in 30 new markets by 2030.

Customer Experience Focus

Francesca Carlesi also highlighted the company’s mission, stating, “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.” This focus on customer experience is likely to be a driving force behind Revolut’s future initiatives.

As Revolut embarks on this new chapter with its full banking licence, the company is poised to reshape the banking landscape in the UK. Observers expect that this development will not only enhance Revolut’s service offerings but also increase competition within the financial services sector.