After a lengthy period of delays and regulatory scrutiny, Revolut, Britain’s most valuable fintech, has officially launched as a UK bank.
Revolut announced on Wednesday that it has received approval from the Prudential Regulation Authority (PRA) to exit mobilisation, a period after a UK banking application is approved during which the company is required to demonstrate its ability to function as a compliant bank.
The fintech spent three years waiting to receive its banking licence and almost two years in mobilisation, but now it is able to launch as Revolut Bank UK.
The company, which has already been operating as a fully authorised bank in other regions, can now offer licensed bank accounts to the 13 million strong user base in its home market.
Revolut will gradually roll out current accounts to new customers over the next few days, starting with a small group and expanding over the coming weeks.
“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” said chief executive Nikolay Storonsky.
“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. This is a vital step in our mission to build the world’s first truly global bank.”
Following the milestone, Revolut said it is working towards scaling into 30 new markets by 2030. Last week it applied to the US Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation for a national bank charter.
“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 Revolut’s UK CEO Francesca Carlesi.
“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. 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.”