Revolut has obtained a banking license in the United Kingdom, which is a major achievement for the fintech company. The Prudential Regulation Authority (PRA) has awarded a license to Revolut, but it comes with some conditions.
This puts Revolut in a phase called “mobilization” or ‘Authorisation with Restrictions’, which is a regular procedure for new banks in the UK. UK consumers can continue using their e-money accounts without any interruptions, indicating that there would be no immediate changes for them.
Revolut has been actively pursuing this license since 2021, since the United Kingdom is their largest market, accounting for 9 million clients out of their total worldwide customer base of 45 million.
The process of acquiring an EU banking license has proven to be difficult since it has hindered their ability to extend their credit offers and exercise greater control over their infrastructure. Revolut is now relocating to its new headquarters in Canary Wharf, London, anticipating obtaining the license.
CEO Nik Storonsky acknowledged his satisfaction in reaching this significant achievement and highlighted the company’s ambition to establish Revolut as the preferred bank for clients in the UK.
Revolut is now at the mobilization stage and is actively working on completing the necessary preparations to launch its banking services in the UK fully.
