It has been a very long wait for the fintech, but Revolut has announced that it has finally been granted a full banking license in the UK.
After a four-year wait, the Bank of England’s Prudential Regulation Authority lifted the restrictions that it had placed on Revolut. Being able to operate in the United Kingdom as a bank will enable the company to forge ahead with its expansion.
Revolut has been able to operate as a bank in the European Union by virtue of holding a license in Lithuania. This did not, however, allow it to operate in the same way in the UK post-Brexit.
Responding to the long-awaited news, Nik Storonsky, co-founder and chief executive of Revolut, said:
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. 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.
The securing of a banking license will mean that Revolut will be able to operate in a different way in the UK compared to what has been possible so far. The company will also be able to offer different products and services to customers, including lending money. Additionally, bank status means that Revolut customers will be afforded greater protections than in the past.
The ability to potentially issue credit cards will be something of interest to Revolut, and the new capabilities it now has in the UK will be seen as being given a seal of approval that will be recognized and mirrored in other markets.
Francesca Carlesi, UK CEO at Revolut, commented:
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. Securing this license 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.
What happens next for customers will depend on whether they are existing Revolut users, or if they are new to the company. Revolut explains the two possibilities:
For existing customers:
- Revolut will give at least two months notice prior to moving accounts over to the Bank, as per standard T&C process.
- Customers will be transferred to the Bank in several phased batches and this will take a number of weeks.
For new customers:
- Customers signing up from 11 March 2026 onwards may still be onboarded on to an EMI account with Revolut Ltd.
- This is because Revolut will gradually ramp up the onboarding of customers from Revolut Ltd to Revolut Bank UK Ltd over time, to ensure everything is working as expected.
- All customers will be transferred to Revolut Bank UK Ltd in the following months. At the time of onboarding, it will be made clear to customers which entity they are onboarding to via the T&Cs.
More information about what the banking license means for customers can be found here.
