London, United Kingdom – Global fintech company Revolut has officially obtained a full United Kingdom banking license after several years of regulatory review, marking a significant milestone in the company’s expansion strategy. The approval enables Revolut to operate as a fully licensed bank in the UK, allowing it to introduce a broader range of financial services, including lending, to both retail and business customers.
The milestone comes after a lengthy regulatory process that began in 2021. In July 2024, the company was granted a restricted banking license by the UK’s Prudential Regulation Authority (PRA), which placed temporary limits on its operations during a mobilisation phase. Under those restrictions, Revolut could hold only £50,000 in total customer deposits—far below the levels managed by traditional high street banks.
With the latest approval, Revolut can now exit the mobilisation stage and begin operating fully as a bank in the United Kingdom. The development represents a critical step in the company’s long-term strategy to strengthen its presence in its home market and expand its global financial services offering.
Nik Storonsky, co-founder and Chief Executive Officer of Revolut, described the achievement as a major step forward for the company. “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey,” he said. “The UK is our home market and central to our growth. This is a vital step in our mission to build the world’s first truly global bank.”
Revolut has grown rapidly in recent years, reaching a valuation of $75 billion in 2025 and becoming one of Europe’s most valuable private technology companies. The firm currently serves approximately 70 million customers worldwide.
As part of its global expansion plans, Revolut recently announced that it has applied for a banking license in the United States. The company also aims to launch services in 30 new markets by 2030 as it continues its mission to reshape digital banking worldwide.
About Revolut
Revolut is a global financial technology company providing digital banking services, including payments, money transfers, and financial management tools to millions of customers worldwide.
