Revolut opens a bank in UK after regulator approval
Fintech company Revolut, known for supporting cryptocurrency services, has received regulatory approval to launch a fully licensed bank in the United Kingdom. The UK financial regulator, the Prudential Regulation Authority (PRA), lifted restrictions on the company’s banking license, allowing Revolut Bank UK Ltd to begin operating.
The announcement was made in a company statement on March 11. Revolut will now be able to offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS), which guarantees compensation of up to £85,000 ($114,000) per customer if a bank fails.
The company said the rollout will take place gradually. New current accounts will first be offered to a small group of users, with access expanding over the coming weeks. Existing customers will see no immediate changes, as the migration to the new bank will occur in phases over several months.
Crypto services remain separate
Revolut emphasized that its cryptocurrency services will continue to operate through a separate entity within the app. These services are not part of the new banking platform and are not covered by the FSCS protection scheme.Earlier, Revolut introduced a mobile app for cryptocurrency trading, available to users in the United Kingdom and the European Economic Area.
Co-founder and CEO Nik Storonsky described the launch of the bank as a major milestone for the company. According to him, the UK remains a key market for Revolut’s continued growth. Around 13 million customers in the UK currently use Revolut’s services, making it the company’s largest market. Francesca Carlesi, CEO of Revolut UK, said obtaining the license opens the door for launching new financial products, including credit services.
Global expansion plans
The bank launch comes as part of Revolut’s broader expansion strategy. The company previously announced plans to invest £3 billion in the UK and create 1,000 jobs. In addition, Revolut intends to invest around £10 billion in global expansion and enter 30 new markets by 2030.Earlier, the company also applied for a U.S. banking license after abandoning plans to acquire an American lender.
It is also worth noting that Revolut recently received a MiCA license from Cyprus, allowing it to offer cryptocurrency services across Europe.
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