Revolut, the global fintech company with over nine million UK customers and 45 million globally, has announced that it has received its UK banking licence with restrictions from the Prudential Regulation Authority (PRA), the regulator responsible for overseeing the UK banking sector.
Revolut now enters the ‘mobilisation’ stage, also known as ‘Authorisation with Restrictions’. This stage is a common step for new banks in the UK, designed to allow them to complete the build-out of their banking operations before fully launching in the market.
During this period, nothing changes for UK customers, who can continue to use their Revolut e-money accounts as usual.
Nik Storonsky, CEO of Revolut, expressed his pride in reaching this milestone: “We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”
Francesca Carlesi, UK CEO of Revolut, highlighted the significance of this achievement for both the company and its customers:
“Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut. This is the next phase in Revolut’s journey in the UK – we can’t wait to get going.”
Revolut recently published its financial accounts for 2023, revealing that Group revenues surpassed $2.2 billion, with record profits before tax of $545 million. These strong financial results underscore the company’s growth and potential as it prepares to expand its banking services in the UK.
During the mobilisation stage, Revolut’s UK customers will not experience any changes in their current services. The company’s focus will be on completing the necessary steps to fully operationalize its banking functions under the new licence.
Once these steps are completed, Revolut plans to offer an expanded range of banking products and services aimed at enhancing the financial well-being of its customers.
