Crypto-friendly Revolut launches UK bank after regulator lifts license restrictions
Revolut has received approval to launch a fully licensed bank in the UK, offering FSCS-protected accounts to its 13 million customers.Summary
Revolut has been granted a full UK banking license by the Prudential Regulation Authority, allowing it to operate as a fully licensed bank, Revolut Bank UK Ltd. This enables the fintech to offer accounts protected by the Financial Services Compensation Scheme (FSCS), safeguarding up to £85,000 per customer. The launch is a key step in Revolut’s expansion of banking services for both retail and business clients. While existing customers will be gradually migrated over the coming months, their cryptocurrency trading services will continue to operate separately and are not covered by the FSCS.
Revolut’s CEO, Nik Storonsky, hailed the launch as a major milestone, emphasizing the UK’s importance to the company’s growth. UK CEO Francesca Carlesi stated the license will facilitate the expansion of financial products, including credit. Analysts believe this move positions Revolut as a mainstream banking competitor, increasing pressure on traditional banks and other challenger banks.
This UK launch is part of Revolut’s broader global ambitions, including a planned £3 billion investment in the UK and £10 billion globally, creating thousands of jobs. The company is also pursuing a banking charter in the US and participating in a UK regulatory sandbox for testing stablecoins.
(Source：The Block)