Revolut secures UK banking license enabling deposit and lending services

Revolut has received approval from the Prudential Regulation Authority to operate as a fully licensed bank in the United Kingdom. This milestone enables Revolut Bank UK Ltd to offer deposit accounts to both retail and business customers, with eligible deposits protected by the Financial Services Compensation Scheme. The license also paves the way for the introduction of future products, including lending services. Revolut will begin rolling out current accounts to new customers in phases, while existing customers will gradually have their accounts migrated to the new bank. The company, which already serves over 13 million UK customers, has committed to investing £3 billion and creating 1,000 jobs in the country. Nik Storonsky, Revolut’s cofounder and CEO, stated that launching a UK bank has been a long-term strategic priority, and Francesca Carlesi, UK CEO, highlighted the license’s potential for expanding into credit products. This launch is part of Revolut’s larger global expansion plan, which includes a £10 billion investment and entry into 30 new markets by 2030.

(Source：Crypto Briefing)