Fintech giant Revolt has been granted a license to become a UK bank.

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Revolut secures UK banking license from PRA bans, ready to offer loans and mortgages after restricted period. By gaining a broader mainstream appeal through expanded banking, Revolut can help introduce and onboard large numbers of new users to crypto.

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Revolut, the crypto-friendly fintech giant, said on Thursday that its UK banking license is subject to restrictions by the Prudential Regulation Authority (PRA), the regulator that oversees the UK banking sector.

The license allows Revolut to operate as a licensed bank, offering new services such as loans and mortgages in its home market. However, as it is still in the “promotion phase”, a period designed for new banks to complete their banking, there are no changes for Revolut UK customers, the company said.

“Revolut UK customers will remain with Revolut Ltd, a UK e-money institution regulated by the FCA, until the activation phase is complete and UK banking is launched,” Revolut said.

Obtaining a UK banking license was on Storonsky's Christmas wish list for 2022. Several factors, such as concerns about accounting practices and past regulatory issues, led to the delay, but the company's efforts have finally paid off.

Revolut's chief executive said: “We are incredibly proud to have reached this milestone in the company's journey and continue to make Revolut the bank of choice for UK customers.”

With the license comes strict regulations and the need to guarantee a deposit of up to £85,000, reports The Guardian. On the bright side, approval by UK regulators could encourage other countries, such as the US, to follow suit.

The new status is expected to expand Revolut's user base, potentially bringing a large number of new users into crypto.

Revolut is considered one of the top crypto-friendly banks globally, offering services such as multi-currency support, integrated secure crypto exchange and crypto-related financial services.

The UK banking license is a major milestone for Revolut as it allows the company to expand its offering and remain a leading player in the fintech and crypto space in the country.

“Today's announcement is a big step for Revolut and our customers. Being a bank in the UK is a big responsibility and we work tirelessly to provide products and services that improve the financial lives of everyone who uses Revolut, said Francesca Carlesi, CEO of Revolut UK. This is the next step in Revolut's journey in the UK – we can't wait to get going.

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