Revolut secures UK banking licence
Crypto-friendly fintech platform Revolut has received a banking license in the UK.
Digital Bank has 9 million UK customers and 45 million customers worldwide.
After a three-year wait, crypto-friendly fintech firm Revolt has finally received a banking license from UK banking regulator the Prudential Regulation Authority (PRA).
Revolut announced the milestone in a news release on Thursday, July 25, noting that the next step is the “mobilization” phase. Also known as ‘licensing with restrictions', this is a step in the licensing process that many new banks must complete as part of building operations before launching into the market.
Revolut chief executive Nick Storonsky said in a statement: “We are incredibly proud to have reached this important milestone in the company's journey and ensure we continue to make Revolut the bank of choice for UK customers.”
UK customers are not affected.
According to Revolut, the limited period covering the “movement” level will not affect UK customers. The bank, which has more than 9 million customers in the UK and more than 45 million customers worldwide, has assured its UK customers that Revolut e-money accounts will continue as normal.
Commenting on the development, Revolut UK CEO Francesca Carlesi said:
“Today's announcement is a big step for Revolut and our customers. Being a bank in the UK is a big responsibility and we are constantly working to provide products and services that improve the financial lives of everyone who uses Revolut.
Revolut originally applied for a UK license from the PRA in 2021.
In May of this year, Revolut announced the launch of a new crypto exchange platform dubbed Revolut X.
The stand-alone crypto platform is for professional crypto traders and offers on- and off-street options and low fees. These features, FinTech said at the time, Revolut X competes with the main exchanges in the market.
