Revolut Receives UK Banking License, Begins Mobilization

Revolut has secured a banking license in the UK, a significant development for the fintech firm.

Granted by the Prudential Regulation Authority (PRA), this license places Revolut in a “mobilization” phase, a standard step for new banks, meaning UK customers can continue using their e-money accounts as usual for now.

This achievement, a goal for Revolut since 2021, is crucial as the UK represents its largest market with 9 million of its 45 million global users.

While Revolut has held an EU banking license since 2018, the UK license has been more challenging to obtain, limiting their ability to offer certain financial products and control over their infrastructure.

The company is now moving into its new London headquarters and preparing to launch full banking services in the UK.

Both CEO Nik Storonsky and UK CEO Francesca Carlesi have expressed pride in reaching this milestone and a commitment to improving their financial offerings.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.