Prime Highlights
- Revolut has been granted a full banking license in the United Kingdom, allowing the fintech firm to operate as a licensed bank and expand its financial services.
- The approval supports the company’s long-term goal of building what CEO Nik Storonsky describes as a global digital bank.
Key Facts
- Revolut first applied for the U.K. banking license in 2021and previously received a restricted license in July 2024 from the Prudential Regulation Authority.
- The fintech is valued at about $75 billion, serves around 70 million customers worldwide, and plans to expand into 30 new markets by 2030.
Background
UK regulators have given Revolut a full banking license after several years of waiting. This decision allows the fintech company to operate as a licensed bank and offer more financial products in its home market.
Revolut can now offer services like loans along with regular bank accounts for both individuals and businesses with its new license. The company applied for the license in 2021 as part of its plan to expand its financial services and compete more directly with traditional banks.
Cofounder and CEO Nik Storonsky said the launch of the U.K. bank is an important step in the company’s long-term strategy. He noted that the United Kingdom remains a key market for Revolut and said the company aims to build what he described as the world’s first truly global bank.
The fintech had earlier received a restricted banking license in July 2024 from the Prudential Regulation Authority. At that time, Revolut was permitted to hold a maximum of £50,000 in customer deposits, which restricted the range of banking services it could provide.
The latest approval removes those restrictions and allows the company to grow its banking operations. In comparison, major lenders such as Barclays and HSBC manage deposits worth hundreds of billions of pounds.
Revolut has expanded rapidly in recent years. The company reached a valuation of $75 billion in 2025 and now serves about 70 million customers worldwide. It has also applied for a U.S. banking license and plans to enter 30 new markets by 2030 as part of its strategy to grow worldwide.
