Revolut secures UK banking license with restrictions, entering the ‘mobilization’ stage for new banks.
No immediate changes for UK customers as Revolut prepares infrastructure for full banking services.
CEO Nik Storonsky and UK CEO Francesca Carlesi express pride and commitment to enhancing Revolut’s offerings.
After years of anticipation, Revolut has secured a UK banking license, marking a significant milestone for the fintech firm.
The license issued by Prudential Regulation Authority (PRA) comes with certain riders, placing Revolut in a “mobilization” phase, also known as ‘Authorisation with Restrictions, which is a standard procedure for new banks in the UK. For Revolut, this means no immediate changes for its UK customers, who can continue using their e-money accounts without interruption.
Landing this UK banking license is a major coup for Revolut, especially considering they have been chasing it since 2021. The UK is their biggest market, with 9 million customers out of their 45 million worldwide.
While Revolut has had an EU banking license since 2018, getting one in the UK has been trickier. That’s been holding them back from expanding their credit offerings (think loans and credit cards) and having more control over their infrastructure.
In preparation for the license, Revolut has begun moving into its new headquarters in Canary Wharf, London. Nik Storonsky, CEO of Revolut, expressed pride in achieving this milestone, stating:
“We are incredibly proud to reach this important milestone in the journey of the company and we will ensure we deliver on making Revolut the bank of choice for UK customers.”
His comments reflect the company’s ambition and readiness to fulfill its banking responsibilities.
Francesca Carlesi, Revolut’s UK CEO, also expressed her enthusiasm, emphasizing the announcement’s significance for both the company and its customers. She acknowledged the “tremendous responsibility” of being a bank in the UK and affirmed Revolut’s commitment to providing products and services that improve the financial lives of all its users.
As Revolut moves through the mobilization stage, it remains focused on completing the necessary preparations to fully launch its banking services in the UK.
This structured approach and adaptability underscore Revolut’s dedication to offering enhanced financial services while maintaining customer trust and regulatory compliance.
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