According to Bloomberg, Revolut has received permission from the Prudential Regulation Authority to enter the mobilization phase, which allows the company to test systems and gradually roll out new services, which could last a year.

Once it gets a full license, Revolut will be able to offer overdraft, loan and savings products to its more than 9 million U.K. customers, joining Monzo Bank Ltd., Starling Bank Ltd. and Atom Bank Plc in challenging traditional banks such as Barclays Plc and HSBC Holdings Plc.

Revolut’s customer accounts will be protected by the UK Financial Services Compensation Scheme up to £85,000 ($109,500). Revolut first applied for a UK banking license in early 2021. Until the mobilisation phase is complete, Revolut’s UK customers will continue to be managed by Revolut, an FCA-regulated electronic money institution, and their funds will be protected under the Electronic Money Regulations 2011.