• Revolut received a banking license with restrictions from the Prudential Regulation Authority three years after applying.

  • The approval means it is en route to becoming a fully fledged U.K. bank that is also licensed to offer crypto services

Revolut, one of the world's most valuable fintechs, finally won a banking license in its native U.K. more than three years after applying.

The London-based company has entered the Prudential Regulatory Authority's (PRA) "mobilization stage," designed for new banks to operate with restrictions, Revolut said Thursday.

The approval means it is on the path to becoming a fully fledged bank in the U.K. that is also licensed to offer crypto services. Revolut has allowed the buying and selling of crypto for several years and introduced a standalone cryptocurrency exchange for experienced traders earlier this year.

Already one of the world's most valuable fintech startups, earlier this week Revolut announced plans to sell $500 million worth of employee-owned shares in a deal that would increase its value to $45 billion.

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