Revolut Granted UK Banking License After 3-Year Regulatory Process

London-based fintech firm Revolut has been granted a banking license in the United Kingdom after navigating a complex three-year approval journey.

The UK’s Prudential Regulation Authority, albeit with certain constraints, greenlit the license, enabling Revolut to gradually expand its banking activities before a full-fledged rollout, the firm said in a Thursday blog post.

“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,” Revolut CEO Nik Storonsky said.