Revolut acquires full UK banking license after years-long wait

Fintech giant Revolut has triumphantly secured a full banking license in the United Kingdom after an extensive wait, enabling the firm to introduce a wider array of financial products, including lending options. The company, which reached a staggering $75 billion valuation in 2025, is recognized as one of Europe's most valuable private tech enterprises. With this new license, Revolut will commence its operations as a fully licensed bank, catering to both retail and business customers. This milestone follows a prolonged engagement with the U.K. regulatory authorities. "Establishing our UK bank has been a strategic priority for us and represents a major milestone in our journey," stated Nik Storonsky, co-founder and CEO of Revolut. He emphasized, "The UK is our home market and is crucial for our growth. This is an essential step towards our goal of creating the world's first truly global bank." Revolut initially received a restricted banking license from the U.K.’s Prudential Regulation Authority (PRA) in July 2024, after starting the licensing process in 2021. Under this provisional license, the company was permitted to hold only £50,000 (approximately $67,000) in total customer deposits, a figure significantly lower than the vast sums typically managed by major banking institutions like Barclays and HSBC. The approval to transition from the mobilization phase to active banking operations in the U.K. is viewed as a pivotal advancement for Revolut. Earlier this month, the company revealed its intentions to apply for a banking license in the United States. With ambitious plans to expand into 30 new markets by 2030, Revolut currently serves around 70 million customers worldwide, further solidifying its position in the global fintech landscape.