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Fintech firm Revolut has launched its UK banking operations after the Prudential Regulation Authority (PRA) approved the company to exit the mobilisation phase and operate as a fully licensed bank.
The new entity, Revolut Bank UK Ltd, will begin offering banking services to the company’s 13 million UK customers, including deposit accounts protected under the Financial Services Compensation Scheme (FSCS).
Revolut said it will gradually roll out current accounts, starting with a small group of new customers before expanding access over the coming weeks. Existing users will continue using their accounts as normal while the company migrates them to the new bank in phases over the coming months.
The banking licence allows Revolut to expand beyond payments and e-money services into a broader range of financial products, including lending and credit.
“Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey,” said co-founder and CEO Nik Storonsky, adding that the UK remains central to the company’s global growth.
The launch follows Revolut’s pledge to invest £3 billion ($4 billion) in the UK and create 1,000 high-skilled jobs.
The move is part of the fintech’s broader global expansion strategy, which includes £10 billion ($13 billion) in planned investments and entry into 30 new markets by 2030.