Revolut Bank UK Ltd has today received regulatory approval from the Prudential Regulation Authority to exit the mobilisation phase and launch as a bank in the UK.
The launch comes with an existing base of 13 million UK customers and follows Revolut’s recent commitment to invest £3 billion and create 1,000 high-skilled jobs in the UK.
This milestone means that Revolut Bank UK Ltd will be able to start offering accounts as a fully licensed bank for both retail and business customers.
It enables Revolut to offer deposit accounts protected by the FSCS on eligible deposits and paves the way for a wider range of services in the future, including lending and other products.
Revolut will gradually begin the process of rolling out current accounts to new customers in a few days, starting with a small group and expanding over the coming weeks.
“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” said Nik Storonsky, co-founder and CEO.
“The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe.
“This is a vital step in our mission to build the world’s first truly global bank.”
Francesca Carlesi (pictured), UK CEO at Revolut, commented: “Becoming a bank in our home market marks a defining moment in our journey — a milestone achieved through relentless focus, discipline, and belief in what we’re building.
“Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day.
“This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”
The company recently announced a global £10bn investment over five years, in addition to creating 10,000 new jobs as it expands its global footprint.
Revolut is now in the scaling phase of its commitment to launch in 30 new markets by 2030, with key licensing announcements made in the Americas this year, and significant expansion progress made in other key regions throughout 2025.
Reacting to the news, Elliot Reader, a director in Houlihan Lokey’s FinTech Group, said: “This is the moment Revolut really transfers from large scale fintech disruptor to a fully-fledged mainstream banking competitor.
“The full licence will open the door to balance sheet driven products and sharpen pressure on both traditional banks and the cohort of challenger banks.”