Revolut has received its UK banking licence with restrictions from the Prudential Regulation Authority, the regulator responsible for overseeing the UK banking sector, more than three years after lodging its application.
It now enters the ‘mobilisation’ stage, which allows new banks to complete the build out of their UK banking operations ahead of launching officially in the market.
Until then, UK customers can continue to use their Revolut e-money account as they always have.
The neobank recently reported remarkable revenues of £1.8 billion in 2023 – a 95% jump in turnover compared with the previous year – with profit before tax topping £438m.
In the 12 months to 31st December 2023 after it added 12m new customers globally, reaching 38m. It has since added seven million more to reach 45m in June 2024. Nine million of them are in the UK.
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“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,” said Nik Storonsky, CEO.
Francesca Carlesi, UK CEO of Revolut, commented: “Today’s announcement is a significant step forward for Revolut and for our customers. It is a tremendous responsibility to be a bank in the UK and we will work relentlessly to offer products and services that improve the financial lives of everyone who uses Revolut.
“This is the next phase in Revolut’s journey in the UK – we can’t wait to get going.”
Revolut recently announced a deal to move its global HQ to the YY building in Canary Wharf.
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