Revolut Bank UK Ltd has announced that it has obtained authorisation from the UK Prudential Regulation Authority (PRA) to end its ‘mobilisation’ period and launch its bank in the United Kingdom. The new bank already has 13 million customers in the United Kingdom. Revolut has also declared its commitment to investing three billion pounds (3.5 billion euros) and creating a thousand highly skilled jobs in the United Kingdom.
This milestone allows Revolut Bank UK Ltd to offer accounts as a fully authorised bank to both private and corporate customers. The banking licence also allows Revolut to offer FSCS-protected accounts for eligible deposits and paves the way for the launch of new services in the future, including lending and other products.
In a few days, Revolut will begin offering current accounts to new customers gradually, starting with a small group and then moving on to more users in the coming weeks, to ensure a smooth experience. For the time being, nothing will change for those who already have a Revolut account: existing customers will be able to use the Revolut app and cards as usual, and will be informed in the coming days about the transition to the new bank, a process that is expected to take a few months. Further details on the migration are available.
Nik Storonsky, co-founder and CEO of Revolut, commented in a statement: “The launch of our bank in the UK, a priority in our long-term strategy, represents a crucial moment for us. As our home market, the UK is central to our growth. We aim to offer millions of customers in the UK the full range of banking services that make up the innovative experience we provide to users across the rest of Europe. This is a decisive moment in achieving our goal: to create the first global bank.”
Francesca Carlesi, CEO of Revolut in the UK, adds: “Becoming a bank in our home market is a milestone in our journey, achieved through discipline, tireless work and belief in what we are building. Obtaining this licence allows us to lay the foundations for the next chapter: offering a wider range of products, including credit products, to expand the innovative services that our customers already use in their daily lives. This achievement enables us to continue our mission to create the most intuitive, secure and customer-centric banking experience in the UK.”
The launch of Revolut UK Bank marks the start of a new phase of growth for Revolut. The company recently announced a global investment of £10 billion (€11.6 billion) over the next five years, as well as the creation of 10,000 jobs as part of its international expansion. The company is in the development phase of its commitment to launch in 30 new markets by 2030, with announcements of major licences in the Americas over the past year and significant progress in expansion into other key regions in 2025. (photo by Adrian Kusznirewicz on Unsplash)
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