Revolut Granted Full UK Banking License

Revolut, the London-based fintech company, has received a full banking license from the Bank of England's Prudential Regulation Authority, lifting previous restrictions and enabling it to operate as a fully licensed bank in its home market. The approval, announced on March 11, allows the firm to offer a broader range of services to its 13 million UK customers, including current accounts, savings, loans, and mortgages for both retail and business users.

The decision marks the end of a prolonged regulatory process that began when Revolut applied for the license in 2021. The company received a restricted license in July 2024, entering a mobilization phase that limited its operations, such as capping total customer deposits at £50,000. This testing period, typically lasting about 12 months for new banks, extended to nearly 20 months for Revolut due to the scale of its operations. With the restrictions now removed, Revolut Bank UK Ltd, a newly established entity, will oversee the transition.

For existing customers, the shift will occur gradually over the next few months through phased migrations, with no immediate changes to accounts, cards, or the app's functionality. Users will...