Revolut first launched in the UK in 2015 as a money transfer and exchange service. Since then, it has evolved significantly, gaining a reputation as a leading fintech company. In 2024, Revolut was granted a restricted banking licence, allowing it to operate with certain limitations, including a total customer deposits limit of £50,000. This restricted status paved the way for the company to enhance its offerings and prepare for a broader banking role in the UK.

Breaking Development: Full Banking Licence Granted

On March 11, 2026, Revolut received a full banking licence from the Prudential Regulation Authority (PRA), a pivotal development that enables the company to offer accounts for both retail and business customers in the UK. This transition marks a significant moment in Revolut’s journey, as it can now provide a full suite of banking services, including current accounts, which are expected to be introduced to new customers within days.

Statements from Key Figures

Nik Storonsky, CEO of Revolut, expressed his enthusiasm about the new licence, stating, “Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey.” He emphasized the importance of the UK market, noting, “The UK is our home market and central to our growth.”

Future Plans and Investments

Revolut has ambitious plans for the future, having committed £3 billion in investment for UK expansion. The company aims to create 1,000 jobs in the UK as part of this growth strategy. Additionally, Revolut has set a target to launch in 30 new markets by 2030, further solidifying its position as a global player in the financial services sector.

Expanding Product Offerings

Francesca Carlesi, a key executive at Revolut, highlighted the significance of the new banking licence, stating, “Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit.” She added, “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.”

Conclusion and Next Steps

With the full banking licence now in hand, Revolut is poised to enhance its service offerings and expand its customer base significantly. Observers anticipate that the company will quickly roll out its current accounts and other banking services, setting the stage for a new era of growth and innovation in the UK financial landscape.

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