Revolut Bank UK Ltd has officially received a full banking licence from the Prudential Regulation Authority (PRA), enabling the FinTech to operate as a fully authorised bank in the UK for the first time.

The approval allows Revolut to offer retail and business accounts with deposits protected by the Financial Services Compensation Scheme, and follows a four-year licensing process.

Nik Storonsky, co-founder and chief executive of Revolut, said that “launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey.” He added that the UK is the firm’s home market and described establishing the UK bank as “vital” to its growth plans and ambitions “to build the world’s first truly global bank”.

Francesca Carlesi, UK chief executive at Revolut, said that securing the 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.”

The bank will begin rolling out current accounts to new customers in the coming days, starting with a small cohort before expanding gradually to ensure a smooth user experience. Existing Revolut app users and cardholders will see no immediate changes, with migration to the new banking platform expected to take several months.

Since entering the mobilisation phase in July 2024, Revolut’s UK banking operations had been restricted to a total of £50,000 in deposits while its systems were tested. The PRA typically completes the full authorisation process within 12 months, but Revolut’s size and complexity extended the review period.

Revolut’s rise has attracted attention from established UK lenders. Barclays chief executive CS Venkatakrishnan previously told the Financial Times that Revolut benefited from operating without a full UK licence, as it was not subject to the same obligations as fully regulated banks. The fintech’s digital-first approach and appeal to younger customers have intensified competition in the sector.

The full UK licence also positions Revolut for international growth. A Bloomberg report noted that the firm has applied for a US banking licence and aims to expand into 30 new markets by 2030, supported by a global £10 billion investment plan. The PRA’s approval is expected to facilitate regulatory acceptance in other jurisdictions.

Revolut currently serves 13 million UK customers and has a global user base of 70 million. The company recently committed £3 billion to its UK expansion and plans to create 1,000 high-skilled jobs as part of its scaling strategy.

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