Revolut has received regulatory approval from the Prudential Regulation Authority (PRA) to launch as a bank in the UK.

The move ends a four-year wait to secure a UK licence for Revolut, which has an existing base of 13 million UK customers.

Revolut Bank UK can now start offering accounts as a fully licenced bank for both retail and business customers. The licence will enable Revolut to offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) on eligible deposits and could pave the way for a wider range of services in the future, including lending and other products.

The company said it would gradually begin the process of rolling out current accounts to new customers in a few days, starting with a small group and expanding over the coming weeks. For existing customers, Revolut said nothing will change immediately and customers’ app and cards will continue to work as normal.

UK CEO at Revolut, Francesca Carlesi, commented: “Becoming a bank in our home market marks a defining moment in our journey – a milestone achieved through relentless focus, discipline, and belief in what we’re building.

“Securing this 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.

“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.”

Revolut also said the launch of its UK bank would unlock the next phase in its growth trajectory.

The company recently announced a global £10bn investment over five years, in addition to creating 10,000 new jobs as it expands its global footprint. This includes a commitment to invest £3bn and create 1,000 high-skilled jobs in the UK.

“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” co-founder and CEO of Revolut, Nik Storonsky, commented.

“The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world’s first truly global bank.”

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