Digital banking giant Revolut has officially launched its UK bank after receiving regulatory approval from the Prudential Regulation Authority (PRA), marking a major milestone in the fintech company’s long-running push to establish itself as a fully licensed bank in its home market.
The new entity, Revolut Bank UK Ltd, will gradually begin rolling out current accounts to customers, starting with a limited group before expanding to the company’s 13 million UK users over the coming weeks.
The approval allows Revolut to move out of the “mobilisation” phase of its banking licence, the period during which a company prepares operational systems and governance before offering full banking services.
For the first time, Revolut customers in the UK will be able to hold deposits protected by the Financial Services Compensation Scheme (FSCS), which safeguards eligible deposits of up to £85,000 per person.
The launch of the UK bank enables Revolut to begin offering deposit accounts with FSCS protection, bringing it into closer competition with established high-street lenders and digital challenger banks.
While Revolut has operated in the UK since 2015 and built one of the country’s largest fintech customer bases, it previously operated using an e-money licence, meaning deposits were safeguarded but not covered by the FSCS guarantee.
The transition to a licensed bank also opens the door to a broader range of services, including lending products, credit offerings and expanded financial services for both retail and business customers.
However, Revolut has emphasised that the rollout will be gradual to ensure a smooth transition.
Initially, new customers will be offered the bank’s current accounts, while existing users will continue using the app and payment services as normal until their accounts are migrated.
The company expects the migration of existing customers to take several months, with notifications being sent through the Revolut app during the transition period.
Revolut’s co-founder and chief executive Nik Storonsky described the launch as a pivotal moment for the company’s global ambitions.
“Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey,” he said.
“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.”
Storonsky added that the development represents a major step toward the company’s long-term goal of creating “the world’s first truly global bank.”
The banking licence approval comes shortly after Revolut announced plans to invest £3 billion ($4 billion) in the UK economy and create around 1,000 high-skilled jobs as part of its expansion strategy.
The company has also unveiled an ambitious global investment programme worth £10 billion ($13 billion) over five years, which will support international growth and the launch of banking services in additional markets.
As part of that strategy, Revolut plans to enter 30 new markets by 2030, with licensing progress already underway in parts of the Americas and other regions.
The fintech group has become one of Europe’s fastest-growing financial technology firms, offering services including international payments, investment tools, cryptocurrency trading and budgeting features through its mobile app.
Francesca Carlesi, chief executive of Revolut UK, said the regulatory approval represents a defining stage in the company’s development.
“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,” she said.
“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.”
Carlesi added that the launch will help Revolut continue its mission of delivering “the most seamless, secure and customer-centric banking experience for consumers across the UK.”
Revolut’s transition into a fully licensed UK bank is likely to intensify competition across Britain’s financial services sector, particularly among digital challenger banks such as Monzo and Starling.
With millions of existing customers already using its app for payments and financial services, Revolut enters the banking market with a substantial user base that could rapidly adopt its new FSCS-protected accounts and future lending products.
The company’s move also reflects a broader shift within the fintech industry, as many technology-driven financial firms seek full banking licences in order to expand their services and strengthen customer trust.
For Revolut, securing approval in its largest market represents both a regulatory breakthrough and a crucial step in its ambition to become a global digital banking powerhouse.
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Revolut launches UK bank after regulatory approval