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Revolut secures UK Banking License with restrictions and enters the’mobilization stage’ for new banks.
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UK customers will not see any immediate changes as Revolut prepares its infrastructure for full banking services.
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Nik Storonsky, CEO of Revolut, and Francesca Carlesi, UK CEO of Revolut express their commitment and pride in enhancing Revolut’s offerings.
Revolut, the fintech company, has finally secured a UK bank license after years of anticipation. This is a major milestone for Revolut.
The license issued by Prudential Regulation Authority comes with certain riders. This places Revolut into a “mobilization phase”, also known as “Authorisation with Restrictions”, which is standard procedure for new UK banks. Revolut’s UK customers will not be affected by this change, and can continue to use their e-money account without interruption.
Revolut has scored a major victory by obtaining the UK banking license, especially since they’ve been chasing this license since 2021. The UK is Revolut’s biggest market with 9 million of their 45 millions customers worldwide.
Revolut’s EU banking license has been in place since 2018, but getting one for the UK was a bit more difficult. This has prevented them from expanding their credit offering (such as loans and credit cards) or having more control over infrastructure.
Revolut began moving into its new headquarters at Canary Wharf in London to prepare for the license. Nik Storonsky expressed his pride at achieving this milestone.
His comments reflect his company’s ambition to fulfill its banking obligations.
Francesca Carlesi expressed her excitement, highlighting the importance of the announcement for both Revolut and its customers. She acknowledged that being a UK bank carries “tremendous responsibilities” and confirmed Revolut’s commitment in providing products and services to improve the financial lives for all of its users.
Revolut is focused on completing all the necessary preparations for the full launch of its banking services in UK as it moves through the stage of mobilization.
Revolut’s commitment to providing enhanced financial services, while maintaining regulatory compliance and customer trust, is reflected in its structured approach and adaptability.
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