Revolut has officially launched its fully licensed bank in the United Kingdom after receiving final regulatory approval from the Prudential Regulation Authority (PRA).
The move allows Revolut Bank UK Ltd to operate as a full bank in the country, marking a major milestone for the fintech company, which already serves around 13 million customers in the UK — its largest and most important market.
The launch also signals the beginning of a new phase for Revolut as it expands beyond its fintech roots and continues its transition toward becoming a global digital bank.
Deposits to Be Protected by the FSCS
With the banking licence now active, Revolut will be able to offer deposit accounts protected by the UK’s Financial Services Compensation Scheme (FSCS).
This means eligible deposits held at the new bank will be protected up to the applicable FSCS guarantee limit, bringing Revolut’s offering closer to traditional UK banks.
The licence also enables the company to expand its banking services over time, potentially including lending products, savings accounts, and additional financial tools.
Current Accounts to Roll Out Gradually
Revolut said it will begin introducing current accounts under the new UK bank structure in the coming weeks.
The rollout will start with a small group of new customers, with access gradually expanding over time.
For existing Revolut users in the UK, nothing will change immediately. The company confirmed that:
- The Revolut app and cards will continue working as normal
- Existing users will be migrated to the new bank gradually
- Customers will receive at least two months’ notice before their accounts are transferred
The full migration process is expected to take several months as Revolut scales its banking infrastructure.
For businesses:
If you’re considering Revolut for company finances, you may also want to read our guide on the current Revolut Business welcome offer. In this article we explain how new UK businesses can receive a £100 bonus when opening a Revolut Business account.
Some New Users May Still Be Onboarded via the EMI Structure
During the transition period, some new customers may initially still be onboarded through Revolut Ltd, the company’s electronic money institution (EMI).
This approach allows Revolut to gradually scale the systems supporting its new bank while ensuring operational stability.
Over time, all customers are expected to be migrated to the Revolut Bank UK Ltd structure.
Revolut Is Not a Bank in Every Market
Although Revolut now operates a fully licensed bank in the UK and within the European Economic Area through Revolut Bank UAB, the company does not hold banking licences in every market where it operates.
In some regions, Revolut continues to provide services through electronic money institutions or other regulated structures. As a result, the availability of certain products and features varies by country.
Revolut Uk bank License – a Strategic Milestone
According to Revolut co-founder and CEO Nik Storonsky, launching a bank in the UK has long been a strategic priority for the company.
The UK is Revolut’s home market and largest user base, making the new licence particularly significant for the fintech’s long-term growth.
Revolut has also committed to investing £3 billion in the UK and creating around 1,000 high-skilled jobs, further strengthening its presence in the country.
Francesca Carlesi, CEO of Revolut UK, described the launch as a major milestone that will allow the company to broaden its financial offering and introduce more banking services in the future.
Revolut’s Goal: A Financial Platform That Replaces Traditional Banking
Revolut has repeatedly positioned itself as more than just a digital banking app.
The company’s long-term ambition is to build a financial platform comprehensive enough that users may not need to rely on traditional banks for everyday banking services.
The UK banking licence is expected to accelerate the rollout of additional products and features as Revolut continues expanding its financial ecosystem.
Part of a Larger Global Expansion Strategy
The UK bank launch comes as Revolut continues scaling internationally.
The company has announced plans to invest £10 billion globally over the next five years and create around 10,000 new jobs worldwide.
Revolut is also targeting expansion into 30 new markets by 2030, following recent licensing developments in the Americas and continued growth across Europe.
The move reflects a broader trend across the fintech industry, where rapidly growing digital financial platforms are increasingly pursuing full banking licences to expand their product offerings and strengthen regulatory credibility.
