Fintech Revolut has finally acquired a full U.K. banking license after a years-long wait, unlocking its ability to offer a new range of products in the country, including lending.
The startup, which hit a $75 billion valuation in 2025 and is one of Europe’s most valuable private tech companies, will be able to start offering accounts as a fully licensed bank for retail and business customers, following a protracted tussle with the U.K. regulator.
“Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” Nik Storonsky, cofounder and CEO of Revolut, said in a statement.
He added: “The UK is our home market and central to our growth. This is a vital step in our mission to build the world’s first truly global bank.”
Revolut was granted a banking license with restrictions in July 2024 from the U.K.’s Prudential Regulation Authority (PRA), after beginning the application process in 2021. It was limited to holding only £50,000, around $67,000, of total customer deposits. That is well below the hundreds of billions customers deposit with major high street lenders such as Barclays and HSBC.
Regulatory approval to exit the mobilisation phase and launch as a bank in the U.K. was seen as a key step in Revolut’s growth.
The company announced earlier this month that it had applied for a U.S. banking license. Revolut plans to launch in 30 new markets by 2030 and currently has 70 million customers using its products, the company said.