London-headquartered fintech neobank Revolut transitions to a fully licensed bank in the United Kingdom following the removal of restrictions by the Prudential Regulation Authority.
Revolut Launches Full UK Banking Services After Securing Regulatory Approval
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Revolut Bank UK Ltd announced on March 11, 2026, that the Prudential Regulation Authority (PRA) has authorized its exit from the mobilization phase. This allows the firm to launch full banking services for its 13 million UK customers, transitioning from a digital payment electronic money institution to a formal bank. The rollout will begin gradually for new customers in the coming weeks, while existing users will be migrated over several months.
The transition enables Revolut to offer deposit accounts protected by the Financial Services Compensation Scheme (FSCS) and prepares the ground for future lending products. This launch follows a commitment to invest $4 billion (£3 billion) and create 1,000 high-skilled jobs within the UK jurisdiction. “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey,” says Nik Storonsky, Co-Founder and CEO of Revolut.
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🧭 FAQs
• What does the PRA approval mean for Revolut’s UK operations? The Prudential Regulation Authority has authorized Revolut to operate as a fully licensed bank.
• Are customer deposits protected under the new UK banking license? Eligible deposits are now protected by the Financial Services Compensation Scheme up to established limits.
• When will existing customers see changes to their Revolut accounts? Existing customers will be notified of a gradual migration process expected to take several months.
• How many jobs will the new bank create in the local market? Revolut has committed to creating 1,000 high-skilled jobs as part of its UK expansion strategy.
